March 8th, 2024

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” 

  • Franklin D. Roosevelt

As the Greater Toronto industrial market continues to evolve, changing dynamics bring into focus different strategies for both owners and occupiers.

Per our previous newsletters, we have seen the stabilization of industrial rents due to a cooling in inflation, as well as an uptick in vacancies. One could also say that it was a matter of time as the after-effects of the economic lockdowns, insatiable demand for logistics space, and supply chain issues worked their way through the system. In any event, we find ourselves settling in to a more predictable market for industrial values.

Meanwhile, sales volumes have fluctuated as a result of sustained, higher interest rates; albeit we have seen some enormous portfolio sales and outright acquisitions of REITs themselves. That said, on a property-by-property level, industrial sales have become more difficult due to borrowing costs. In addition, because of elevated property values, as well as the cost to construct, there may be a lingering issue of spread between what an owner wants and what a buyer would be willing to pay; further slowing down the process.

Finally, when we examine the inventory of industrial product, we notice that relatively few small- and mid-bay space opportunities exist due to their scarcity, as well as the scale of new projects. It is this specific group of industrial users which, throughout the ‘golden era’ of ‘Big Box’ warehousing, has been the most underserved. Existing options tend to be older or obsolete, while modern specs require premium rents with size minimums.

And thus, another option has become more popular, with numerous developers bringing product to market. And that is: purchasing industrial condominiums.

Although they are more expensive than a freestanding building on a per-square-foot basis, they offer ownership and the resulting benefits, while providing many modern features, such as: clear heights up to around 28 feet, loading docks, access for 53’ trailers, moderate- to high-power, and size flexibility.

With that said, for this week’s newsletter, we will revisit the topic of industrial condo developments within the 416-area of North York, Etobicoke, and Scarborough, while taking a look at some of the major projects delivered and underway.

Why is the 416-area so attractive to industrial investors, developers, and occupiers?

While land and industrial assets within these submarkets can be quite expensive when compared to developing in municipalities such as Waterloo, Brantford, Pickering, Caledon, or Aurora, the fact is that location, location, location has and always will drive real estate. And given we may experience an economic contraction in the coming months, these areas may represent a hedge against speculative risk.

For occupiers: As mentioned, being well-located within the Core means proximity to labour and a higher-density consumer base. Additionally, small- and mid-bay industrial product is incredibly scarce, especially as much of the focus in the development community over the past decade has centered around Big Box warehouses.

For investors: As occupiers look to take advantage of the location benefits, investors can satisfy that need and collect a premium on rents or sale values. And as mentioned, with small- and mid-bay product a rare offering, the demand for these assets is incredibly robust.

416-Area Industrial Condo Projects

For more details, availabilities, and pricing on any of the industrial condos discussed, please contact our team.

  1. Vic Park – 3751 Victoria Park Avenue, North York – Forager

3751 Victoria Park Ave, North York. Source: Forager.

Forager Real Estate Partners has developed a 148,888 SF industrial condo with 12 units ranging in size from 9,089 SF to 21,361 SF. Each unit has a 22’ clear height, 200A/600V power, drive-in doors, and can accommodate 53’ trailers. Located in proximity to multiple 400-series highways, Vic Park provides excellent access to transportation routes, the labour pool, and amenities. CBRE is currently marketing the asset; and all but 3 units have sold. For more information, visit 

  1. 120 Norfinch Drive, North York – Mirabelli Corporation

120 Norfinch Drive, North York. Source: Mirabelli Corporation.

Mirabelli Corporation completed an industrial condo conversion with 22 units totalling 71,000 SF. Available configurations range from 2,779 SF to 71,000 SF. Each unit is 18’ clear and has either one truck-level door or drive-in door with a ramp; with larger configurations benefitting from additional shipping. A stone’s throw from Highway 400, the asset is centrally-located, just minutes from Highways 401, 7, and 407. 

  1. 25-27 Coronet Drive, Etobicoke – Mantella Corporation

25-27 Coronet Drive, Etobicoke. Source: Mantella Corporation.

Mantella Corporation completed its conversion and sale of all units at 25-27 Coronet Drive in Etobicoke. Totalling 38,959 SF, the 22 units range in size from 1,000 SF to 3,188 SF; each with a 14’ clear height and a drive-in shipping door. Located in proximity to Highway 427 and the QEW, it provides excellent access and connectivity.

  1. Bartor Business Centre – 240 Bartor Road, North York – Mirabelli Corporation

Bartor Business Centre, 240 Bartor Road, North York. Source: Mirabelli Corporation.

Mirabelli Corporation converted a 71,000 SF building into 8 industrial condominium units and 2 office units on the ground and second floor. Units range in size from 4,200 SF to 43,000 SF with 10% office and 16’ clear height. All units have since been sold, except for the office units, which have been retained as co-working spaces. Sold prices range from $303 PSF to $390 PSF.

  1. 35-37 Stoffel Drive, Etobicoke – Mirabelli Corporation

35-37 Stoffel Drive, Etobicoke. Source: Mirabelli Corporation.

