An unincorporated, open-end trust, known as Summit Industrial Income REIT, has set its sights on managing an expanding portfolio of Canadian light industrial properties.
To that end, for the price of $17 million, Summit Industrial Income REIT has purchased a light industrial property in Calgary, Alberta. The property is 120,690 square feet. It is located near other properties Summit owns and completely occupied for over seven years. They enjoy a location near major highway and railroad links. Summit financed the purchase with proceeds from a deal called the Equity Offering at the end of January. Summit’s expectation is to gain 3 percent interest on five-year, $11.3 million mortgage.
Additionally, Summit has opened doors in the Greater Toronto Area on a 260,830 square foot property, which they are expecting will sell at $28.2 million. They made this possible by waiving some of their previously held conditions.