FOR SALE - Lennard Commercial Realty
FOR SALE OFFICE BUILDING
201 GEORGE STREET NORTH, PETERBOROUGH lennard.com
Taso Boussoulas* | Senior Vice President Land Development & Investment Services 905.917.2033 | [email protected]
Lennard Commercial Realty, Brokerage 60 Columbia Way, Suite 201 Markham, ON, L3R 0C9
TABLE OF
CONTENTS Executive Summary About The City of Peterborough History of the Harness Factory Building Building Summary & Highlights Property Description & Investment Summary
Rent Roll Location Map & Demographics Photos | Exterior Photos| Interior Photos | Roof Floor Plans Survey
EXECUTIVE SUMMARY
Lennard Commercial Realty and Taso Boussoulas (the “Advisor”) has been retained by Mason Homes Limited (the “Seller”), to arrange the sale of the Harness Factory Building, located at 201 George Street North, Peterborough, ON (the “Property”). The Harness Factory is a 36,970 office building located at the intersection of George Street North and Dalhousie Street. Located within the downtown node, the building benefits from its architecture, brick & beam construction, and its rich history. 201 GEORGE STREET NORTH, PETERBOROUGH
The City of
ABOUT
PETERBOROUGH
The Greater Peterborough Area is a unique community known for its exceptional quality of life and beautiful setting in the Kawarthas tourism region. Peterborough has everything - a multitude of recreational opportunities, a diverse industrial, commercial and agricultural base, quality health care and excellent schools - including two post-secondary institutions (Trent University and Fleming College). Peterborough is just one hour from the Greater Toronto Area. Real estate is affordable, the air is clean and communities are safe. With a population of approximately 135,000 (increases substantially in the summer season) the Greater Peterborough Area is the regional centre for East Central Ontario and draws from a market population of 350,000. Peterborough’s proximity to major markets in Canada and the northeastern United States, combined with an effective transportation system that includes the largest commercial airport between Toronto and Ottawa, and four-lane access to the Greater Toronto Area, makes Peterborough an unparalleled setting as a business location. Among the many successful Peterborough-based businesses serving local, national and international markets from Peterborough are: PepsiCo Foods (Quaker) General Electric FisherCast Ltd. (A Dynacast Company) Siemens Milltronics Minute Maid SGS Lakefield Research
LOCATION
On the Trent-Severn Waterway in the heart of the Kawarthas tourism region. One hour to Canada’s largest market (Toronto). Six million people reside within a 320km (200mi) radius. Approximately 60% of Canada’s population and 40% of the United States’ population live within a 800km (500mi) radius.
TRANSPORTATION
A four-lane divided highway to Toronto (Hwy 35/115) serviced by major trucking companies, full rail service capabilities, and a municipal airport. Peterborough Airport has two runways and many recent upgrades. The main runway is 7000 ft. paved and lit, and the crosswind runway 2000 ft paved. Toronto’s Pearson International Airport is 140km (90mi) from Peterborough.
POPULATION
74,600 (City of Peterborough) 135,000 (County and City of Peterborough)
This information is an excerpt from the Community Profile document issued by the Greater Peterborough Area Economic Development Corporation.