Mirabelli Corporation completed an industrial condo conversion with 15 units totalling 70,000 SF and including approximately 6,000 SF of office. Clear heights range from 16’ to 28’ with a total of 3 truck-level and 12 drive-in doors. Units were released for sale at $350 PSF, with the last unit offered going to market at $650 PSF – with all units currently sold. The site has direct frontage onto Highway 401 and is just minutes from Toronto Pearson Airport, providing excellent access to transportation routes and the labour pool.

  1. Consumers Square – 280-422 Consumers Road, North York – Mirabelli Corporation
280-422 Consumers Rd, North York. Source: Mirabelli Corporation.

Mirabelli Corporation is developing a 147,644 SF, mixed-use condo with 33 industrial, office, and retail units ranging in size from 1,900 SF to 6,100 SF. Each unit has a 16’ clear height and one truck-level door. Pre-registration sales were offered at $525 PSF. Consumers Square is located at Highway 401 and the DVP and falls within the Consumers Road Business Park Node, providing premier access to labour, transit, and amenities. 

  1. Morningside Business Centre – 2560, 2540, & 2340 Morningside Avenue, Scarborough – Beedie

2560, 2540, & 2340 Morningside Avenue, Scarborough. Source: Beedie.

Beedie developed a three-building, 347,910 SF industrial condo with 36 units ranging in size from 6,883 SF to 14,428 SF. Condos have a 28’ clear height with 10’ clear mezzanine, 2,000 amps of power, and a mix of shipping from one drive-in door up to 2 truck-level and 1 drive-in doors. The units are now 60% sold. Cushman & Wakefield is representing Beedie. Learn more at

  1. 568 Passmore Avenue, Scarborough – Beedie
568 Passmore Avenue, Scarborough. Source: Beedie.

Beedie has announced the upcoming development of a state-of-art, three-building industrial condominium complex totalling 327,760 SF. Buildings 1-3 will be 100,911 SF, 103,753 SF, and 123,096 SF in size, respectively.

  1. 1040 Martin Grove Road, Etobicoke – Kolt Investments

1040 Martin Grove Road, Etobicoke. Source: Foregstone/Takol.

Kolt Investments brought to market a 25-unit industrial condominium totalling 75,727 SF at 1040 Martin Grove Road in Etobicoke. Units ranged in size from 2,770 SF to 3,139 SF with a 14’ clear height, office space, and one drive-in or truck-level door. All units have since sold out. Located in proximity to Highways 409 and 401, as well as Toronto Pearson International Airport, the site offers excellent access to transportation, amenities, and the labour pool.

  1. 111, 131, & 151 Steinway Blvd, Etobicoke – Berkshire/Fiera Real Estate

111-151 Steinway Blvd, Etobicoke. Source: Berkshire/Fiera Real Estate.

Berkshire Axis and Fiera Real Estate are developing an industrial condominium branded  “Pinnacle Industrial Condos” at 111-151 Steinway Boulevard in Etobicoke. The 8.52 acre-site at Albion Road and Highway 427 was purchased in early 2023 from neighbouring Apotex, and had been previously used as a parking lot and excess land.

Building A will be approximately 110,673 SF with 14 units serviced by one drive-in door per unit, while Building B will be approximately 65,359 SF with 8 units serviced by truck-level doors per unit. Condos will range in size from 5,937 SF to 10,399 SF with 28’ clear height and with access for 53’ trailers. Located just southeast of Highways 427 and 407, the site provides direct access to the City’s core, amenities, and labour pool. Registration and occupancy are targeted for Q1 2025. A handful of units have sold, with two available and the balance coming soon. CBRE is marketing the asset.


If you are looking to acquire small- or -mid-bay industrial space within the GTA Core, then an industrial condo may be your best option. While there are several great offerings on or coming to the market, these assets sell quickly, and at a premium to traditional industrial facilities.

On the development or conversion side, industrial condos are attractive as they can be constructed in infill sites, proximal to the Core’s consumer and economic base. With industrial vacancies still at relative lows, and with rental rates having increased so dramatically over the past 5 years, there are many industrial users who would welcome the opportunity to own well-located space.

If you are looking to break ground and move in sometime in 2024, you will need to engage with municipalities as soon as possible and if not then it is probably already too late, however, it is never too late to begin planning and exploring.

For a confidential consultation or a complimentary opinion of value of your property please give us a call.

Until next week…

Goran Brelih and his team have been servicing Investors and Occupiers of Industrial properties in Toronto Central and Toronto North markets for the past 30 years.

Goran Brelih is an Executive Vice President for Cushman & Wakefield ULC in the Greater Toronto Area.

Over the past 30 years, he has been involved in the lease or sale of approximately 25.7 million square feet of industrial space, valued in excess of $1.6 billion dollars while averaging between 40 and 50 transactions per year and achieving the highest level of sales, from the President’s Round Table to Top Ten in GTA and the National Top Ten.

Industrial Real Estate Sales and Leasing, Investment Sales, Design-Build and Land Development

About Cushman & Wakefield ULC.
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries.

In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit

For more information on GTA Industrial Real Estate Market or to discuss how they can assist you with your real estate needs please contact Goran at 416-756-5456, email at, or visit

Connect with Me Here! – Goran Brelih’s Linkedin Profile:

Goran Brelih, SIOR

Executive Vice President, Broker
Cushman & Wakefield ULC, Brokerage.

Office: 416-756-5456
Mobile: 416-458-4264


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