True North Commercial Real Estate Investment Trust has completed its previously announced sale of a 52,300-square-foot office building in Abbotsford, B.C.
The REIT announced that the property, located at 32071 South Fraser Way, sold for $24 million. Abbotsford is a submarket within the Metro Vancouver market. Located in the Fraser Valley, Abbotsford lies approximately 72 kilometres east of Vancouver.
True North purchased the site in 2018. Tenant Prospera Credit Union began to occupy the whole building in July.
Toronto-based True North said it will use the sale’s net proceeds for general trust purposes. The REIT’s portfolio holds 44 properties spanning 4.8 million square feet in urban and secondary markets across Canada.
True North aims to grow its portfolio through acquisitions in Canadian and international markets.
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.