Soneil Investments has acquired a three-building office portfolio in Richmond Hill, Ont., for $84.6 million.

The portfolio is made up of 307,000 square feet at 30 Leek Cres., 38 Leek Cres. and 95 Mural St. It was 96% occupied at the time of the sale.

The purchase price was approximately $275 per square foot.

The buildings are located in Richmond Hill’s Beaver Creek business area, near Highway 7 and Highway 404. The location provides access to major routes across York Region and the GTA.

The deal comes as conditions improve in the GTA’s suburban office market. The suburban vacancy rate declined by 50 basis points during the second quarter to 20.2%, according to CBRE’s latest market report.

CBRE said leasing activity was led by Class A properties, particularly in the Toronto North and Toronto East submarkets. The brokerage expects demand for high-quality space to strengthen as employers advance return-to-office policies.

The acquisition expands Soneil’s portfolio of industrial, office and retail properties across the GTA.

CBRE brokers Peter D. Senst, Jaysen Smalley and Kai Tai Li handled the transaction, according to Altus Group.