HISTORY
of the
HARNESS FACTORY BUILDING
Benjamin Franklin Ackerman was born in 1850 in Norwood, Prince Edward County, and by 1875 was working as a saddler there with his brother Isaac Newton Ackerman. There was a large family of Ackermans in this part of Ontario. It appears that Ackerman started his company in the late 1890s in Peterborough, as the first time he is listed as living in Peterborough is in the 1901 census of Canada. The census also notes that he was married to Frances, aged 47, and had daughter Estelle (25), William (22), Charles (23), and Arthur (8). His business, it was noted, was insured for $25,000. Ackerman’s building, which still stands at the south end of downtown Peterborough on George Street near the old train station, is a fantastic example of a late 19th century commercial/industrial warehouse. Its size is an indication of how enterprising the business was, which made leather goods, harnesses, saddles, boots, and footwear trunks. In an age before the car, any business catering to horse and buggy travel would be successful. By 1915, when an image of his factory building made the book called the Electric City which profiled major Peterborough industries, the company was billed as the largest harness business in Canada. By that date, Ackerman had expanded westward to Regina, where in 1911 he opened a branch office and warehouse. It would be worth travelling to Regina to see the building Ackerman had built. Yes, it is still standing and is now a designated heritage building that has been turned into condos. Located in the warehouse district, this five-storey red brick and stone commercial warehouse was designed in the Chicago Style of architecture, and apparently was the most expensive building of its type constructed in Regina at the time. What is even more interesting, Ackerman commissioned the relatively new architectural firm of Storey and Van Egmond to come up with the design, and employed a local contractor to construct the place to the cost of $46,000! Also of
interest, almost immediately after it was built, part of the top part of the warehouse was damaged by the great tornado of 1912! This portion was quickly rebuilt. Intriguingly, Edgar Storey had also come from Prince Edward County, was born in 1863, set up practice in 1893 in Kingston, and after a successful time there, moved to Regina in 1906. Did Ackerman employ Storey because they knew each other from their youth? Meanwhile, William Gysbert Van Egmond was from Huron County. Born in Huron County in 1883, he studied at the Beaux Art School in Toronto, and won awards for designs submitted to the Canadian Architect and Builder magazine. He moved to Regina in 1906 where he was immediately employed by Storey. For the next six years, they had a prolific output, creating classically inspired buildings. Then suddenly in 1913, Storey died but Van Egmond continued on the name of the firm, working for a while with Edgar’s son Stanley. The Ackerman company operated in Peterborough and Regina until 1925. Also of interest, another well-known Peterborough firm, J.J. Turner and Sons Tents and Awnings, which had a building in downtown Peterborough that still stands today, occupied the Regina building. This is an interesting connection that will be the subject of a future article. Benjamin Ackerman lost his son Arthur in 1916 to the trenches of World War 1. After several more years of management of his company, Benjamin retired from the business in 1925 and died in 1933. Of further interest, there is an Ackerman Crescent in the west end of Peterborough near the intersection of Brealey Drive and Sherbrooke Street. And the old Ackerman building was retrofitted several years ago by Gord Mason, is now called the Harness Factory building, is being used by various businesses, and is a successful example of how an historic building can be adoptively re-used. Article Source: Andrew Elliott, The Peterborough Examiner
BUILDING SUMMARY & HIGHLIGHTS • High quality brick and beam office building • Meticulously restored and managed • Excellent high traffic location • Easily accessible by public transit • On-site as well as 20 additional secured parking • All Tenant Leases are on a NET basis • Owner will guarantee any vacancy for a period of two years • New Phase I and Phase II Environmental Reports Available
BUILDING SUMMARY Leasable Area
36,970 square feet (net leasable area)
Construction
Brick and Beam
Electrical
400 AMP main, separate services for all rented spaces
Fiber Optic:
Yes
Plumbing
Each floor has men’s and ladies’ washrooms
Elevator
One 13 passenger Dover hydraulic elevator 2100 lbs (950 kg) Capacity, having three stops
Heating Type
11 rooftop natural gas fired HVAC units 4 suspended gas heating units with 2 rooftop A/C units (lower annex level)
Fire Safety
Full sprinkler system
Parking
18 surface parking stalls – could be increased if George Street parking lot is re-stripped on an angle to allow parking on both sides
Roof Type
Flat - replaced in 1999 with rubber membrane ballast system - R20 insulation under membrane - 30 year life expectancy
201 GEORGE STREET NORTH, PETERBOROUGH
PROPERTY DESCRIPTION & INVESTMENT SUMMARY PROPERTY DESCRIPTION Legal Description
PT LTS 1 & 2 N DALHOUSIE ST & W GEORGE ST DESIGNATED AS PTS 1, 2 & 3, 45R1175; T/W OVER PT 4, 45R1175 AS IN R317915; S/T OVER PTS 2 & 3, 45R1175 AS IN R713207; PETERBOROUGH
PIN
281020093
Assessment Roll
TOWN PLAN 1 PT LOTS 1 & 2 N DALHOUSIE W GEORGE RP 45R1175 PARTS 1 TO 4
Roll Number
151404005017700
REALTY TAXES & OPERATING COSTS (2015) Realty Taxes
$148,057.43
Operating Costs
$8.50 per square foot (inclusive of hydro and water)
INVESTMENT SUMMARY NOI – Current NOI – Fully Leased
$506,843.60 $541,067.60 (projected)
Seller will guarantee any vacancy for 2 years as of closing
Lot Size (Feet)
120 x 182 (approx.)
