Premium Multi-Tenant Industrial Investment Opportunity:
115-133 Limestone Crescent, Toronto
Fully Leased Property Near Highways 400, 401, and 407
Located in one of Toronto’s most strategic industrial corridors, 115-133 Limestone Crescent presents a rare opportunity for savvy real estate investors seeking stable, income-generating industrial properties in the Greater Toronto Area. This fully leased 20,344 square foot industrial building positioned at Keele Street and Steeles Avenue offers immediate cash flow, superior highway accessibility, and exceptional long-term growth potential in North York’s thriving employment zone.
Strategic Location: Superior Access to Toronto’s Highway Network
The property’s location at Keele Street and Steeles Avenue in North York positions investors and tenants at the crossroads of Toronto’s premier transportation infrastructure. With proximity to three major 400-series highways, this industrial facility offers unparalleled connectivity throughout the Greater Toronto Area.
Highway Accessibility:
- 4 kilometers to Highway 400– providing direct north-south connectivity to Barrie, cottage country, and Northern Ontario markets
- 2 kilometers to Highway 407 ETR– offering rapid east-west access across the GTA and avoiding Highway 401 congestion
- 3 kilometers to Highway 7– connecting to York Region’s commercial centers
- 8 kilometers to Highway 401– Canada’s busiest highway, handling approximately 11,000 trucks daily and serving as a critical economic corridor
- 4 kilometers to Toronto Pearson International Airport– facilitating logistics, distribution, and international trade operations
- 3 kilometers to Downtown Toronto– providing access to the city’s core employment hub
This strategic positioning along the Keele-Steeles industrial corridor places the property within one of North York’s established employment zones, zoned EH 1.0 (Employment Heavy Industrial) under City of Toronto zoning regulations. The EH 1.0 designation permits an extensive range of industrial uses including manufacturing, warehousing, distribution, contractors’ establishments, vehicle depots, laboratories, and custom workshops.
Transit-Connected Industrial Property: TTC Bus Route 107 Accessibility
Beyond highway connectivity, 115-133 Limestone Crescent benefits from exceptional public transit access via TTC Bus Route 107 (Alness-Chesswood), which operates all day, every day until 1 a.m., connecting employees between Sheppard West Station and Finch West Station on Toronto’s subway Line 1. This transit accessibility enhances the property’s appeal to tenants by providing their workforce with reliable transportation options, addressing one of the key challenges in suburban industrial locations: labor accessibility.
The property’s position along a major TTC bus route represents a significant competitive advantage in today’s industrial real estate market, where access to labor pools increasingly influences tenant location decisions. With convenient connections to Toronto’s subway system, employees can commute efficiently from across the metropolitan area, supporting tenant recruitment and retention efforts.
Building Specifications: Modern Industrial Facility with Functional Design
This 20,344 square foot industrial building sits on a 1.05-acre lot and features specifications designed for maximum operational flexibility and efficiency. The building’s functional design accommodates diverse industrial tenants across multiple sectors.
Key Building Features:
- 18-foot clear ceiling height– accommodating modern racking systems, material handling equipment, and efficient vertical storage solutions
- 6 drive-in doors– providing flexible shipping and receiving capabilities for various vehicle types, from delivery vans to straight trucks
- EH 1.0 zoning– permitting extensive industrial uses including manufacturing, warehousing, distribution, contractors’ operations, vehicle repair facilities, laboratories, and cold storage
- 05 acres of land– offering ample surface parking and potential outdoor storage or trailer staging areas
- Multi-tenant configuration– diversifying income streams across seven established tenants
The building’s 18-foot clear height represents a functional specification for today’s industrial operations, accommodating standard pallet racking systems while remaining accessible to small and mid-sized businesses that form the backbone of Toronto’s industrial tenant base. This clear height strikes an optimal balance between functionality and operating costs, making the property competitive within the 20,000-30,000 square foot industrial segment.
Fully Leased Multi-Tenant Industrial Building: Stable Income with Diversification
The property delivers $351,094 in annual net rental income across seven diverse tenants occupying units ranging from 1,000 to 5,894 square feet. This multi-tenant configuration provides exceptional income stability through tenant diversification while minimizing single-tenant concentration risk.
