If you’re scouting choice locations for a Porsche dealership, you can’t beat North America’s second-most-traveled intersection. (Or the 8th hole of a country club golf course.) Agellan Commercial REIT has signed Porsche Cars Canada to a 20-year lease at its Parkway Place office campus at Highway 401 and Don Valley Parkway, a junction that sees 600,000 cars pass by daily, second only to LA’s Santa Monica Freeway (though the cars pass by very, very slowly). The luxury automaker will occupy 60k SF at a new dealership that Agellan plans to build on a 3.3-acre site, currently a parking lot at the office complex.
Agellan also intends to build a 37k SF retail facility and 700-stall parking garage at Parkway Place (seen above), the REIT said last week in an update on its operations. Both projects are expected to be completed by 2017. Meanwhile, Agellan said it is exploring the potential sale of Parkway Place, which is its single-largest asset. Tenants at the North York campus—with four buildings tied together with a retail concourse—include IBM, Shoppers Drug Mart and CH2M Hill. If Parkway Place can be sold, Agellan says it will reinvest proceeds in US real estate assets.
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