Morguard Corporation has purchased the Argus Corporate Centre for $18.5 million. The five-storey Class A suburban office building is located at 586 Argus Road in Oakville, Ontario.

“An excellent location and a solid existing tenant base make the Argus Corporate Centre a valuable acquisition for Morguard,” said Morguard Chairman and CEO K. Rai Sahi. “This acquisition supports our long-term strategy of investing in diversified, high-quality assets in North America that will provide a steady cash flow and a solid return on investment.”

The property is within 200 metres of the Oakville GO and VIA Rail transit hub and has high visual exposure being close to the QEW/403, 410, 407 and 401 highways.

It’s also in the heart of midtown, which is designated urban growth centre under the development plan of the Province of Ontario. The City of Oakville is targeting residential and commercial intensification as well as significant transit and infrastructure investment in the neighbourhood immediately surrounding the property. Under the plan, the Argus Corporate Centre will be re-zoned to have the highest commercial density within the development area.

“Investment from the City of Oakville and the Province of Ontario in the infrastructure and transit surrounding the property makes the Argus Corporate Centre a key strategic acquisition,” said Sahi. “The property’s central location within the Midtown Oakville development zone provides excellent long-term growth and development potential for Morguard.”

The 74,600-square-foot building is currently 100 per cent occupied by seven tenants in diverse industries including video game development, independent medical services, software development and legal services.