Pure Industrial has acquired two large industrial properties in the Greater Toronto Area for a combined $286.5 million, according to a published report.

The report said Toronto-based Pure Industrial acquired both properties from Irvine, Calif.-based Panattoni.

The first property, at 4670 and 4680 Garrard Rd. in Whitby, was acquired for $190.5 million. The site spans 35.6 acres and includes a 126,556-square-foot building at 4670 Garrard Rd. and a 650,484-square-foot building at 4680 Garrard Rd., for a total of 777,040 square feet. The buildings were completed in 2023 and 2024, respectively.

According to the report, the Whitby sale was brokered by Matt Picken, Bryce Gibson, Bryan Li, Jared Cowley, Vienna Loo and Adam Budd of JLL and was marketed as a “trophy” asset and “premier investment opportunity.”

The property is fully leased to two tenants, the report said. The smaller building is leased to Atlantic Packaging, while the larger building is leased to Kruger Products. The combined weighted average lease term is 5.4 years, and the in-place rents include annual escalations, according to JLL.

The second property, located at 2260 Matheson Blvd. E. in Mississauga within the Airport Corporate Centre, was acquired for $96 million, according to the published report.

Pictured: Industrial complex in Whitby, Ont., sold by Panattoni to Pure Industrial.

Photo: Panattoni

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