True North Commercial Real Estate Investment Trust (the “REIT”) will be acquiring a 78,800 square foot class A office property located at 3115 Harvester Road, Burlington, Ontario for about $22.75 million.
The property sits on 3.51 acres and has 279 parking stalls near the QEW. It has an average remaining lease term of 3.2 years and is now fully occupied by multi-national organizations.
It has recieved many awards, including a 2016 BOMA Canada TOBY Award, BOMA Best Platinum, BOMA 360, LEED Silver Core and Shell and 2017 BOMA Earth Award.
“The REIT has had an extremely successful 2017,” said Daniel Drimmer, the REIT’s president and CEO. “We raised over $72 million through two equity offerings and have strategically deployed the proceeds into ten high-quality urban office buildings, totaling over one million rentable square feet, while successfully entering two new target markets. We look forward to continued success in 2018.”
The closing of the acquisition is expected to occur around January 18, 2018.