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Urbanfund Corp has formed a JV with Takol Real Estate to buy 11-13 Edvac Drive in Brampton, a two-building industrial complex it plans to renovate and convert to condos for sale. The property, with 40 units, a total of 64k SF (94.2% occupied), is under contract for a purchase price of $5.31M. Urbanfund and Takol will hold 50% stakes, and each party will invest $1.63M to renovate the property. Expected NOI for year one, prior to renos, is $310k. Urbanfund president/CEO Mitchell Cohen says his firm looks forward to Takol, a private equity firm specializing in CRE, providing it with “a pipeline of similar opportunities.”
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