Morguard has acquired a three-storey Class A office building in the Airport Corporate Centre in Mississauga, Ont, for $50.6 million.
5985 Explorer Drive encompasses 136,000 square feet on 12.5 acres near the 400 series of highway, Pearson International Airport and access to public transit. With abundant existing parking and a sizeable plot of land, the acquisition provides future expansion potential.
The property was purpose-built in 1999 for the Canadian headquarters of a multi-national Fortune 500 company, who still fully occupies the building. Since then, modern office buildouts and an upgraded cafeteria are a couple new features.
“An ideal location and a strong covenant tenant make this premium office property an excellent acquisition for Morguard,” said K. Rai Sahi, chairman and CEO of Morguard Corporation. “This property is an excellent low-risk, long-term addition to our portfolio as part of our sustainable growth plan.”