A partnership between Skyline Industrial REIT and Montreal-based developer Rosefellow continues to produce results for the Guelph-based trust, which has acquired sole ownership of two more joint industrial development sites in the Montreal area.
Skyline Industrial acquired the 50 per cent interest it did not already own in newly constructed distribution centres in Montreal and Pointe-Claire, adding 373,360 square feet of purpose-built assets to its portfolio.
Skyline did not release financial details of the transactions, which closed separately over the past month.
“We are grateful for the opportunity to acquire these assets from our development partners now that they are completed and stabilized,” Skyline president Mike Bonneveld said in the announcement.
“These assets signify not only our strategic foresight in the Montreal market, but they also underscore our commitment to enhancing our portfolio of modern, A-class industrial assets.”
The Montreal and Pointe-Claire acquisitions
Skyline closed on the acquisition of 555 and 565 Avenue Victor Davis in Pointe-Claire on Jan. 16. The multi-tenant logistics and warehousing facility totals 274,000 square feet and is fully leased to Steve Madden and Dormez-Vous (Sleep Country Canada).
The development was a joint venture between Skyline Industrial REIT, F.I.T. Ventures and Rosefellow. Construction was completed in September and tenants were officially welcomed in October.
On Feb. 20, Skyline completed its acquisition of the single-tenant logistics facility at 6100 Rue Notre-Dame Est in Montreal. Completed in 2023, it totals 98,954 square feet and is fully leased to Proactive Supply Chain Group.
“Skyline Industrial REIT continues to focus on acquiring, operating and developing light industrial, logistics and warehousing assets in primary Canadian cities along major transportation routes and global shipping outlets,” the announcement states.
Other recent Skyline transactions
Skyline had previously acquired Rosefellow’s interest in a logistics and cold-storage facility at 3601 Avenue de la Gare in Mascouche, in Greater Montreal, last fall. The multi-tenant distribution centre comprises 321,000 square feet.
The 226,000-square-foot cold-storage portion of the facility is being leased to Congebec for a 20-year term. At the time of the acquisition, Skyline was working to lease the remaining space.
It remains partnered with Rosefellow on several other Montreal industrial developments as well as two properties in Ottawa.
Also last fall, Skyline acquired a 148,050-square-foot building with a 28-foot clear height and 16 shipping doors at 353 Griffin Way in Woodstock, Ont. It was completed in October and is fully leased long-term to IPEX.
It was developed by Paris, Ont.-based 214 Carson Co. and acquired by Skyline for $28.5 million.
About Skyline and Skyline Industrial REIT
Including the two most recent acquisitions, Skyline Industrial REIT comprises 51 properties in five Canadian provinces, with a total of 9,984,210 square feet of industrial space.
The REIT is a privately owned and managed portfolio of industrial properties, focused on acquiring warehousing and logistics-centred properties along major Canadian highway corridors and transportation routes.
The REIT is distributed as an alternative investment product through Skyline Wealth Management Inc., its preferred exempt market dealer.
Skyline Industrial REIT is operated and managed by Skyline Group of Companies.
