Slate Office REIT completes acquisition of Commerce West in the Greater Toronto Area
Slate Office REIT , a leading owner of office properties in Canada, is pleased to announce the closing of its previously announced acquisition of Commerce West, a suburban office complex, located at 401 – 405 The West Mall, in Etobicoke, Ontario for an aggregate purchase price of $95 million ($231 per square foot).
Commerce West is a 411,842 square foot, Class A suburban office complex located in Etobicoke, Ontario. The complex includes two mid-rise office towers that are connected through a single story commercial corridor. With a prominent Highway 427 location, high quality tenants and in-place rents that are approximately 12% below market, this transaction is in line with the REIT’s acquisition strategy. Collectively, Commerce West and two of the REIT’s existing assets, 1 Eva Road and West Metro, solidify the REIT’s presence as a prominent landlord along the Greater Toronto Area’s 427 Corridor.
Source : Slate Office REIT