TORONTO--(EON: Enhanced Online News)--Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX: ACR.UN) announced today the closing of its previously announced agreement to acquire a multi-tenant, industrial distribution facility located in Sarasota, Florida.
The distribution facility comprises approximately 907,000 square feet of gross leasable area and was acquired for a purchase price of approximately US$52.5 million (before closing costs), representing a going-in capitalization rate of approximately 8.1%. Payment of the purchase price (before closing costs) was satisfied by the REIT with proceeds drawn from its credit facility and by assuming a mortgage on the property with an outstanding principal amount of approximately US$33.3 million.
About Agellan Commercial Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.
The REIT’s current portfolio aggregates approximately 5.9 million square feet of gross leasable area in 34 properties. The properties are primarily located in major urban markets in the United States and Canada.