Summit Industrial Income REIT Announces Property Acquisitions

May 1, 2017

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.  

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