Automotive Properties REIT, which focuses on acquiring automotive dealerships in Canada, recently added two Tesla properties to its portfolio—for a combined purchase price of $25.9 million.
The Tesla dealerships are located in Quebec City, Que., and Innisfil, Ont. The tenant of these properties is Tesla Canada.
“We continue to increase the electric vehicle component within our portfolio. We now own five properties tenanted by Tesla Canada in urban markets across Canada,” said Milton Lamb, CEO of Automotive Properties REIT.
The first Tesla property, otherwise known as the Cyrille-Duquet Street Property, consists of two buildings that cover a total of 50,763 square feet—including a 20,100 square-foot automotive service facility situated on approximately 1.16 acres of land at 2180 Cyrille-Duquet Street, and a 30,663 square-foot automotive service facility situated on approximately 2.16 acres of land.
The second Tesla property, otherwise known as the Doral Drive Property, consists of a 16,670 square-foot automotive service facility situated on approximately 3.1 acres of land just south of Barrie. It is in close proximity to several automotive dealerships, including the REIT’s Audi Barrie dealership property.
The REIT bought the properties by drawing on its revolving credit facilities.
