Vancouver–based Pure Industrial Real Estate Trust has purchased a 150K SF warehouse in Scarborough for $16.1M. The warehouse at 75 Venture Drive is on 14.8 acres and is leased through January. The Trust financed the purchase with existing cash on hand.
PIRET said it planned to redevelop the site as a 300K SF distribution centre at an estimated cost of $35.1M.
The completion of the project is scheduled for Q1 2019.
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