PIRET Announces Two Major Deals
PIRET bought two properties in Edmonton and sold another in Ontario that was 40 years old. President Kevan Gorrie tells Bisnow it wasn't quite as functional, plus they were able to sell it off profitably."The property in Ontario sold for $5.8M. The two properties acquired in Edmonton are both industrial buildings, one at 115k SF (purchase price was $8.6M) and the other at just over 97k SF ($7.6M).
In Edmonton, here's the 114th Ave NW property. The other is located at 14627 128th Ave NW. Both are single tenant, with regional distribution and warehousing companies. Kevan says PIRET has recently taken the pedal off the metal because it's been busy integrating 12 new people into the platform. (Being around property managers has taught them not to just throw people into the deep end.) So this is a bit of a new direction. "We have a pretty healthy pipeline of assets," he says, while adding they remain cautious when looking at the market and interest rates.