- Property size 26,103 ft2
15771, 15809 & 15811 Airport Road, Caledon, ON - retail for sale
JLL’s National Retail Investment Group is pleased to offer for sale a 100% freehold interest in 15771, 15809 & 15811 Airport Road (the “Property”), a fully leased grocery-anchored retail plaza situated on 3.49 acres in Caledon East. Comprised of 26,103 SF, the Property is 100% leased to a diverse mix of needs-based and service-oriented tenancies anchored by a strong-performing Foodland. Foodland has been at the site since 1995, proving itself as a long term, loyal tenant. The Property offers the investor secure cash flow with a weighted average lease term of 3.12 years, while national tenants represent over 80% of occupied space.
The Property benefits from having premium visibility, exposure, and access from Caledon’s primary arterial thoroughfare, Airport Road. Airport Road provides direct connection to Brampton, a short 11-minute drive away, while Pearson Airport is 30 minutes away. The Property is also in close proximity to other national retailers which further draw consumers to this area.
The asset is the largest retail plaza in Caledon East, surrounded by densely populated affluent residential neighbourhoods with over 6,500 residents living within a 3 km radius of the site; this population has an average household income of $156,145 (2020). In 2016, Metrus Developments purchased 160 acres immediately surrounding the site for over $100M. Current applications propose a range of residential housing types totaling 660 units.
- Caledon East is a compact rural community part of the Town of Caledon, which is part of the Regional Municipality of Peel in the Greater Toronto Area. It is located immediately north of Brampton, northwest of Bolton and southeast of Orangeville.
- The Property is well-designed with multiple access points and ample parking, and has been carefully leased to a diverse mix of tenancies which create a healthy draw to the centre.
- There is an additional parcel of land (approximately 1 acre) that is commercially zoned, providing the Buyer with additional development upside.
- Foodland accounts for approximately 48.5% of annualized base rent and has term until September 2025 with 2x5 year renewal options thereafter.