Business
True North Commercial Real Estate Investment Trust Continues GTA Expansion with Acquisition of Class "AAA", BOMA Best Gold Certified Office Complex
True North Commercial Real Estate Investment Trust Continues GTA Expansion with Acquisitio...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Continues GTA Expansion with Acquisition of 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, Nov. 21, 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, Nov. 21, 2019 /CNW/ - True North Commercial Real Estate Investment Trust  (TSX: TNT.UN) (the \"REIT\") is pleased to announce it has agreed to acquire a 368,800 square foot Class \"AAA\" office complex located at 675 Cochrane Drive, Markham, Ontario (the \"Cochrane Property\").\nThe purchase price of the Cochrane Property is approximately $117.8 million, exclusive of closing costs, and is expected to be satisfied by a combination of: (i) proceeds from the REIT's November public unit offering; and (ii) first mortgage financing on the property in the amount of approximately $76.57 million. Closing is expected to be on or about December 18, 2019.\nCochrane 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 Airport, Billy Bishop Airport and Buttonville Airport. The surrounding neighbourhoods offer premier services such as retail, hotel, restaura...