Toronto-based True North Commercial Real Estate Investment Trust announced Thursday it had acquired two Class A office properties – one in Markham, Ontario and one in Calgary.
The Ontario property is a 315,400-square-foot office building located at 101 McNabb Street while the Calgary property is a 209,400-square-foot building located at 3699 63rd Avenue NE.
Both properties are 100 per cent occupied and represent a combined implied capitalization rate of approximately 6.7 per cent and are expected to be immediately accretive to the REIT’s adjusted funds from operations, said True North in a press release.
The aggregate purchase price of the two properties is approximately $190.5 million.
“The Calgary Property, commonly known as ATB Westwinds Campus, is a three-storey Class “A” office building with a central atrium and wide array of tenant amenities. The Calgary Property has approximately 209,400 rentable square feet with 329 underground parking stalls and 314 surface parking stalls,” said the REIT.
“Situated on 11.13 acres, the Calgary Property is strategically located at the southwest corner of the intersection of Metis Trail NE and 64th Avenue NE, and is also in close proximity to the Calgary International Airport. The Calgary Property also benefits from a pedestrian walkway and footbridge spanning Metis Trail NE, providing direct access to the McKnight-Westwinds LRT Station. With a remaining lease term of 9.2 years, the building is 100 per cent occupied by ATB Financial, a financial institution and crown corporation owned by the Province of Alberta.”
True North owns and operates a portfolio of 45 properties consisting of approximately 3.7 million square feet in urban and select strategic secondary markets across Canada. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.