Independent insurance brokerage Aaxel Insurance Brokers Ltd. has purchased the Meadowvale Corporate Centre, a multi-building office complex in Mississauga, Ontario.
The huge property, situated at 2000 Argentia Road, was previously owned by QuadReal Property Group, a subsidiary of the British Columbia Investment Management Corporation (BCI).
The 13-acre site, bordered by Mississauga Road and Turner Valley Road, is positioned within a key business district. It offers convenient access to major transportation routes, located just a short drive from the Meadowvale GO Station and Highway 401. QuadReal, which continues to hold ownership of the Meadowvale North Business Park situated nearby, finalized the sale in late 2024.
The family-owned brokerage is headed up by Punjab University educated president Paul Mann, who has been with the company for over 17 years.
The sale was facilitated through commercial real estate brokerage Avison Young, which confirmed that the property changed hands for $40.1 million. With a total of approximately 275,601 square feet of office space spanning five low-rise buildings, the acquisition price equates to roughly $146 per square foot.
The deal was executed with the involvement of multiple brokerage firms. Marcus & Millichap’s Institutional Property Advisors (IPA) team in Ontario, represented by John Stewart, Bill Pitt, and Scott Chandler, worked alongside Ron Jasinski and Domenic Galati from Colliers to complete the transaction. Crown Realty Partners has been retained as the property manager under the new ownership.
Originally developed between 1973 and 1976, the Meadowvale Corporate Centre has undergone numerous upgrades over the years, leading to its current BOMA Best Silver certification across all five buildings. The office complex is presently 75.3% leased, with an average lease term of 3.9 years.
A recent listing by Colliers in January 2025 reveals that 12 suites of varying sizes remain available for lease across the complex. The net rental rate stands at $17.95 per square foot, while additional rent costs amount to $17.68 per square foot. Tenants of the property benefit from ample parking, electric vehicle charging stations, and on-site amenities, including a café and deli.
Several organizations operate within the Meadowvale Corporate Centre, including the Canadian Home Care Association, FirstLight Home Care Canada, multiple law firms, and Canadian Western Bank. The acquisition by Aaxel Insurance signals a strategic investment in Mississauga’s commercial real estate market.