- What Skyline Industrial sold a Cambridge, Ont., property last month for $207/sq ft
- Why The tenant bought the property
- What next Skyline Industrial intends to invest in modern logistics properties along major transportation routes
Skyline Industrial REIT offloaded a southwest Ontario warehouse last month for $20m, or $207/sq ft, Green Street News can reveal.
The private investment fund announced in September that it had sold the 96,000 sq ft property at 549 Conestoga Boulevard, in Cambridge, to tenant Innovative Steam Technologies for an undisclosed price.
Skyline Industrial purchased the property for $7.7m, or $79/sq ft, in 2015.
Innovative Steam Technologies has manufactured steam-capturing generators for electricity production at the site since 1992. The company is owned by Airdrie, Alta.-based energy company Propak Systems.
The property at 549 Conestoga has five grade shipping doors and clearance heights of 29 feet. It is less than 2 km from the nearest on-ramp to Highway 401. Kitchener-Waterloo, the closest major population centre, is 18 km away. Cambridge is 94 km away from Toronto.
Skyline Industrial REIT was launched in 2012 by Guelph, Ont.-based Skyline Group of Cos. and owns and manages over 10m sq ft of industrial space in five provinces.
The REIT said earlier this year it would shed noncore assets and focus on modern logistics properties near major highways and transportation corridors.
