Parkit has finalized the acquisition of an industrial asset in the Montreal suburb of Boisbriand, Que., for a total purchase price of approximately $10.3 million, the company announced.

The property is located at 1650 Boulevard Lionel-Bertrand and spans approximately 62,680 square feet on 2.5 acres of land. The warehouse is home to two tenants with a weighted average lease term of 9.3 years.

The acquisition was funded through a first mortgage on the property and available funds.

According to Iqbal Khan, Parkit’s CEO, the deal aligns with the company’s strategic expansion in the region.

“The acquisition provides strong in-place cash flows, rental growth and adds scale to our existing Quebec portfolio with excellent upside,” said Khan.

Oceanside, Calif.-based Parkit focuses on acquiring, growing, and managing industrial properties in key urban markets across Canada, in addition to holding parking assets in the U.S.

Pictured: Photo of newly acquired Parkit industrial building in Boisbrian, Que.

Photo: Realtor.ca