True North Commercial REIT acquires prime asset in Toronto
True North Commercial Real Estate Investment Trust has announced that it has completed the acquisition of an 18-storey, 274,500-square-foot “Class A” LEED Gold office building in Toronto.
The property, which is sitting on 1.23 acres of prime land, is located at 5775 Yonge Street. It boasts of numerous links to public transport hubs and major thoroughfares.
“The Yonge Street Property boasts unparalleled multiple regional transit accessibility, including a direct underground connection to the Finch TTC Station, GO Transit and YRT/VIVA bus terminals,” True North stated in its announcement. “The Yonge Street Property is also easily accessible from the 400 series highways via Yonge Street and Finch Avenue.”
The Ontario-based REIT is currently the owner and operator of 41 commercial properties acorss Canada, with a total of approximately 3.3 million square feet in administration. True North’s assets focus on long-term leases with government and credit-rated tenants.
Related stories: Investment trust acquires nearly $50M in commercial properties Canadian RE investment firm to further expand global platform