OTTAWA, April 17 /CNW Telbec/ - Primecorp Commercial Realty Inc. announced today that it achieved benchmark pricing in the disposition of the Commerce City Portfolio, located in the National Capital region. Primecorp completed its mandate, acting as exclusive advisor to the Vendor, Commerce City Investments Ltd., for the disposition of their portfolio at a price of approximately $44,000,000. The successful purchaser, Conundrum Industrial Property Fund from Toronto, Ontario is one of Canada's most progressive and sophisticated Real Estate funds, with assets throughout Canada.
The Commerce City Portfolio consists of 15 office/showroom/flex industrial properties totaling just under 400,000 square feet of leasable area. The properties are located in three mature business park areas: the Industrial Avenue Business Park, the Queensway Industrial Business Park and the Ottawa South Business Park.
The transaction was led by Principals Aik Aliferis, Nicolas Pantieras, along with Principals Sam Firestone and Steve Lerner of Primecorp's Investment Group, and marks the largest real estate transaction of its type in the past year.
This transaction adds to Primecorp's record sales total, which surpassed $350 million in 2005, and approaching $200 Million in 2006. This reinforces Primecorp's continued success and ability to complete substantial investment transactions in the Canadian real estate market, establishing Primecorp as one of the most prominent Investment real estate firms in Canada
Primecorp is a strategically focused commercial real estate investment brokerage, management and advisory firm. The firm has completed in excess of C$1.4 Billion in real estate transactions in the last 7 years with private and institutional investors, public corporations, REITS and international investment groups, in over 25 Canadian cities.
For further information: Media relations: Aik Aliferis, 1-888-720-2020, ext 234, www.primecorp.ca