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West end properties sold to Toronto company

By Ottawa Business Journal Staff
 
Sakto Corporation, which is developing an office and retail complex at 333 Preston Street, has sold a collection of west end office and industrial properties to LaSalle Investment Management of Toronto for $50 million.

The portfolio comprises eight buildings, totaling 323,397 square feet. It includes the office tower on Iris and the adjacent Chapter's books store at Pinecrest and the Queensway, as well as high-tech facilities on Brewer Hunt Way in Kanata North and on Richardson Road.

Primecorp Commercial Realty brokered the deal.

Sakto will continue to manage the properties on behalf of LaSalle, and the two companies will also explore future development opportunities together.

"Currently the Ottawa real estate market has low product availability and high demand which has created favourable conditions to allow Sakto to realize profit," says Sakto director Sean Murray.

LaSalle is a global real estate company, with $30 billion worth of property under management in North America, Europe and Asia.

"The Sakto portfolio represents an excellent fit for LaSalle's Canadian Income and Growth Fund," says vice-president Stephen Robertson.

"This closed-end real estate fund is seeking high quality real estate assets in all sectors and markets across Canada. These assets occupy excellent locations in key Ottawa and Kanata markets and are well leased to a broad range of government and private sector tenants."

For Primecorp, the deal is its second major transaction this year. It recently completed the sale of an office and industrial portfolio for Commerce City Properties for $42.5 million, and it has more sales in the works.

"The Sakto sale is only the tip of the iceberg," says founding co-partner Aik Aliferis. "Our company has been able to uncover opportunities other have not been able to obtain, which are meeting the strong demand of large and small investors alike. I expect demand will continue to skyrocket as the amalgamation of mature attractive real estate continues."

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