- What Prologis is the buyer of a Canadian Tire distribution centre in Brampton
- Why Canadian Tire will lease the 1.6m sq ft property until early 2025
- What next Prologis intends to redevelop the property
Prologis is the buyer of a Canadian Tire distribution centre in Brampton.
The industrial real estate giant last month agreed to pay CT REIT, Canadian Tire’s property investment trust, $258m, or $161/sq ft, for the 1.6m sq ft facility. Canadian Tire announced the sale but did not name Prologis as the buyer. The Brampton Guardian first reported that Prologis was the buyer.
As part of the deal, which is expected to close in mid-December, Prologis has agreed to lease the property to Canadian Tire until March 2025. The firm ultimately will redevelop the property.
The deal is at least Prologis’ second property transaction in Ontario this year.
In the summer, the San Francisco-headquartered company acquired a 1.3m sq ft distribution centre at 8450 Boston Church Road in Milton from Sycamore Partners for $361m, or $270/sq ft. As part of the agreement, Prologis also agreed to a short-term lease back of the property.
That deal is the largest industrial trade in the province this year, according to Green Street’s Sales Comps Database.
