Whiterock REIT purchases $112 million of office and industrial properties in the GTA and Montral
Whiterock Real Estate Investment Trust has acquired an interest in $112 million of multi-tenant office and single-tenant industrial buildings, consisting of a combined 960,000 square feet located in the Greater Toronto Area and Montréal. The majority of these properties will be purchased in partnership with Return on Innovation (ROI) Capital with Whiterock owning a 40 per cent interest and providing property management.
The GTA properties are: 10 Lower Spadina, a seven storey office building totaling approximately 60,000 square feet; 2010 Winston Park Drive, a five storey, 80,000 square foot office building; 6501-6559 Mississauga Road, with 156,000 square feet of gross leasable area in an office park setting located at the intersection of Erin Mills Parkway and Mississauga Road; and 55 Norfolk Street, with approximately 13,000 square feet and serves as the Royal Bank of Canada branch for the town of Simcoe.
The Montréal properties are: 10001 Metropolitan East Boulevard, a 327,000 square foot, state-of-the-art distribution centre; 1155 Chomedey Boulevard, consisting of 115,000 square feet of gross leasable area; and 1125 50E Avenue, a single tenant state-of-the-art production and storage facility with 211,000 square feet of gross leasable area.
Subsequent to these acquisitions, Whiterock will own and co-own a portfolio that totals approximately 7.4 million square feet across 70 properties.