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7045 Millcreek Drive Acquired In 'Gold Rush' For Self-Storage Sites

Colliers brokers Gord Cook, Victor Cotic and Matt Jones.

GWL Realty Advisors has sold 7045 Millcreek Drive, a 168k SF industrial building in Mississauga, to a self-storage provider for $15.75M. Colliers’ Matt Jones, Gord Cook and Victor Cotic (above) brokered the sale. Matt tells us it’s one of the GTA’s largest single-user deals of 2016 and evidence of a “gold rush” of self-storage groups looking to buy up industrial space in the region. The building, in Meadowvale Business Park, has 30-foot clear ceiling heights and 39 trailer-parking stalls. The property had been tenanted long term by a multinational retailer, but Gord says it was experiencing protracted vacancy more recently.

7045 Millcreek Dr in Mississauga

Self-storage groups, domestic and US-based, are flooding the GTA in search of well-located, scalable industrial buildings to convert to serve the region’s rapidly expanding population. When GWL started getting unsolicited offers for 7045 Millcreek, it “piqued their interest," Matt says. Most interest in the initial bidding round came from storage firms, which liked the site's proximity to residential neighbourhoods and employment areas, and its direct exposure to Derry Road. So the second round focused solely on storage providers. Says Matt: "A segment not that busy a few years ago is now a bona fide buyer of large industrial assets."