True North Commercial Real Estate Investment Trust (The REIT) has completed the purchase of an industrial property located at 1035 Industrial Road in Waterloo, Ontario, for $8.4 million.

The property is situated on 8.01 acres of land, offering about 156,300 square feet of rentable space, and direct exposure to Highway 401. With an average lease term of 9.8 years remaining, the building is 100 per cent occupied by a single tenant.

The REIT also announced that it will close on a 77,600 square foot office property in Calgary, Alberta around December 6, 2016. A provincial government agency currently occupies the $24.5 million building, located at 4500 & 4520 16th Avenue NW, with an average remaining lease term of 7.7 years.

“We are very pleased to continue to add quality properties to our growing portfolio with long-term leases in urban markets and to continue to deploy the proceeds from our August public unit offering,” said Daniel Drimmer, president and chief executive officer of the REIT.