Automotive Properties Real Estate Investment Trust has officially scooped up another property. The REIT announced it has closed the acquisition of the Pfaff Audi property purchased for $17.2-million.
The 69,000 sq.ft. dealership property is located at 9088 Jane Street in Vaughan, Ont. adjacent to the Vaughan Mills shopping centre.
In a previous written statement announcing the acquisition, Milton Lamb, President and CEO of Automotive Properties REIT, said the new property will be a “strong addition to the REIT.”
“Not only does it bring another great Audi property to our portfolio, it complements our strong presence in the key GTA market,” he added. “This transaction is also noteworthy in that the tenant is the highly-regarded Pfaff Automotive Partners, one of Canada’s leading automotive groups, thereby continuing to diversify our tenant base. Two-thirds of the capital we have deployed in our four acquisitions since our IPO have resulted in new, third-party tenancies.”
The latest real estate acquisition brings the REIT’s total portfolio to 30 income producing commercial properties, which represents approximately 1.1. million square feet of gross leasable area in Ontario, Saskatchewan, Alberta, British Columbia and Quebec.
