Eyes On The Prize For PIRET
Pure Industrial Real Estate Trust president and co-CEO Kevan Gorrie says this week’s aggregate $6.1M sale of two industrial properties has everything to do with staying lean and mean. (We'd like some tips on that as well considering our bathing suit from last year doesn't fit anymore.)
It’s about processing, then disposing of, if need be, non-core assets, he says. The multi-tenant industrial building at 90 Signet Dr in Toronto was built in 1970 (same year the first floppy disc was built), with a total rentable area of just over 42k SF and a clear height of 20 feet. That property sold to a private investor. It had been purchased by PIRET as part of a larger portfolio deal in 2011. The 50 Trowers Rd property in Vaughan was the second half of the package, and is a single-tenant property that sold to the user. It was bought a year ago, and is a single-tenant building constructed in 1987 with a total rentable area of over 16k SF and a clear height of 18 feet.
The two properties had been acquired for an total purchase price of $3.6M. Kevan says getting the sales done took two months of negotiating. “Both assets were not core to our portfolio based on their age and/or functionality, and we believe we can redeploy the gain from the sale more effectively for our business,” he says. (It's ok, sometimes REITs and their assets fall out of love.) PIRET’s focus is on growing in modern, functional logistics and distribution facilities in their core markets. Snapped is 90 Signet Dr.
