MARKET REPORT

Industrial Condo Conversion

29 units sold at 1153 Pioneer Road, Burlington

In 2018, the owners saw a huge demand for small-bay Industrial , however, the Burlington market lacked available supply. Rather than building on land resulting in a very costly and lengthy development process, they decided to purchase an existing Multi-Tenant Industrial building, 1153 Pioneer Road. After 1 year of consulting, they successfully converted the building into a condominium where each unit could be sold separately to the market.

The next step was hiring the most qualified team who could handle the heavy demands that come along with selling 29 industrial units.  After competing against several other brokerage firms, Team Murray and Faldowski of Colliers were awarded the listing as a result of having the #1 Team in the Burlington market.

 COVID-19 posed a problem as prospects and the existing Tenants were worried about in person tours. To combat this problem, the team utilized the power of Matterport technology to produce virtual tours and produced high quality marketing materials which could be viewed online. In addition, the team made themselves available for after hour tours to ensure serious buyers could view the units in a safe manner.   

 The property was purchased in 2018 for an average price of $117 PSF. Team Murray and Faldowski were able to sell all of  29 units with an incredible return on investment for the owners ( sold all units on average at $290 PSF). With a 10 person team – Team Murray and Faldowski specialize in finding our own buyers by delivering a first-class marketing campaign and dedicated prospecting. 

 Our team was able to find buyers for 11 out of 29 deals saving the clients a significant amount of money in commissions.