Allied Properties Real Estate Investment Trust (Allied) is set to acquire office properties in Toronto’s Liberty Village for $31 million.
The deal for 30, 64 and 70 Jefferson Avenue is expected to close on March 29, 2016.
“This is a good, stabilized in-fill acquisition with long-term intensification potential,” said Michael Emory, president and chief executive officer of Allied. “It’s also strategically located in relation to our existing Liberty Village portfolio, which has performed well over many years now.”
Located between Jefferson and Pardee Avenues, across from Allied’s The Castle, 32 Atlantic and 47 Jefferson, the 2.6-acre property is made up of 78,820 square feet of gross leasable area and 120 surface parking spaces.
The buildings are 100 per cent leased to ZoomerMedia.
Upon closing, the property will become part of Allied’s growing pool of unencumbered properties, which reached $1.6 billion at the end of 2015 and has since increased as a result of the repayment of mortgage financing as it came due.