Madison Pacific Branches Out
Vancouver-based Madison Pacific Properties has announced a major expansion--the acquisition of 12 office and industrial properties--totaling 540k SF in B.C., Alberta, Ontario, and Quebec--for over $600M. All 12 properties are leased to a single tenant, Taiga Building Products. (Should make figuring out which tenant left anonymous suggestions a bit easier.) Avison Young's Vancouver office took the lead in executing the deal. In the image is AY principal John Lecky, with colleagues Michael Farrell and Ryan Kerr.
Three of the properties are in Langley--one in Kelowna, two in Edmonton--and single properties in Calgary, Sudbury, Monetville, Milton, Boucherville, and St. Augustine in Quebec. "The transaction is a good one for our company as the acquisition provides additional geographic diversification and good returns with a quality long-term tenant in place," Madison CEO Marvin Haasen tells us.