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Morguard pays C$51M for Ontario office building

Canadian real estate company Morguard Corp. acquired a purpose-built office building at 5985 Explorer Dr. in Mississauga, Ontario, for C$50.6 million, net of taxes and transaction costs, from an undisclosed seller.

The three-story, class-A property within the Airport Corporate Centre business park covers 136,000 square feet on a 12.5-acre site and has potential for further development, according to a release.

A multinational Fortune 500 company fully occupies the property.