On July 12, 2021, Skyline Commercial REIT purchased a property at 6600 72nd Avenue Southeast in Calgary, Alberta.
The property is a single-tenant industrial distribution centre with 498,618 square feet of commercial space on 23.948 acres. This best-in-class property was developed and leased through a joint venture between Hopewell Development and Montez Corporation, and it is currently tenanted by Canadian Tire.
The purchase price for the property was $67M.
“This acquisition is aligned with our fund’s strategy to focus on locations and tenants that operate within the warehousing, distribution, and logistics sector,” said Michael Mackenzie, President, Skyline Commercial REIT.
“A new state-of-the-art distribution centre located in Calgary’s southeast, the property includes a new building with internal clear heights of 36 feet and is equipped with 82 shipping doors, offering a superior place to do business and meet growing sector needs. Skyline Commercial REIT continues to focus on creating value for its investors through the acquisition and development of such best-in-class properties across Canada.”
This property is Skyline Commercial REIT’s seventh in the city of Calgary.
Prior to this purchase, the REIT’s most recent transaction in the city was the March 2020 acquisition of a $132 million, four-property industrial portfolio, featured on RENX.ca.
Post-acquisition, Skyline Commercial REIT comprises 88 properties in 34 communities in five provinces across Canada, with a total of 8,173,481 square feet of commercial space.