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Institutional Property Advisors Closes Industrial Development Site Sale in Greater Toronto

January 19, 2022
RICHMOND HILL, Ontario, Jan. 19, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Brodie Lands, 44.65 acres of prime development land within the Headford Business Park in Richmond Hill, Ontario.

“Serviced and ready for development, the property is one of the largest parcels of vacant employment land in Richmond Hill and one of the last large-scale sites south of Major Mackenzie Drive,” said Bill Pitt, IPA senior managing director investments. “The acquisition provides the buyer with immediate scale and an opportunity to develop a new Class A employment campus.” Pitt, with his partners Scott Chandler and John Stewart, represented the seller, and procured the buyer, GWL Realty Advisors on behalf of Canada Life. “Demand and pricing for industrial land in the greater Toronto area is being driven by some of the strongest industrial leasing fundamentals within North America,” added Chandler. “Since 2015, the compounded annual rental growth rate has been 14.3% in the Toronto area.”

Located near the Beaver Creek Business Park, the land has 600 feet of direct exposure on Highway 404 and is accessible from the 404 via two interchanges. Direct connections to highways 7, 401, 407 and Don Valley Parkway provide access to core markets throughout the Toronto area. Future extensions on Brodie Drive and Vogell Road will supply ingress and egress routes throughout the parcel. Home to over 2,000 companies, the location is within Richmond Hill’s main employment area. Major employers include Staples Canada, Canada Post, Mazda Canada Inc., the York Region Transit/VIVA Bus Depot, and Amazon, which is a tenant at a neighboring site.

“Richmond Hill’s Official Plan strongly encourages the intensification of a range of high performance industrial and commercial uses in this area due to its strategic positioning,” noted Stewart. “Types of uses include high-tech industries, advanced manufacturing plants, corporate headquarters, and research and development facilities.”


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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com

About Nearon Enterprises
Nearon Enterprises is a private real estate investment company headquartered in Walnut Creek, California. Nearon has a 75-year history of successfully investing in multifamily and commercial real estate throughout the Western U.S. Today, Nearon owns and operates a diverse portfolio of in excess of 5 million square feet. The current Nearon portfolio is primarily concentrated in California, Utah, Arizona and Colorado. For more information, please visit www.nearon.com

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