Allied Properties REIT has acquired a historic building nearby Calgary’s Inglewood neighbourhood.

Allied entered into an agreement to purchase the LocalMotive Crossing building for $20 million. The Class I property has 48,380 gross leaseable feet and 75 surface parking spots. Currently, 88 per cent of the building is leased.

The building, which was constructed in 1905 for Standard Soap Co., was restored and expanded for office use in 2007. The property is located near Allied’s Woodstone building.

The acquisition is expected to close in early August.