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CREIT Buys Office Complex, Sells Multifamily Unit

NEW YORK CITY-Heron's Hill II and III, a 280,000-sf class-A eight-story office property in Toronto, was acquired for $37.3 million; the 287-unit multifamily facility was sold for $24.65 million.

By John Howe | Updated on April 10, 2001

NEW YORK CITY-Canadian Real Estate Investment Trust has purchased Heron’s Hill II and III at 2001 and 2005 Sheppard Ave. East in Toronto, Ontario for $37.3 million. The 280,000-sf class A office complex consists of two eight-story buildings that were constructed in 1986 and 1988. Acquired at an initial yield of 9.12%, the buildings are 98% leased. These complex, which can be reached directly off Highway 404, will be even more accessible when the Sheppard subway extension is completed in 2002-2003.

In a separate transaction, CREIT has sold its multifamily facility of 287 units located in Pointe-Claire, Quebec, for gross proceeds of $24.65 million, The new owner will assume $15.1 million in debt after the closing, which is scheduled for May 1. The debt carries a weighted average interest rate of 6.02%. DS Marcil Realty represented CREIT; the names of the new owner and its representative in the transaction were not available.

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