MISSISSAUGA, ON, Feb. 6, 2018 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced today the acquisition of 5985 Explorer Drive, a three-storey Class A office building in Mississauga, ON, for a purchase price of $50.6 million, excluding taxes and transaction costs.
"An ideal location and a strong covenant tenant make this premium office property an excellent acquisition for Morguard," said K. Rai Sahi, Chairman and Chief Executive Officer of Morguard Corporation. "This property is an excellent low-risk, long-term addition to our portfolio as part of our sustainable growth plan."
The property is located in the Airport Corporate Centre, a premier suburban business park that is home to a concentration of Fortune 500 companies. The property encompasses 136,000 square feet on 12.5 acres and offers easy connectivity to the 400 series of highways. The property is in close proximity to Pearson International Airport, as well as rapidly improving access to public transit.
The building has impressive physical characteristics, including an upgraded cafeteria and modern office buildouts connected by an open staircase in the full-height atrium. The property was purpose-built in 1999 for the existing tenant, the Canadian headquarters of a multi-national Fortune 500 company, who occupies 100% of the building.
An above-average parking ratio makes the property a prime suburban corporate campus. With abundant existing parking and a sizeable plot of land, the acquisition also provides future expansion potential if desired.
Morguard Corporation is a major North American real estate company. It has extensive retail, office, industrial, multi–suite residential, and hotel holdings owned directly, or through its investment in Morguard REIT (TSX: MRT.UN), Morguard North American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH). Morguard also provides real estate management services to institutional and other investors. For more information, please visit Morguard's website at www.morguard.com or follow us on LinkedIn.
SOURCE Morguard Corporation
For further information: K. Rai Sahi, Chairman and Chief Executive Officer, 905-281-3800; Paul Miatello, Chief Financial Officer, 905-281-3800 or email [email protected]