Skyline REIT has acquired a new 414,459-square foot warehousing and logistics facility near Calgary.
Fully leased by two tenants, the property is located at 1 High Plains Trail in Balzac, Alta., which is part of the Calgary industrial real estate market. The REIT now has 50 properties comprising 9.6 million square feet in five provinces.
Completed in December, the deal capped a busy 2023 for the REIT. Skyline said in a news release that it bought three properties, including the one in Balzac, in separate transactions for a combined total of $195.25 million. The REIT became the sole owner of a recently completed freezer storage and industrial warehouse facility in the Greater Montreal Area, by acquiring development partner Rosefellow’s stake, and acquired a new single-tenant industrial asset in Woodstock, Ont.
A total of 15 non-core assets were sold for a total of $193.43 million through five transactions. The divested properties are located in Ontario, Quebec, Alberta and Saskatchewan.
Skyline also broke ground on two projects totalling 619,750 sf in the Montreal suburb of Candiac, Que.
The REIT is operated and managed by the Guelph, Ont.-based Skyline Group of Companies.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.