Cadillac Fairview has acquired a portfolio of four newly built, multi-tenant industrial properties comprising 550,000 square feet in the Greater Toronto West district.

The Toronto-based commercial real estate investor and operator says the portfolio comprises “best-in-class, LEED Silver Certified assets, which are 100 per cent leased to a diverse mix of tenants, including third-party logistics operators, multinational consumer packaged goods firms, and direct-to-consumer retailers,” in the announcement Friday morning.

Located at 2425 and 2475 Meadowpine Blvd., and 2510 and 2520 Royal Windsor Dr. in Mississauga, the properties were developed over the past few years by Carttera. The privately owned, Toronto-based firm has developed over $6.2 billion in projects.

"This strategic acquisition in the coveted GTA West market is a significant milestone that accelerates our growth in the industrial asset class," said Sal Iacono, the president and CEO of Cadillac Fairview, in the announcement. "We view industrial as a key pillar of our portfolio, offering strong diversification and resilient returns. 

“The addition of this prime, fully-leased portfolio of best-in-class assets positions us for continued success in this exciting, high-demand sector."

Financial details have not been disclosed.

Four new-build industrial properties

The four buildings sit on two tracts of land, which total approximately 27 acres, and were constructed during the early 2020s.

The Meadowpine Boulevard property comprises buildings of approximately 133,000 and 116,000 square feet which were built on spec and targeted small- and mid-bay users. The site has close connectivity to Hwys. 401 and 407 and transit options, with a range of retail, restaurant and other commercial amenities in the area.

The Royal Windsor Drive site sits at the Mississauga/Oakville municipal border on almost 16 acres of land, and was also built on spec. The two buildings are approximately 114,000 and 183,000 square feet and offer access to Queen Elizabeth Way and Hwys. 403 and 407 in the Greater Toronto Area.

They also have good transit connectivity, and what Carttera referred to as “an abundance of amenities" in the area, in promotional materials while it was developing the properties.

Cadillac Fairview’s industrial expansion

Cadillac Fairview has been undergoing a reallocation of investments within its commercial real estate portfolio, making some significant dispositions including the Yonge Corporate Centre in Toronto and the CF Promenades St-Bruno shopping centre in Quebec. At the same time, it has been increasing its industrial holdings, both through acquisitions of industrial properties focused on distribution and logistics, as well as by progressing developments.

CF's industrial portfolio also includes several development sites: 

• Beaver Creek Industrial Park in Richmond Hill, Ont., now fully leased to Amico Corporation; 
• a 152-acre development site, Rosemont Industrial Park in Balzac, Alta., with design work for the first building well underway; and 
• a 169-acre development site, Buttonville Industrial Park in Markham, Ont., with entitlement efforts ongoing in support of a three-million-sq.-ft. master plan.

About Cadillac Fairview

Cadillac Fairview is one of the largest owners, operators, investors and developers of best-in-class office, retail, multifamily residential, industrial and mixed-use properties in North America.

Wholly owned by the Ontario Teachers' Pension Plan, with assets under management of $26 billion, CF manages approximately 28 million square feet of leasable space at 52 properties across Canada, including CF Toronto Eaton Centre, 160 Front in Toronto, Toronto-Dominion Centre, CF Carrefour Laval in Greater Montreal, and CF Chinook Centre and CF Pacific Centre in Metro Vancouver.