Summit Industrial Income REIT announced that it has waived conditions and will acquire 100% of the Cochrane Business Park, a six-building light industrial campus located in Markham within the Greater Toronto Area (“GTA”). The six buildings total 228,719 square feet of gross leasable area (“GLA”). Summit will pay $45.15 million for the campus, well below replacement cost, funded by its acquisition credit facility and generating a going-in capitalization rate of approximately 4.3%. Closing is expected on or before February 14, 2020.
Full Article: newswire.ca