TORONTO-Dexus Property Group has sold an 800,000-square-foot warehouse here for $81.6 million to locally based Greystone Pension Fund. The property is only two years old, and is long-term leased to Whirlpool.
Victor Hoog Antink, CEO of Sydney-based Dexus, says the property was somewhat more trouble than its worth. “We have a $1.3 billion portfolio of industrial properties in North America, in a number of US markets, but this was our only property in Canada. It just isn’t part of our long-term strategy,” he says.
That strategy focuses on owning industrial property along the West Coast, specifically in the major port markets of Seattle/Long Beach, Oakland, CA and San Francisco. “Those three ports represent 70% of trade going into Asia, we see that as a real focus for the future. Those areas are strong now and are just going to get stronger as trade with Asia gets more important going forward,” Hoog Antink tells GlobeSt.com.
He says the company will work toward selling holdings it owns that are not on the West Coast to further invest in these port areas. The company owns five other properties leased by Whirlpool. Proceeds from this sale will be used to repay debt, Hoog Antink says.
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