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True North Commercial Real Estate Investment Trust Continues Urban Growth in GTA with the Acquisition of a BOMA Award Winning 78,800 square foot Class "A" Office Building
True North Commercial Real Estate Investment Trust Continues Urban Growth in GTA with the ...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Continues Urban Growth in GTA with the Acquisition of a BOMA Award Winning 78,800 square foot Class \"A\" Office Building\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, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Dec. 18, 2017 /CNW/ - True North Commercial Real Estate Investment Trust (the \"REIT\") (TSX: TNT.UN) is pleased to announce it has agreed to acquire (the \"Acquisition\") a 78,800 square foot Class \"A\" office property located at 3115 Harvester Road, Burlington, Ontario (the \"Harvester Property\").\n\nThe purchase price for the Harvester Property is approximately $22.75 million, exclusive of closing costs, and is expected to be satisfied by a combination of: (i) mortgage financing in the amount of approximately $14.89 million, with an interest rate of approximately 3.34% for a seven-year term; and (ii) cash on hand. The closing of the acquisition of the Harvester Property is expected to occur on or about January 18, 2018.\n\n\"The REIT has had an extremely successful 2017,\" said Daniel Drimmer, the REIT's President and Chief Executive Officer. \"We raised over $72 million through two equity offerings and have strategically deployed the proceeds into ten high-quality urban office buildings, totaling over one million rentable square feet, while successfully entering two new target markets.  We look forward to continued success in 2018.\"\n\nHarvester Property\n\nSituated on 3.51 acres, the Harvester Property is a Class \"A\" office building totaling 78,800 rentable square feet with 279 parking stalls. The Harvester Property has received many awards including 2016 BOMA Canada TOBY Award, BOMA Best Platinum, BOMA 360, LEED Silver Core and Shell and 2017 BOMA Earth Award.  The Harvester Property is strategically located with excellent accessibility and visibility to the QEW offering convenient access to both the Toronto Pearson and Hamilton International Airports.  With...