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True North Commercial Real Estate Investment Trust Continues Urban Growth with Acquisition of 154,600 sq. ft. in Victoria and GTA
True North Commercial Real Estate Investment Trust Continues Urban Growth with Acquisition...
About this update from True North Commercial Reit
[{"type":"text","content":"\n\n\n\nTrue North Commercial Real Estate Investment Trust Continues Urban Growth with Acquisition of 154,600 sq. ft. in Victoria and GTA\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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 6, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n\n\n\nTORONTO, Nov. 6, 2017 /CNW/ - True North Commercial Real Estate Investment Trust (the \"REIT\") (TSX: TNT.UN) is pleased to announce it has closed the acquisition of two office properties located at 810 Blanshard Street, Victoria, British Columbia (the \"Victoria Property\") and 1595 16th Avenue, Richmond Hill, Ontario (the \"GTA Property\").\n\n\"We are very pleased to continue to add quality properties anchored with government and credit-rated tenants to our growing portfolio, and to strategically deploy the proceeds from our recent public unit offering,\" said Daniel Drimmer, the REIT's President and Chief Executive Officer. \"With the current robust pipeline of available properties, we intend to continue to execute on our core strategies\".\n\nVictoria Property\n\nThe Victoria Property is a four-storey office building situated in Victoria's central business district. Situated on 0.27 acres, the Victoria Property is BOMA Best Level II certified and features 34,400 rentable square feet. With an average remaining lease term of 2.3 years, the building is 100% occupied by the provincial government. The $11.3 million purchase price was satisfied by: (i) mortgage financing of approximately $7.9 million, with an annual interest rate of 3.68% for a five-year term; and (ii) cash on hand.\n\nGTA Property\n\nThe GTA Property is a seven-storey Class \"A\" office tower located in the East Beaver Creek Business Park in Richmond Hill, Ontario. Situated on 6.0 acres, the GTA Property features 120,200 rentable square feet with 472 parking stalls. Approximately $2.0 million in improvements have been invested in the building over the last five years and it has achieved BOMA BEST Level II certification. The GTA Property has direct exposure to 16th Avenue with...