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  • Toronto, Ontario, Canada | Industrial

Toronto Airport Mid-Bay Industrial Portfolio

An eight-building portfolio near Pearson International Airport

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Car unloading halls

About the buildings

The Toronto Airport Mid-Bay Industrial Portfolio is an eight-building industrial portfolio on 21 acres originally constructed in the mid-1980s and is located in Mississauga, Ontario, near Toronto’s Pearson International Airport.

The well-constructed mid-bay buildings range in size from 20,000 to 80,000 square feet with an average size of 49,000 square feet and a total rentable area 398,000 square feet.

Investment rationale

The assets are in a prime location, with the Greater Toronto Area West industrial submarket having some of the strongest fundamentals for industrial property in the Americas. Additionally, buildings in this mid-bay size are ideal for tenants who are capitalizing on rising e-commerce, services and “last-mile” logistics. Meanwhile, no remaining land in the area, paired with rapidly escalating replacement costs, have further restricted industrial development in the submarket, driving up the price of existing inventory.

Current weighted average lease terms are quite short at less than three years and in-place rents are well below market rates, representing a significant upside opportunity to capitalize on rental income growth. Conversely, over 85% of the purchase price was embedded in the value of land the assets sit on, providing excellent downside protection

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Toronto Airport Mid-Bay Industrial Portfolio is a Canadian value-add investment

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Important information

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.

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