An icon of North York’s commercial district, Madison Centre has been added to Europro portfolio of top tier assets within the city of Toronto.
This off-market transaction, sold by Northam Realty Advisors, came together with the guidance of Colliers’ Dominic Delapenha, representing both the buyer and the seller. The transaction comprised of a 445,000 SF 'Class A' office building, valued at $118,000,000/ $265 per square foot, making it one of the most successful office investment transactions completed in late 2021.
Madison Centre holds attractive key selling features
Madison Centre, an office tower with a ground-level and below-grade retail concourse, was constructed in the 1980s and stands 23 storeys tall. It is a staple in the North Yonge Corridor skyline and continues to evolve to meet the needs of today’s tenants. The modernized lobby, corridors, washrooms, and elevators deliver a first-class experience for both its guests and tenants.
Located near the Yonge and Sheppard intersection, Madison Centre is situated within walking distance to the area’s premier amenities ranging from local attractions to cultural spots, restaurants, shops, and many other conveniences. With easy access to public transit, this property is ideally located to attract tenants and their employees from across the GTA while promoting environmentally friendly commuting habits.
Navigating the market through challenging times
Dominic confidentially navigated the transaction process on both sides in an extensive market while managing the challenges presented by the COVID-19 pandemic. Due to the confidential nature of this transaction, traditional marketing tactics could not be employed, relying solely on Dominic's trusted relationships, guidance and market knowledge.
Together with 5001 Yonge, Europro will manage over 800,000 square feet in North Yonge, providing the ability to offer tenants multiple options and customizable solutions within the immediate area.
Trusted relationships to aid in future transaction advancements
The finalized deal of Madison Centre has now led to a full circle transaction from the initial sale of the building to overseeing the leasing of the current vacancies. It also allowed Colliers to win the leasing business at 5001 Yonge St. – a significant Class A building in the marketplace.
Enhancing the future of Europro’s business development
Europro now has 30 properties, valued at approximately $750 million, encompassing 4.7 million square feet, with 550 tenants, in Barrie, Kitchener-Waterloo, London, Mississauga, North Bay, Sarnia, , Stratford, Toronto, Whitby and Windsor. They want to make an impact within the community and are looking to grow their market share in the North Yonge-Sheppard sub-market.
Their short- and long-term goals are “value-add”. Reduce the vacancy and increase the value of assets through leasing and capital upgrades. The new leasing deals and building improvements will allow for the building to modernize and continue to be an iconic asset in the area.
With a tenant-centric approach at the forefront of their efforts, Europro looks forward to fostering relationships with existing and new tenants at Madison Centre. They have a proven track record of creating value within their portfolio, generating steady returns for their investors and partners through their unique, full-service management platform.
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