Lot Area (21,960 Sq. Ft.)
.5ac
Financing
Clear
Asking Price
$6,495,000.00
201 GEORGE STREET NORTH, PETERBOROUGH
LOCATION MAP & DEMOGRAPHICS Total Population 135,000 (GPA) Estimated households 68,009 Total Median Age 40.6 Average Household Income 84,994 Mother Tongue (Dominant) English – 93%
SUBJECT PROPERTY
SUBJECT PROPERTY Total Population
135,000 (GPA)
Estimated households
68,009
Total Median Age
40.6
Average Household Income
84,994
Mother Tongue (Dominant)
English – 93%
Asking Price
$6,495,000.00
Little Lake
Source: www.statcan.gc.ca
201 GEORGE STREET NORTH, PETERBOROUGH
PHOTOS EXTERIOR
201 GEORGE STREET NORTH, PETERBOROUGH
PHOTOS INTERIOR
201 GEORGE STREET NORTH, PETERBOROUGH
PHOTOS ROOF
201 GEORGE STREET NORTH, PETERBOROUGH
FLOOR PLANS LOWER ANNEX
LEVEL TWO
201 GEORGE STREET NORTH, PETERBOROUGH
DALLHOUSIE STREET
GEORGE STREET
DALLHOUSIE STREET
GEORGE STREET
FLOOR PLANS GEORGE STREET
GEORGE STREET
DALLHOUSIE STREET
LEVEL FOUR
DALLHOUSIE STREET
LEVEL THREE
201 GEORGE STREET NORTH, PETERBOROUGH
SURVEY
201 GEORGE STREET NORTH, PETERBOROUGH
CONTACT US FOR MORE INFORMATION
Taso Boussoulas* | SeniorVice President Land Development & Investment Services 905.917.2033 [email protected]
Lennard Commercial Realty, Brokerage 60 Columbia Way, Suite 201 Markham, ON, L3R 0C9
*Sales Representative Statements and information contained are based on the information furnished by principals and sources which we deem reliable but for which we can assume no responsibility.
201 GEORGE STREET NORTH, PETERBOROUGH lennard.com
Taso Boussoulas* | Senior Vice President Land Development & Investment Services 905.917.2033 | [email protected]
Lennard Commercial Realty, Brokerage 60 Columbia Way, Suite 201 Markham, ON, L3R 0C9
TABLE OF
CONTENTS Executive Summary About The City of Peterborough History of the Harness Factory Building Building Summary & Highlights Property Description & Investment Summary
Rent Roll Location Map & Demographics Photos | Exterior Photos| Interior Photos | Roof Floor Plans Survey
EXECUTIVE SUMMARY
Lennard Commercial Realty and Taso Boussoulas (the “Advisor”) has been retained by Mason Homes Limited (the “Seller”), to arrange the sale of the Harness Factory Building, located at 201 George Street North, Peterborough, ON (the “Property”). The Harness Factory is a 36,970 office building located at the intersection of George Street North and Dalhousie Street. Located within the downtown node, the building benefits from its architecture, brick & beam construction, and its rich history. 201 GEORGE STREET NORTH, PETERBOROUGH
The City of
ABOUT
PETERBOROUGH
The Greater Peterborough Area is a unique community known for its exceptional quality of life and beautiful setting in the Kawarthas tourism region. Peterborough has everything - a multitude of recreational opportunities, a diverse industrial, commercial and agricultural base, quality health care and excellent schools - including two post-secondary institutions (Trent University and Fleming College). Peterborough is just one hour from the Greater Toronto Area. Real estate is affordable, the air is clean and communities are safe. With a population of approximately 135,000 (increases substantially in the summer season) the Greater Peterborough Area is the regional centre for East Central Ontario and draws from a market population of 350,000. Peterborough’s proximity to major markets in Canada and the northeastern United States, combined with an effective transportation system that includes the largest commercial airport between Toronto and Ottawa, and four-lane access to the Greater Toronto Area, makes Peterborough an unparalleled setting as a business location. Among the many successful Peterborough-based businesses serving local, national and international markets from Peterborough are: PepsiCo Foods (Quaker) General Electric FisherCast Ltd. (A Dynacast Company) Siemens Milltronics Minute Maid SGS Lakefield Research
LOCATION
On the Trent-Severn Waterway in the heart of the Kawarthas tourism region. One hour to Canada’s largest market (Toronto). Six million people reside within a 320km (200mi) radius. Approximately 60% of Canada’s population and 40% of the United States’ population live within a 800km (500mi) radius.
