Update: Industrial park property sold for nearly $21 million in Hamilton
Published August 3, 2023 at 9:06 am
Toronto-based developer Panattoni has sold property near Hamilton airport for nearly $21 million, or $326 per square feet, located in a newly developed industrial park.
RJ Trading Inc. bought 10 Aeropark Blvd. No further details on the business was provided and it was unclear what type of business it was and where it was located.
A Hamilton radiopharmaceutical company whose work is connected to cancer treatments has been leasing the land.
“It appears this transaction includes the building and adjacent excess land,” wrote Alex Manojlovich, director of strategy and research at Forge and Foster, in his latest newsletter. Forge and Foster is a Hamilton-based investor and manager of commercial real estate in southern Ontario.
Hamilton-based AtomVie Global Radiopharma Inc. announced on its blog in February that it signed a lease agreement with Panattoni. It said it is expanding its manufacturing capacity to offer commercial manufacturing.
The agreement was signed in March 2023 for 64,000 square feet, which is expected to be ready in 2024, according to Manojlovich.
AtomVie, the radiopharmaceutical company, didn’t immediately respond to inthehammer.com’s request for information. On its website, it said it will have a new “state-of-the-art, multi-product facility that will be commissioned in 2024.” It did not mention if that facility would be located at 10 Aeropark Blvd.
AtomVie describes itself as a “global leading” contract development and manufacturing organization in the radiopharmaceutical industry that advances high-quality drugs for the diagnosis and treatment of diseases.
Panattoni is a privately held commercial real estate development company specializing in industrial office and build-to-suit projects.
In a LinkedIn post five months ago, the seller Panattoni said 10 Aeropark Blvd. is a 64,078 square feet Class A industrial building located in a “prestigious” and newly developed industrial park. The park is near the John C. Munro International Airport and Highway 403 with direct access to public transit.
“We would like to wish a warm welcome to AtomVie Global Radiopharma Inc., a leading Contract Development and Manufacturing Organization that specializes and excels in the Good Manufacturing Practice (GMP) of radiotherapeutics for the treatment of cancer patients,” it said in the post five months ago. “AtomVie’s new state-of-the art facility will allow the expansion of clinical manufacturing and enable high-volume commercial production of therapeutic radiopharmaceuticals for global distribution.”
The company said 10 Aeropark Blvd. is the third building completed within the park. It noted a month ago that steel is finished at 95 Aeropark Blvd., a 74,443-square-feet, “state-of-the-art industrial facility.”
“Available Q4 2023, users will benefit from premium industrial features including a 40’ clear height, close access to Highway 403 and QEW providing efficient transportation routes and excellent interconnectivity, and public transit right at its doorstep allowing for great access to labour,” it added in a LinkedIn post about its fourth building at 95 Aeropark Blvd.
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