Allied Properties has purchased an old paper box manufacturing facility in downtown Toronto for $8.25 million, with plans for redevelopment.

The 36,173-square-foot property, with two surface parking spaces, is located at 180 John Street, north of Queen Street West and across the street from another building the company owns.

Since 1931, when the paper box factory ceased business, the site was used for various retail, light industrial and office uses, with 80 feet of frontage on John Street.

Allied plans to transform the almost 100-year-old, 8,712 square-foot-building into above-grade office space and at-grade retail space.

The acquisition is expected to close by April 15, 2015.