PIRET sells four Ontario-based properties

Monday, April 13, 2015

Pure Industrial Real Estate Trust (PIRET) has finalized the sale of four Ontario-based industrial properties for $11.1 million.

Based on estimated market rents for each asset, the portfolio amounts to an overall cap rate of about 5.60 per cent, which suggests a strong demand for well-located industrial buildings.

Each asset had been purchased at different points in time for a total $7.8 million. 1800 Ironstone Drive, a 50,000-square-foot, single-tenant asset was acquired in June 2011 for $3.1 million.

The other multi-tenant properties include 1575 Sismet Road and 1601 Matheson Boulevard, which were constructed in 1974 with a gross leasable area (GLA) of 43,282 square feet. PIRET had purchased these buildings as a part of a larger portfolio deal in June 2011 for $3.2 million.

In addition, PIRET sold 78 Trowers Road, which it had purchased for $1.5 million as part of a larger deal in May 2013. The asset was constructed in 1987 and holds a GLA of 17,766 square feet.