Business
True North Commercial Real Estate Investment Trust Closes Acquisition of a Class "AAA", BOMA Best Gold Certified Office Complex
True North Commercial Real Estate Investment Trust Closes Acquisition of a Class "AAA", BO...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Closes Acquisition of a Class \"AAA\", BOMA Best Gold Certified Office Complex\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 18, 2019\n\n\n\n368,800 square feet, 98% occupied, lease term of 4.8 years\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n TORONTO, Dec. 18, 2019 /CNW/ - True North Commercial Real Estate Investment Trust  (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has closed the previously announced acquisition of a Class \"AAA\" office complex located at 675 Cochrane Drive, Markham, Ontario (the \"Cochrane Property\").\nThe Cochrane Property, commonly known as the Trillium Executive Centre, is a Class \"AAA\", BOMA Best Gold certified office complex featuring a three-tower design connected by a one-of-a-kind central atrium. The Cochrane Property has approximately 368,800 rentable square feet with a total of 1,259 parking stalls, including two levels of underground parking with 892 stalls and 367 surface stalls. Situated on 7.7 acres, the Cochrane Property is strategically positioned immediately southeast of the Highway 7 and Highway 404 interchange, and north of Highway 407, providing superior north-south and east-west highway accessibility and visibility. The Cochrane Property benefits from access to the regional transit network including vivaNEXT Rapidway and GO Transit, and also benefits from easy access to three airports including, Toronto Pearson International, Billy Bishop and Buttonville. The surrounding areas offer premier services such as retail, hotels, restaurants, shopping and entertainment. In addition, the Cochrane Property offers superior amenities including a state of the art fitness centre, physiotherapist and café. With a weighted average remaining lease term of 4.8 years, the complex is 98% occupied, with credit-rated tenants such as Stantec Consulting Ltd. and Ceridian Canada Ltd.\nThe $117.8 million purchase price was satisfied by: (i) proceeds from the REIT's November public unit of...