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Cyclone Buys Shuttered Toronto Newspaper Plant For $9.9M
Cyclone Range Hoods has bought the shuttered Ming Pao Daily News office and printing plant next to its Scarborough headquarters for $9.9 million, giving the kitchen ventilation company room for a potential expansion.
The company acquired the 39,924-square-foot industrial property at 1355 Huntingwood Dr., immediately east of its existing building at 1361 Huntingwood Dr., Units 15-16.
The transaction closed Aug. 6, about six months after the Chinese-language newspaper ended its Canadian media operations on Feb. 1.
The 53-year-old building sits on a 1.88-acre freehold site. The sale price works out to approximately $248 per square foot.
The property’s location beside Cyclone’s headquarters points to a possible owner-user expansion or consolidation. Cyclone has not disclosed whether it intends to occupy, renovate or redevelop the former newspaper plant.
Ming Pao Holdings (Canada), a subsidiary of Media Chinese International, sold the property. CBRE represented the seller.
The Toronto plant contained the newspaper’s Canadian offices and the printing infrastructure used to produce its daily edition. Ming Pao also operated a Canadian edition serving Vancouver before shutting down its media business in the country.
Media Chinese acquired the Huntingwood Drive property for $1.242 million in 1993.
In filings with the Hong Kong Stock Exchange, the company said it expected the sale to produce net proceeds of approximately $9.3 million.
- ◦Sale/Acquisition