Current Tenant Profile (2025):
|
Tenant |
Unit |
Size (SF) |
|
Certified Landscaping Inc. |
115-117 |
4,000 |
|
Arthurs Concrete Cutting Ltd. |
129-133 |
5,894 |
|
Corescan Ltd. |
125-127 |
4,000 |
|
Primary Support & Freedom of Sounds Inc. |
123 (2nd Floor) |
2,350 |
|
Yvonna Conte in Trust |
121 |
2,000 |
|
Speedy Credit Solutions |
119A |
1,000 |
|
ICS International |
119B |
1,100 |
Total Building: 20,344 SF generating $351,094 annually
This tenant roster demonstrates strong diversity across industries including landscaping contractors, concrete cutting services, technical scanning operations, social services, financial services, and international commerce.
Several tenants hold renewal options, providing potential income continuity and reducing future lease-up costs and vacancy risks. The staggered lease expiry schedule creates opportunities for strategic rent repositioning as leases renew, particularly given that GTA industrial rents have experienced upward pressure despite recent market normalization.
North York Industrial Market Fundamentals: Resilient Demand in Strategic Submarket
North York’s industrial market represents approximately 8.8% of the Greater Toronto Area’s 822 million square feet of industrial inventory, with over 73 million square feet of industrial space. The submarket demonstrates resilient fundamentals despite broader market adjustments following the post-pandemic industrial boom.
North York Industrial Market Indicators (2024-2025):
- Vacancy rate: 2.4-2.6%– significantly tighter than the GTA average of 3.2% and among the lowest in the metropolitan region
- Positive absorption– approximately 178,944 square feet in Q1 2024, indicating continued tenant demand
- Limited new supply– minimal speculative development constraining future competition
- Central location advantage– proximity to labor pools, consumer markets, and transportation infrastructure
The Keele-Steeles industrial corridor where 115-133 Limestone Crescent is located represents one of North York’s established employment areas, benefiting from mature infrastructure, diverse tenant base, and superior highway connectivity. This corridor continues attracting tenants seeking affordable industrial space with excellent transportation access at lower price points than newer developments in outer GTA submarkets.
Recent market intelligence indicates that while GTA industrial rents have softened from peak levels, well-located properties in established corridors with functional specifications continue demonstrating stable performance. North York’s 2.6% vacancy rate compares favorably to higher availability in outer submarkets like Halton (7.7%) and Durham (5.0%), reflecting the enduring appeal of central locations.
Investment Fundamentals: Capitalization Rates and Value Proposition
Industrial properties in the Greater Toronto Area continue representing preferred investment vehicles within commercial real estate asset classes, supported by fundamental demand drivers including e-commerce growth, logistics expansion, and manufacturing nearshoring trends.
Toronto Industrial Investment Market Indicators (2025):
- Transaction volume:Approximately $4.1 billion in industrial sales through Q3 2025, essentially unchanged from 2024 levels
- Capitalization rates:Industrial cap rates in Toronto markets have remained relatively stable despite interest rate adjustments, reflecting the asset class’s continued investor appeal
- Debt environment:Bank of Canada overnight rate held at 2.75% as of July 2025, with lenders maintaining disciplined but accessible financing for well-located industrial assets
- Investment profile:Fully leased, multi-tenant properties offering immediate income generation command strong investor interest
Investors evaluating 115-133 Limestone Crescent benefit from several favorable characteristics that support long-term value appreciation:
- Immediate cash flowfrom fully leased building with established tenant base
- Income stabilitythrough tenant diversification across seven lessees
- Location fundamentalswith superior highway access and transit connectivity
- Functional specificationsmeeting diverse industrial tenant requirements
- Tight submarket conditionswith North York’s 2.6% vacancy rate supporting rental stability
Permitted Uses Under EH 1.0 Zoning: Extensive Flexibility for Future Tenanting
The property’s EH 1.0 (Employment Heavy Industrial) zoning designation provides exceptional flexibility for current and future tenanting strategies, permitting an extensive range of industrial and employment uses. This zoning versatility reduces re-tenanting risk and expands the potential tenant universe.
