Primecorp Commercial Realty Inc. announced last week the successful acquisition of an Industrial portfolio by Grenfell Properties Holdings Inc. The transaction was led by Primecorp’s National Commercial Group, headed by Aik Aliferis and Nick Pantieras.
The complete portfolio acquisition is comprised of 6 Industrial properties; 15-21 Grenfell Crescent and 41-43 Grenfell Crescent located in the Merivale Industrial Park, comprising approximately 100,935 square feet of commercial space in the Nation’s Capital.
Primecorp Commercial Realty acts as exclusive advisor as Grenfell Properties Holdings Inc. acquires $10,600,000, 100,935 square foot industrial portfolio in the Nation's Capital.
"Market conditions remain attractive in the commercial real estate investment sector. This transaction demonstrates investors’ appetite for favourable risk adjusted returns",
Principal and Co-Founder of Primecorp, Nick Pantieras says.
“The Canadian investment market remains strong and Ottawa is still one of the most sought after investment markets in Canada for all asset classes. The Grenfell industrial portfolio is an exceptional long term asset with excellent cash flow diversification and future potential. The asset is well positioned for a strong local investor, who can implement a hands on approach to management, enabling the investor to maintain high occupancy levels in a sector that has limited supply in the Ottawa market. This will allow for stable future cash flows and good value growth over time. The Institutional Vendors saw a opportunity to realize excellent gains and re-deploy their profits into other core assets thus providing significant returns for their company. This transaction is a perfect example of a win-win situation for both buyer and seller! We at Primecorp are proud to be an integral part of meeting both buyer and seller needs and wants”, said Aik Aliferis, Principal and Co-Founder of Primecorp.