Pure Industrial Real Estate Trust of Vancouver has closed the $22.125-million sale of a multi-tenant property on Brock Road in Pickering, Ontario, about two kilometres north of the Ontario Power Generation nuclear generating station, and about 40 kilometres northeast of downtown Toronto. The property has six acres of additional land that will allow future expansion of the building.

Pure Industrial Real Estate Trust of Vancouver announced last week it has closed the $22.125-million sale of a multi-tenant property in Pickering, Ontario, east of Toronto, which includes land that could allow for future expansion.

The property is at 925 to 931 Brock Road, about two kilometres north of the Ontario Power Generation Pickering nuclear generating station, and about 40 kilometres northeast of downtown Toronto. It is on 20.08 acres of land and has a total rentable area of 325,680 square feet, PIRET says.

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It has six acres of additional land "that will allow future expansion of the building by approximately 120,000 square feet," the firm stated.

The announcement on Friday came 10 days after PIRET announced it will raise about $31.5 million by selling trust units to a syndicate of underwriters led by Canaccord Genuity Corp. and Dundee Securities Ltd.

About 38 per cent of PIRET's 62 properties are in Ontario. Another 25 per cent of the properties are in Alberta. The firm has 4.085 million square feet of leasable area.

DCN DIGITAL MEDIA