RE:RE:slate sells another good property not the garbage they cant It may not be a significant holding but it is one of the better occupied ones. This article provides some more details:
https://renx.ca/crown-buy-sheridan-exchange-mississauga-slate-office-reit
Crown Realty Partners has acquired The Sheridan Exchange, a two-building office complex in Mississauga, Ont., from Slate Office REIT for $25.6 million.
The 101,338-square-foot building at 2655 North Sheridan Way is 89 per cent leased, while 2695 North Sheridan Way spans 56,895 square feet and is 100 per cent leased.
“We like the location, the look and the feel,” Crown managing partner of acquisitions and leasing Scott Watson told RENX. “They don’t seem like typical suburban office buildings.
“They’re low-rise in nature and a bit more friendly and welcoming as opposed to a six-, eight- or 10-storey square box. We’re finding that tenants are being drawn a little bit more to non-traditional buildings.”
Watson said vacancies at 2655 North Sheridan Way are in the 2,000- to 8,000-square-foot-range.
“We plan on implementing our model suites strategy over the next six months to get them into move-in-ready shape,” Watson noted.
Built in 1989, the complex sits on an 11-acre property.
Slate Office REIT announced in September that it will reposition its portfolio for long-term stability and performance, and to raise liquidity by selling non-core assets that comprise approximately 40 per cent of its gross leasable area. The Sheridan Exchange sale is part of that program, which is expected to continue through to 2025.
The Sheridan Exchange details
The Sheridan Exchange’s amenities include a fitness facility, a tenant lounge and underground and surface parking.
Crown plans to improve the property over the next 12 to 15 months through revitalizing the common areas and main lobby, upgrading the exterior landscaping and introducing energy-efficient upgrades including LED lighting and mechanical systems.
The Sheridan Exchange has a number of health-focused tenants, including EMD Serono Canada with about 30,000 square feet, CarePoint Health with about 25,000 square feet, and Mississauga Halton Home and Community Care Support Services with about 25,000 square feet.
The weighted average lease term for tenants in the complex is 3.6 years.
The Sheridan Exchange benefits from easy access to the Queen Elizabeth Way highway and nearby amenities including restaurants, hotels, bank branches and gas stations. There’s also a MiWay bus stop in front of the complex, which is surrounded by greenery and trails.