Permitted Uses Include:
- Manufacturing and production facilities
- Warehousing and distribution operations
- Contractors’ establishments and building supply yards
- Vehicle depots, repair shops, and service facilities
- Laboratories and research facilities
- Custom workshops and carpenter shops
- Industrial sales and service operations
- Cold storage and fuel storage facilities
- Shipping terminals and transportation uses
- Recovery facilities and waste management operations
- Fire halls, ambulance depots, and public utilities
This broad use permission spectrum positions the property to accommodate evolving tenant requirements across traditional manufacturing, modern logistics operations, skilled trades, transportation services, and specialized industrial activities. The zoning flexibility represents a valuable asset in navigating changing industrial real estate demand patterns and emerging business sectors.
Demographics and Workforce: Access to Diverse Labor Pool
The Steeles Avenue corridor serves one of Toronto’s most diverse and dynamic employment areas, with the surrounding neighborhood characterized by a multicultural population where visible minorities represent approximately 91% of residents and 80% speak a native language other than English. This demographic composition creates a substantial multilingual workforce supporting diverse industrial operations.
Steeles Neighborhood Demographics:
- Population:Approximately 24,623 residents with diverse ethnic backgrounds
- Working-age population (25-64 years):Strong representation supporting industrial employment needs
- Immigration:High concentration of first-generation (50%) and second-generation (40%) immigrants bringing diverse skills and work experience
- Languages:Multilingual workforce facilitating international business operations and diverse customer service
The property’s location along TTC Bus Route 107 connecting to subway stations enhances workforce accessibility, addressing one of the primary tenant concerns in suburban industrial locations. Access to public transit reduces employee transportation barriers and expands the available labor pool for tenants operating at this location.
Competitive Positioning: Value Proposition in North York Industrial Market
115-133 Limestone Crescent occupies a compelling position within North York’s industrial real estate landscape, offering a combination of attributes that distinguish it from competing properties:
Competitive Advantages:
- Fully leased status– eliminating vacancy risk and providing immediate income generation from day one of ownership
- Multi-tenant diversification– seven tenants reducing concentration risk compared to single-tenant industrial buildings
- Superior highway access– 4 km to Highway 400, 2 km to Highway 407, and 8 km to Highway 401 providing best-in-class transportation connectivity
- Transit accessibility– TTC Bus Route 107 service supporting workforce recruitment and retention
- Functional specifications– 18-foot clear height and 6 drive-in doors accommodating diverse industrial operations
- Established location– mature Keele-Steeles corridor with infrastructure, amenities, and supportive business ecosystem
- Tight submarket– North York’s 2.6% vacancy rate supporting rental rate stability and tenant retention
Investment Opportunity: Turnkey Industrial Asset with Growth Potential
For institutional and private investors seeking fully leased industrial investment properties in Toronto, 115-133 Limestone Crescent represents a rare offering combining immediate income generation, strategic location fundamentals, and future value appreciation potential.
The property delivers:
- Stable cash flowfrom across diversified tenant base
- Prime GTA locationwith superior access to Highways 400, 401, and 407
- Transit connectivityvia TTC Bus Route 107 supporting tenant workforce requirements
- Functional buildingwith 18-foot clear height and 6 drive-in doors serving diverse industrial uses
- Flexible zoningpermitting extensive industrial and employment uses under EH 1.0 designation
- Tight submarket fundamentalswith North York industrial vacancy at 2.6%
This 20,344 square foot multi-tenant industrial building positioned in one of Toronto’s most strategic industrial corridors offers sophisticated investors an opportunity to acquire a turnkey, income-producing asset with exceptional location fundamentals and future repositioning potential.
Contact Information for 115-133 Limestone Crescent
For additional information regarding this fully leased industrial investment opportunity in North York, qualified investors and advisors are encouraged to contact the listing agents at Cushman & Wakefield:
Goran Brelih, SIOR Executive Vice President, Broker Direct: +1 416 756 5456 Mobile: +1 416 458 4264 Email: goran.brelih@cushwake.com
Diana McKennon Sales Representative Direct: +1 416 642 5356 Mobile: +1 647 400 9801 Email: diana.mckennon@cushwake.com
Levon Hamann Associate Direct: +1 416 359 2486 Mobile: +1 416 435 5444 Email: levon.hamann@cushwake.com
This premium industrial investment opportunity in Toronto’s North York industrial market represents the convergence of stable income, strategic location, and long-term growth potential that sophisticated real estate investors seek in today’s competitive Greater Toronto Area industrial market.
