Soneil Investments acquires two GTA east industrial assets for $120M
Cumulatively, the assets contain three multi-tenant buildings of over 665,000 square feet on 41 acres of land.
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TORONTO — Soneil Investments has purchased two industrial assets for $120 million in the eastern portion of the Greater Toronto Area. The two properties, acquired separately, are located at 1160-1170 Birchmount Rd. in Toronto, ON and 202 South Blair St. in Whitby, ON. Cumulatively, the assets contain three multi-tenant buildings of over 665,000 square feet on 41 acres of land. The transactions mark acquisitions surpassing $300 million year-to-date for Soneil as the company continues to execute its aggressive expansion strategy.
“We are excited to continue our 2021 momentum by adding these properties to our portfolio” says Neil Jain, President and CEO of Soneil Investments. “Both assets have rents 25-30% below market rent as well as excess land in the case of South Blair, which aligns perfectly with our add-value strategy.”
Industrial real estate has remained the most targeted asset class in commercial real estate, with Toronto in particular proving itself to be a leading North American city for investment. As vacancy rates remain at an all time low and surging rents are fueled by e-commerce-driven shifts in consumer habits, capital continues to flood the asset class searching for quality product.
“We’ve been acquiring industrial assets in GTA East since the early 2000’s” says Sach Jain, Chairman of Soneil Group of Companies. “The area has long been undervalued from an industrial perspective until the recent rise of rents over the last few years, so we look forward to the growth that these markets will continue to have.”
Soneil Investments is a Canadian private real estate corporation with a portfolio of over three million square feet.