Behind the Deal: Carters Oshkosh Makes 1 Prologis Its New Canadian HQ
Carters Oshkosh Canada is relocating its national HQ from Cambridge to 1 Prologis Blvd at Mississauga Gateway Centre, inking a 10-year lease in a deal broker Joe Almeida tells us came together lightning fast.
Carters Oshkosh, which is taking the entire second floor at 1 Prologis (about 28k SF), needed to move quickly to secure space, notes Joe, pictured with fellow Avison Young listing agent Patrick Campbell. Fortunately, property owner Healthcare of Ontario Pension Plan’s real estate group is “very nimble, very entrepreneurial,” and in short order was able to forge an agreement. “We started talking to Carters Oshkosh in November and had a deal done by mid-December,” Joe says, meeting an aggressive timeline that “in most cases would have been a little unrealistic.”
What drew the tots-togs maker to 1 Prologis (other than its Cushman & Wakefield reps Stefan Teague, Craig Trenholm and Fay Goveas)? Joe notes the five-storey, 147k SF building is targeting LEED Gold and boasts large, efficient floor plates. It’s also well-located, with a retail centre and hotel down the road, and Highways 401 and 407 just minutes away via Hurontario Street. But Gateway Centre’s proximity to the future Hurontario-Main LRT line is the complex’s greatest selling point, says Joe. “That was a big driver in securing [Carters Oshkosh’s] interest in the site.”
“This area is becoming much more in demand because of transit upgrades,” Joe explains, noting all five buildings at Mississauga Gateway Centre, including the other newly built project, 85 Prologis Blvd (below), have been built on spec. That speaks to the confidence complex owner HOOPP has in this burgeoning node—and the pension plan's patience. “We have a client with a long-term view that can put up the right type of asset in growing suburban markets like Heartland,” says Joe. (Just down the 401 HOOPP is developing Spectrum SQ, a 1.3M SF office campus).
Joining Carters Oshkosh at 1 Prologis is Compass Group, relocated from Airport Corporate Centre. And Joe says he's been in talks with “lots" of groups for the remaining 32k SF third-floor space. There’s also 20k SF for ground-level retail. He has a conditional deal for 11k SF at neighbouring 85 Prologis. And Joe advises we stay tuned in the upcoming weeks for a big reveal from HOOPP of plans for the 11-acre parcel across the road from 1 Prologis. “It’ll make these deals look very small.”