The transaction was for $104 million, but more importantly, the sale of the Millcreek Business Centre set a standard for valuing industrial-flex properties in Mississauga, in the suburbs of Toronto.
The deal for seven properties earned the 2025 CoStar Impact Award for sale/acquisition of the year in Toronto, as judged by a panel of real estate professionals familiar with the market.
The seven properties at 6665, 6675, 6685, 6695, 6705, 6715, and 6725 Millcreek Drive in Mississauga contained a total square of 324,362 sold in a year-end deal that created a period of limited availability for key stakeholders.
Another hurdle was outdated tenant contact information with crucial tenant records that were not current, delaying lease administration.
To make the deal happen, the buyer, Soneil Investments Inc., and the real estate brokers involved, Sam Shah of Bluetick Realty Inc. and listing brokers Victor Cotic, Gord Cook, Max Brenzel and Brennan Eastmure of Colliers Macaulay Nicolls swung into action. Their creative solutions included reconstructing a tenant-contact database through back-engineering lease records and direct outreach involving face-to-face meetings with tenants.
About the project: The buildings, originally constructed between 1987 and 1989, have modern industrial features, including clear heights exceeding 20 feet and 53-foot trailer accessibility.
The sale set a new high price in the Mississauga industrial market, underscoring the demand for high-quality, well-located assets.
Millcreek Business Centre was one of the region's first properties designed to integrate office and industrial uses. Its location also benefits businesses with access to major highways, rail intermodal terminals and Toronto Pearson International Airport.
The average rental rates are 18% below market, giving the buyer significant upside potential for long-term growth.
The deal was a direct acquisition without leasebacks or tax incentives, but its small-bay industrial strategy minimizes risk by avoiding exposure to a single major tenant.
For Soneil, the deal aligned with its long-term expansion strategy, with planned acquisitions ranging from $300 million to $400 million in 2025.
The Life Assurance Company and an investment group named 801611 Ontario Ltd., represented by Toronto brokerage GWL Realty Advisors Inc., sold the property to Soneil Investment. The asset was 92% occupied at the time of sale with 31 tenants representing a mix of national, regional, and local businesses.
What the judges said: "This sale set a new high in the Mississauga industrial market and demonstrates current demand for high-quality assets. The diversification of this portfolio is also impactful as it demonstrates the convergence between office and industrial as an asset class," said Alanna Cantkier, national vice president of retail leasing with JLL.
"This nomination is impactful and worthy of the award because of its scale in a transaction-constrained market. The purchaser was able to undertake a significant amount of due diligence under a tight timeframe involving multiple buildings and tenants, and the product type is very much on trend with where the leasing market is building momentum right now. The purchaser also identified the opportunity to capture upside in net rents by reducing the operating cost model," noted Paul Macchione, senior vice president of industrial with Cadillac Fairview Corp.
They made it happen: Soneil Investments CEO and President Neil Jain was the buyer, with buyer representation by Sam Shah of Bluetick Realty Inc. The listing brokers were Victor Cotic, Gord Cook, Max Brenzel and Brennan Eastmure of Colliers Macaulay Nicolls Inc. Lender RBC provided financing.