Software developer PointClickCare just inked an agreement to take all of Target Canada’s former HQ space (185k SF over four floors) at AeroCentre V in Mississauga. Menkes Developments’ Noah Gordon explains how the big deal came together so soon after the US retailer upped stakes.
Noah, whose company manages AeroCentre V on behalf of HOOPP, says PointClickCare had been in the market for some time looking to get into a high-performance building in the suburbs. AeroCentre V—with LEED Gold CS certification, 11-foot floor-to-ceiling glass, raised-floor HVAC, operable windows and automated blinds—ticked all the boxes on the firm's sustainability checklist. It's taking all of Target’s space at AeroCentre V—completed in 2010—and will be moving there in phases, beginning early next year, after making building improvements. (PepsiCo has its Canadian HQ on the top floor.)
PointClickCare, currently based in Meadowvale, initially had concerns about a longer commute for its employees to AeroCentre, located at 5570 Explorer Dr, across from Pearson International Airport at the junction of Highways 401 and 427. But Noah says the two hybrid shuttles they run back and forth between the subway station “really helped sell it.” An added bonus is that AeroCentre will offer PointClickCare great brand exposure. “You can see the building from the 401, and particularly the signage as you take off and land at Pearson. That’s invaluable.”
Noah credits brokers at JLL (who handled the listing for Menkes) and CBRE (who repped PointClickCare) with putting together a deal so quickly after Target announced it was leaving Canada. He says there was “tremendous” interest in the property, though some parties had been “sniffing around" for a bargain. But Menkes and HOOPP know the value of what they have, and saw Target’s departure as a chance to improve upon that deal. “This wasn’t a fire sale,” Noah stresses. “It was an opportunity for someone to get into arguably one of the best buildings in Mississauga.”
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