2021 was a busy year for Skyline Commercial REIT.
The REIT acquired three properties in 2021:
- A 97,312 square foot warehouse at 417 Advance Boulevard in Tecumseh, Ontario, occupied by Ground Effects
- A 498,000 square foot distribution centre at 6600 72nd Avenue Southeast in Calgary, Alberta, 100% occupied by Canadian Tire
- A 150,000 square foot warehouse at 261085 High Plains Boulevard in Rocky View County, Alberta, 100% occupied by CHEP Canada
Together, the assets total more than 745,000 square feet.
“Our 2021 acquisitions reflect the REIT’s strategy to focus on increasing the portfolio’s weighting in the warehousing, distribution, and logistics sector,” said Michael Mackenzie, President, Skyline Commercial REIT.”
This past year, the REIT has also built a considerable pipeline of new logistics and warehousing developments through its development partnerships in Montreal and Calgary. By 2024, this initiative is anticipated to deliver close to 2 million square feet of modern, well-located logistics and warehousing assets to the REIT.
Currently active developments:
|Development||Square Footage||Delivery Date|
|11215 Boulevard Métropolitain Est, Montreal-Est, QC||250,000||Q1 2022|
|151 Avenue Reverchon, Pointe-Claire, QC||325,000||Q1 2022|
|6200 Rue Notre-Dame Est, Montreal, QC||102,000||Q1 2023|
|6000 Route Transcanadienne, Pointe-Claire, QC||270,000||Q2 2023|
|3601 Avenue de la Gare, Mascouche, QC||260,000||Q3 2023|
|137 Boulevard Bellerose Ouest, Laval, QC||296,000||Q3 2023|
“Skyline Commercial REIT is playing an active role in serving the evolving needs of tenants as the light industrial real estate landscape changes,” said Mackenzie. “Demand for larger logistics and warehousing facilities continues to increase, and we are answering the call with new development in underserved major markets. These spaces will allow tenants to more efficiently perform storage, distribution, and last-mile services for e-commerce enterprises.”
2021 also saw four disposition transactions for Skyline Commercial REIT, totalling more than 597,000 square feet with gross sales proceeds of $87.4 million:
- 5 Cochran Drive, Ayr, Ontario
- Newbold Business Park (nine properties at Newbold Street and Consortium Court), London, Ontario
- 2410, 2460 & 2500-2510 Tedlo Street, Mississauga, Ontario
- 2187 & 2215 Huron Church Road, Windsor, Ontario
“Capital from these sales is being redirected toward the REIT’s development pipeline of modern, well-located logistics and warehousing assets in key markets for the portfolio,” said Mackenzie. “It will also be redirected toward new opportunities that align with the REIT’s strategy of acquiring primarily newer product in the warehousing, distribution, and logistics sector.”