First Gulf Sells Central Toronto Industrial Complex
The Colliers Toronto team of Jim McIntosh, Bill Pitt and John Stewart recently represented First Gulf Design Build Inc. and completed the sale of an industrial multiple complex located at 255 Wicksteed Avenue in central Toronto.
The team succeeded in overcoming several obstacles. Although the property was fully occupied, the team learned during due diligence that one of the larger tenants was going to vacate at the expiry of their near-term lease. The property was in need of large capital improvements and had over market financing that was very expensive to discharge.
The seller wished to know how each issue could impact value, at what level, and the strategy for overcoming it. Colliers needed to find a well-educated, qualified buyer who saw a long-term benefit in the location. The buyer also needed to reasonably quantify the challenges.
The team worked closely with the buyer and seller to achieve a solution, and all parties were pleased with the results at the conclusion of the transaction. Colliers ultimately negotiated a final sale price of $10,410,000 for the property.