Soneil Investments Acquires $73M Pickering Industrial Portfolio
TORONTO, May 5, 2021 /CNW/ - Soneil Investments has completed a $73 million industrial portfolio acquisition at Brock Rd. and Bayly St. in Pickering, ON. The properties contain six multi-tenant buildings with a cumulative size of over 370,000 square feet on 22.5 acres of contiguous land in one of the Greater Toronto Area's fastest growing regions. The transaction comes just three months after Soneil purchased two class A office assets at 55 and 105 Commerce Valley Dr. W. in Markham for $115 million.
"Industrial properties, particularly ones like these which are 20-25% below market rent, are incredibly difficult to find and even more difficult to purchase given much investment has been put into the asset class in recent years" says Neil Jain, President and CEO of Soneil Investments. "Our focus has always been on unlocking the upside, whether that be in office like Commerce Valley or industrial like Pickering, and the acquisitions we've made in recent years have followed that model extremely well."
Industrial real estate has become the most targeted asset class in commercial real estate over the last few years, largely due to near-zero vacancy rates as well as the expansion of e-commerce and corresponding requirement for logistic space in highway accessible areas. Toronto industrial space in particular has appreciated rapidly as a hub of Canadian commerce.
"When I started Soneil 20 years ago, industrial properties were my main focus as they provided great returns if you could be creative," says Sach Jain, Chairman of Soneil Group of Companies. "It took some time, but industrial has surpassed even my expectations."
About Soneil Investments:
Soneil Investments is one of Canada's leading private real estate corporations with a portfolio of over $800 million. Soneil owns and manages over 2.5 million square feet of office, industrial, and retail space across the Greater Toronto Area. Soneil's core strategy lies in investing in assets with stable returns and uncovering opportunities to extract significant value. The company continues to seek further opportunities to invest in real estate investments, developments, and most recently to raise external capital.
Related Links
www.soneilinvestments.com
SOURCE Soneil Investments
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