- What CanFirst has sold four industrial assets in two deals
- Why The properties were owned in a closed-end fund that is being wound down
- What next The shop plans to announce more sales before yearend
CanFirst Capital Management has sold four fully leased warehouses and distribution centers in southern Ontario in two deals, Green Street News can reveal.
The fully leased properties were part of a 1 million-sf portfolio the Toronto-based fund shop listed last September amid the winddown of CanFirst Industrial Realty Fund 6. The other four properties in that package are expected to be sold before yearend.
Dream Industrial REIT bought three properties totaling 333,000 sq ft. They are: 1180 Corporate Drive in Burlington, 400 Jamieson Parkway in Cambridge and 400 Cochrane Drive in Markham.
Separately, an unidentified private firm bought a three-building park totaling 113,000 sf at 71-91 Kelfield Street in Toronto’s Etobicoke neighborhood.
The deals closed in May. RBC Capital Markets and CBRE jointly brokered both transactions.
Marketing materials described the properties as suited for light manufacturing as well as assembly and distribution space. Tenants include a metal finishing company, a pharmaceutical lab and a safety equipment supplier. The properties are all close to major transportation arteries.
CanFirst is currently raising funds for CanFirst Industrial Realty Fund 8, with a final close slated for October. The fund had attracted C$220 million of equity as of October 2023.
The company was established in 2002 and invests in commercial real estate in Canada.
