Pure Industrial Real Estate Trust (PIRET) has acquired three fully leased single-tenant, and one fully leased multi-tenant, income producing industrial properties representing an aggregate of 979,782 square feet of gross leasable area. The properties are located in British Columbia, Ontario and Alberta, and were acquired for an aggregate purchase price of $108,960,000. The acquisitions consist of: a portfolio comprising one multi-tenant and one single-tenant property located in Richmond, British Columbia (collectively, the “Richmond Portfolio”); and a portfolio of two single-tenant properties located in Edmonton, Alberta and Toronto, Ontario (collectively, the “Edmonton-Toronto Portfolio”).
The Richmond Portfolio consists of two multi-tenant properties comprising an aggregate GLA of 927,351 square feet which are 100 per cent leased to four multi-national and regional tenants. The properties are located at 16131 and 16133 Blundell Road, Richmond, British Columbia, and were acquired for an aggregate purchase price of $102,460,000.
The Edmonton-Toronto Portfolio consists of two single-tenant properties with an aggregate GLA of 52,782 square feet. The properties are located at 170 Claireville Drive, Toronto, and 3408 – 76th Avenue NW, Edmonton for a purchase price of $6,500,000.
After completing these acquisitions, PIRET’s portfolio will total 87 properties with GLA of approximately 6.9 million square feet and total land holdings of approximately 495 acres.