True North Commercial Real Estate Investment Trust (the REIT) has closed the acquisition of two office properties.
The GTA Property is a Class A office property located at 101 McNabb Street in Markham, Ontario and the Calgary Property – commonly known as ATB Westwinds Campus – is a three-storey Class A office property located at 3699 63rd Avenue NE in Calgary, Alberta.
According to the REIT’s press release, the aggregate purchase price of the two office properties is approximately $190.5 million.
The GTA Property features include:
- Situated on 29.1 acres, the property has 315,400 rentable square feet
- LEED Gold and BOMA Best Platinum certifications
- Recipient of the 2019 TOBY Award for The Outstanding Building of the Year in the Renovated Building category
- Market-leading parking ratio of 5.1 parking stalls per 1,000 square feet with 1,609 parking stalls
- Located between Highway 407 and Steeles Avenue offering access via Highways 7, 404 and 407 as well as direct bus access to the GO train and subway systems.
- The building is 100 per cent occupied by The Toronto-Dominion Bank and General Motors of Canada Company.
The Calgary Property features include:
- 209,400 rentable square feet with 329 underground parking stalls and 314 surface parking stalls.
- Situated on 11.13 acres, the Calgary Property is strategically located at the southwest corner of the intersection of Metis Trail NE and 64th Avenue NE and is also in close proximity to the Calgary International Airport.
- A remaining lease term of 9.2 years, the building is 100 per cent occupied by ATB Financial, a financial institution and crown corporation owned by the Province of Alberta.
Closing of the office properties is expected in November.
