Cadillac Fairview has acquired a portfolio of four newly constructed, fully leased multi-tenant industrial buildings located at 2425 and 2475 Meadowpine Blvd., and 2510 and 2520 Royal Windsor Drive in Mississauga. The portfolio comprises approximately 550,000 square feet and is situated near the Mississauga-Oakville border within a well-established industrial node in the western Greater Toronto Area.
The properties were purchased from Carttera, a developer and institutional fund manager. All four buildings have achieved LEED Gold certification. The transaction price was not publicly disclosed; however, CBRE’s national investment team, which represented the vendor, indicated the deal value was close to $200 million and attracted a double-digit number of bidders during a widely marketed sale process.
The portfolio benefits from proximity to major regional transportation infrastructure, including the highway network, Toronto Pearson International Airport and the CN Rail network. Tenants across the buildings include third-party logistics providers, multinational consumer packaged goods companies and direct-to-consumer retailers.
Cadillac Fairview, which is owned by the Ontario Teachers’ Pension Plan, is an owner, investor and developer of office, retail, industrial, multifamily and mixed-use properties across North America. The acquisition expands the company’s industrial holdings in the Greater Toronto Area, which already include assets in Beaver Creek Industrial Park in Richmond Hill and Buttonville Industrial Park in Markham, in addition to Rosemont Industrial Park in Balzac, Alberta.
Market data indicates that while the broader Toronto industrial sector has experienced slower leasing activity and rising vacancy over the past two years, the northwestern GTA submarkets have shown recent strength. More than 2 million square feet of space has reportedly been leased by third-party logistics users in the North GTA West submarket over the past three months, contributing to absorption of newly delivered inventory and stabilization of market fundamentals.
The competitive bidding process for the Mississauga portfolio reflects ongoing investor interest in large-format logistics assets in the western GTA, where demand trends have been stronger relative to eastern markets that remain more closely tied to manufacturing activity.
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