GT Canada Medical Properties REIT has completed the acquisition of the Orillia Medical Office Building. The building is adjacent to the Soldier’s Memorial Hospital and has served the Orillia and surrounding communities for over 20 years. The 21,000 square foot building is occupied by physicians and other medical tenants including a pharmacy, lab and x-ray and is fully leased.
The property was acquired for $6.8 million, which represents a 7.75 per cent cap rate applied to the year one net operating income. The REIT also purchased an additional land parcel for $150,000 for future expansion. This investment is the REIT’s eighth acquisition, and in the last twelve months, the REIT has acquired seven properties at an average cap rate of 8.2 per cent.