TRANSPORTATION
A four-lane divided highway to Toronto (Hwy 35/115) serviced by major trucking companies, full rail service capabilities, and a municipal airport. Peterborough Airport has two runways and many recent upgrades. The main runway is 7000 ft. paved and lit, and the crosswind runway 2000 ft paved. Toronto’s Pearson International Airport is 140km (90mi) from Peterborough.
POPULATION
74,600 (City of Peterborough) 135,000 (County and City of Peterborough)
This information is an excerpt from the Community Profile document issued by the Greater Peterborough Area Economic Development Corporation.
HISTORY
of the
HARNESS FACTORY BUILDING
Benjamin Franklin Ackerman was born in 1850 in Norwood, Prince Edward County, and by 1875 was working as a saddler there with his brother Isaac Newton Ackerman. There was a large family of Ackermans in this part of Ontario. It appears that Ackerman started his company in the late 1890s in Peterborough, as the first time he is listed as living in Peterborough is in the 1901 census of Canada. The census also notes that he was married to Frances, aged 47, and had daughter Estelle (25), William (22), Charles (23), and Arthur (8). His business, it was noted, was insured for $25,000. Ackerman’s building, which still stands at the south end of downtown Peterborough on George Street near the old train station, is a fantastic example of a late 19th century commercial/industrial warehouse. Its size is an indication of how enterprising the business was, which made leather goods, harnesses, saddles, boots, and footwear trunks. In an age before the car, any business catering to horse and buggy travel would be successful. By 1915, when an image of his factory building made the book called the Electric City which profiled major Peterborough industries, the company was billed as the largest harness business in Canada. By that date, Ackerman had expanded westward to Regina, where in 1911 he opened a branch office and warehouse. It would be worth travelling to Regina to see the building Ackerman had built. Yes, it is still standing and is now a designated heritage building that has been turned into condos. Located in the warehouse district, this five-storey red brick and stone commercial warehouse was designed in the Chicago Style of architecture, and apparently was the most expensive building of its type constructed in Regina at the time. What is even more interesting, Ackerman commissioned the relatively new architectural firm of Storey and Van Egmond to come up with the design, and employed a local contractor to construct the place to the cost of $46,000! Also of
interest, almost immediately after it was built, part of the top part of the warehouse was damaged by the great tornado of 1912! This portion was quickly rebuilt. Intriguingly, Edgar Storey had also come from Prince Edward County, was born in 1863, set up practice in 1893 in Kingston, and after a successful time there, moved to Regina in 1906. Did Ackerman employ Storey because they knew each other from their youth? Meanwhile, William Gysbert Van Egmond was from Huron County. Born in Huron County in 1883, he studied at the Beaux Art School in Toronto, and won awards for designs submitted to the Canadian Architect and Builder magazine. He moved to Regina in 1906 where he was immediately employed by Storey. For the next six years, they had a prolific output, creating classically inspired buildings. Then suddenly in 1913, Storey died but Van Egmond continued on the name of the firm, working for a while with Edgar’s son Stanley. The Ackerman company operated in Peterborough and Regina until 1925. Also of interest, another well-known Peterborough firm, J.J. Turner and Sons Tents and Awnings, which had a building in downtown Peterborough that still stands today, occupied the Regina building. This is an interesting connection that will be the subject of a future article. Benjamin Ackerman lost his son Arthur in 1916 to the trenches of World War 1. After several more years of management of his company, Benjamin retired from the business in 1925 and died in 1933. Of further interest, there is an Ackerman Crescent in the west end of Peterborough near the intersection of Brealey Drive and Sherbrooke Street. And the old Ackerman building was retrofitted several years ago by Gord Mason, is now called the Harness Factory building, is being used by various businesses, and is a successful example of how an historic building can be adoptively re-used. Article Source: Andrew Elliott, The Peterborough Examiner
