TORONTO—Avison Young has announced the sale of Northlea Corporation’s $312-million industrial portfolio, making it one of the largest industrial investment transactions ever completed in the Greater Toronto Area.
The sale of the 908,360-square-foot GTA West Industrial Portfolio to Pure Industrial closed on Dec. 23, 2021.
The portfolio was 99.9 per cent leased and included 13 single and multi-tenant industrial assets in Mississauga, Brampton and Etobicoke in Toronto.
“We wanted to deliver a strong result for Northlea Corporation,” said Ben Sykes, a principal in Avison Young Canada’s Industrial and Capital Markets group, in a statement. “The strategy we executed generated a high degree of interest from the investment community, resulting in a very competitive offering process which speaks to our team’s ability to leverage market conditions through our underwriting and disposition process.”