Summit Industrial Income REIT has acquired three light industrial properties and one office building in the Montreal area for $15.3 million. The properties are located in Point Claire, Lasalle and St. Laurent.

The purchase price equates to a $56 per square foot acquisition cost for the industrial properties, which total more than 206,000 square feet of leaseable area. National and strong regional tenants currently occupy 93 per cent of the spaces, with an average remaining lease term of 6.8 years.

The office property, totalling more than 220,000 square feet of leaseable area, is currently 100 per cent occupied. It also has a remaining lease term of 6.8 years.

The deal will be paid for with a new $9.9 million mortgage, with the balance to be paid in cash from the REIT’s revolving credit facility.

The four property acquisition increases the REIT’s presence in the Montreal area. Approximately nine per cent of its portfolio is now in the region, which accounts for more than 308,000 square feet of leaseable area.

Last month, the REIT acquired three light industrial properties in Brampton, Ont., Barrie, Ont., and Laval, Que., for $37.4 million.

The sale of the Montreal-area properties is expected to close on or before Oct. 1.