BUILDING SUMMARY & HIGHLIGHTS • High quality brick and beam office building • Meticulously restored and managed • Excellent high traffic location • Easily accessible by public transit • On-site as well as 20 additional secured parking • All Tenant Leases are on a NET basis • Owner will guarantee any vacancy for a period of two years • New Phase I and Phase II Environmental Reports Available
BUILDING SUMMARY Leasable Area
36,970 square feet (net leasable area)
Construction
Brick and Beam
Electrical
400 AMP main, separate services for all rented spaces
Fiber Optic:
Yes
Plumbing
Each floor has men’s and ladies’ washrooms
Elevator
One 13 passenger Dover hydraulic elevator 2100 lbs (950 kg) Capacity, having three stops
Heating Type
11 rooftop natural gas fired HVAC units 4 suspended gas heating units with 2 rooftop A/C units (lower annex level)
Fire Safety
Full sprinkler system
Parking
18 surface parking stalls – could be increased if George Street parking lot is re-stripped on an angle to allow parking on both sides
Roof Type
Flat - replaced in 1999 with rubber membrane ballast system - R20 insulation under membrane - 30 year life expectancy
201 GEORGE STREET NORTH, PETERBOROUGH
PROPERTY DESCRIPTION & INVESTMENT SUMMARY PROPERTY DESCRIPTION Legal Description
PT LTS 1 & 2 N DALHOUSIE ST & W GEORGE ST DESIGNATED AS PTS 1, 2 & 3, 45R1175; T/W OVER PT 4, 45R1175 AS IN R317915; S/T OVER PTS 2 & 3, 45R1175 AS IN R713207; PETERBOROUGH
PIN
281020093
Assessment Roll
TOWN PLAN 1 PT LOTS 1 & 2 N DALHOUSIE W GEORGE RP 45R1175 PARTS 1 TO 4
Roll Number
151404005017700
REALTY TAXES & OPERATING COSTS (2015) Realty Taxes
$148,057.43
Operating Costs
$8.50 per square foot (inclusive of hydro and water)
INVESTMENT SUMMARY NOI – Current NOI – Fully Leased
$506,843.60 $541,067.60 (projected)
Seller will guarantee any vacancy for 2 years as of closing
Lot Size (Feet)
120 x 182 (approx.)
Lot Area (21,960 Sq. Ft.)
.5ac
Financing
Clear
Asking Price
$6,495,000.00
201 GEORGE STREET NORTH, PETERBOROUGH
LOCATION MAP & DEMOGRAPHICS Total Population 135,000 (GPA) Estimated households 68,009 Total Median Age 40.6 Average Household Income 84,994 Mother Tongue (Dominant) English – 93%
SUBJECT PROPERTY
SUBJECT PROPERTY Total Population
135,000 (GPA)
Estimated households
68,009
Total Median Age
40.6
Average Household Income
84,994
Mother Tongue (Dominant)
English – 93%
Asking Price
$6,495,000.00
Little Lake
Source: www.statcan.gc.ca
201 GEORGE STREET NORTH, PETERBOROUGH
PHOTOS EXTERIOR
201 GEORGE STREET NORTH, PETERBOROUGH
PHOTOS INTERIOR
201 GEORGE STREET NORTH, PETERBOROUGH
PHOTOS ROOF
201 GEORGE STREET NORTH, PETERBOROUGH
FLOOR PLANS LOWER ANNEX
LEVEL TWO
201 GEORGE STREET NORTH, PETERBOROUGH
DALLHOUSIE STREET
GEORGE STREET
DALLHOUSIE STREET
GEORGE STREET
FLOOR PLANS GEORGE STREET
GEORGE STREET
DALLHOUSIE STREET
LEVEL FOUR
DALLHOUSIE STREET
LEVEL THREE
201 GEORGE STREET NORTH, PETERBOROUGH
SURVEY
201 GEORGE STREET NORTH, PETERBOROUGH
CONTACT US FOR MORE INFORMATION
Taso Boussoulas* | SeniorVice President Land Development & Investment Services 905.917.2033 [email protected]
Lennard Commercial Realty, Brokerage 60 Columbia Way, Suite 201 Markham, ON, L3R 0C9
*Sales Representative Statements and information contained are based on the information furnished by principals and sources which we deem reliable but for which we can assume no responsibility.
