A fully occupied Scarborough retail property leased to The Brick has sold for $11.4M.

The 30,270-SF building at 1165 Kennedy Rd. sits on 1.69 acres in the Dorset Park neighbourhood, just north of Lawrence Avenue East. The property includes 28,757 SF of retail space and surface parking.

The Brick operates the location as one of its outlet stores, selling furniture, mattresses, appliances and electronics. The retailer occupies the entire building.

The $11.4M transaction works out to about $377 per SF of building area. The property had been marketed for sale by Vanguard Northeast Realty as a single-tenant investment opportunity, with the listing highlighting its exposure along Kennedy Road and a location in an established Scarborough retail and business corridor.

The Brick is part of LFL Group, which also operates the Leon’s banner. The company reported 118 The Brick stores and six Brick Outlet locations across Canada in its most recent corporate disclosure.

Join Us | Connect Alternative Real Estate Investments comes to Vancouver on Oct. 15, bringing together investors, owners, developers and lenders to examine where alternative real estate is working, how deals are getting financed and what comes next for B.C. CRE. The program covers seniors housing, student housing, self-storage and other specialized assets, along with the policy, capital and development issues shaping the market. Register here.