Key Takeaways
- • Nicola Real Estate completed leasing at three GTA industrial properties in the latter part of 2025, totaling roughly 789,000 square feet across Scarborough, Whitby and Oakville, according to RENX.
- • The 351,591 sq ft building at 601 Milner Ave. in Scarborough was leased to Element Event Solutions on a 10-year lease after Bobrick took about 110,000 sq ft for 15 years earlier in 2025.
- • The 146,445 sq ft building at 901 Hopkins St. in Whitby, acquired with First Gulf, was fully leased to storage and fulfillment company PPFD on a five-year term.
- • The 291,325 sq ft Bronte Station Business Park at 625 Bronte Rd. in Oakville, a First Gulf partnership, was leased to DP World on a five-year lease after a competing prospect could not secure approvals in time.
- • Nicola is developing the 1.67 million sq ft King Jane Business Park in King City on a speculative basis with two institutional partners, with the first 418,402 sq ft building ready for tenant fixturing in about 30 days and Colliers seeking tenants.
Summary
Nicola Real Estate closed 2025 with major lease transactions across its GTA Industrial Build-to-Hold Program, held within the Nicola Canadian Real Estate LP, according to RENX. The Vancouver-based firm completed leasing at three properties in the second half of the year: 351,591 square feet at 601 Milner Ave. in Scarborough, 146,445 square feet at 901 Hopkins St. in Whitby, which was acquired in partnership with First Gulf, and 291,325 square feet at Bronte Station Business Park at 625 Bronte Rd. in Oakville, also a First Gulf partnership.
Leasing activity picked up after a slower first half of 2025, when many commercial real estate decisions were deferred amid uncertainty over United States-imposed tariffs. According to Nicola's Toronto-based vice-president of leasing and portfolio strategy Adam Sherriff-Scott, tariff discussion shifted toward trade diversification from July onward, which he described as "going to be our new reality."
In Whitby, storage and fulfillment company PPFD initially sought about 60,000 square feet but signed a five-year lease for the remaining 146,445 square feet; the other half of the building had been leased earlier in the year. The building, completed in late 2024, sits on 22.1 acres with a 40-foot clear height, 30 truck-level doors and two drive-in doors. In Scarborough, Bobrick leased approximately 110,000 square feet for 15 years in the first half of 2025, leaving about 240,000 square feet. Element Event Solutions, which encompasses the former Chair-man Mills portfolio of event rental brands, took the remaining space on a 10-year lease. That building, completed in late 2024, sits on 16.05 acres with 61 truck-level doors and four drive-in doors.
In Oakville, two prospective tenants sought the entire building, and when one could not obtain approvals quickly enough, logistics provider DP World secured a five-year lease. The 27.5-acre property was acquired in 2021 and the newest facility was completed in late 2023, with a 40-foot clear height, 65 truck-level doors, two drive-in doors and 237 parking spaces.
Hannah and Sherriff-Scott said the firm is willing to accept market-driven five-year terms, with Hannah emphasizing the importance of securing the right covenant and terms. Hannah also said Nicola focuses on small-bay and mid-bay industrial and outdoor storage, avoiding million-square-foot distribution centres because of the outsized risk to a fund if a tenant leaves.
Nicola is also developing King Jane Business Park in King City, in conjunction with two institutional partners, on 86.67 acres one block from the Highway 400 interchange. The project will comprise five 40-foot clear height, zero-carbon-designed buildings totalling 1.67 million square feet, with 267 truck-level doors, 12 drive-in doors and at least 155 trailer parking spaces. The first building is 418,402 square feet and should be ready for tenant fixturing in 30 days, while construction on a similarly sized second building is set to begin this fall. Colliers is assisting with tenant leasing. The company plans to build all demisable buildings speculatively, with no firm timelines set.
Leasing activity picked up after a slower first half of 2025, when many commercial real estate decisions were deferred amid uncertainty over United States-imposed tariffs. According to Nicola's Toronto-based vice-president of leasing and portfolio strategy Adam Sherriff-Scott, tariff discussion shifted toward trade diversification from July onward, which he described as "going to be our new reality."
In Whitby, storage and fulfillment company PPFD initially sought about 60,000 square feet but signed a five-year lease for the remaining 146,445 square feet; the other half of the building had been leased earlier in the year. The building, completed in late 2024, sits on 22.1 acres with a 40-foot clear height, 30 truck-level doors and two drive-in doors. In Scarborough, Bobrick leased approximately 110,000 square feet for 15 years in the first half of 2025, leaving about 240,000 square feet. Element Event Solutions, which encompasses the former Chair-man Mills portfolio of event rental brands, took the remaining space on a 10-year lease. That building, completed in late 2024, sits on 16.05 acres with 61 truck-level doors and four drive-in doors.
In Oakville, two prospective tenants sought the entire building, and when one could not obtain approvals quickly enough, logistics provider DP World secured a five-year lease. The 27.5-acre property was acquired in 2021 and the newest facility was completed in late 2023, with a 40-foot clear height, 65 truck-level doors, two drive-in doors and 237 parking spaces.
Hannah and Sherriff-Scott said the firm is willing to accept market-driven five-year terms, with Hannah emphasizing the importance of securing the right covenant and terms. Hannah also said Nicola focuses on small-bay and mid-bay industrial and outdoor storage, avoiding million-square-foot distribution centres because of the outsized risk to a fund if a tenant leaves.
Nicola is also developing King Jane Business Park in King City, in conjunction with two institutional partners, on 86.67 acres one block from the Highway 400 interchange. The project will comprise five 40-foot clear height, zero-carbon-designed buildings totalling 1.67 million square feet, with 267 truck-level doors, 12 drive-in doors and at least 155 trailer parking spaces. The first building is 418,402 square feet and should be ready for tenant fixturing in 30 days, while construction on a similarly sized second building is set to begin this fall. Colliers is assisting with tenant leasing. The company plans to build all demisable buildings speculatively, with no firm timelines set.
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