Soneil Investments is continuing to grow its commercial real estate portfolio by significant leaps and bounds. The Brampton-based company has acquired two more industrial assets in the Greater Toronto Area for $120 million.

The acquisitions, which comprise three buildings and over 665,000 square feet

The two latest acquisitions, which closed last week, are:

– 1160-1170 Birchmount Rd. in Toronto. It comprises 360,000 square feet of space in two buildings on 14.5 acres  of property and is 96 per cent occupied;

– 202 South Blair St. in Whitby, which features a rectangular building of about 305,000 square feet and land for a potential future expansion of the site. It is fully occupied.

Potential future expansion

“One of the nice components of the Whitby asset is that it sits on about 25.5 acres of land, there is quite a bit of excess land,” Jain explained. It is currently being used for storage purposes and trailer parking. “I think it’s a good opportunity for us if we want to perhaps add an additional building in the future, but there are no immediate plans for that. In the meantime, we are getting good holding income from it.”

 
IMAGE: 1160-1170 Birchmount Rd. in Toronto's east end are now owned by Soneil Investments. (Courtesy Soneil)

1160-1170 Birchmount Rd. in Toronto’s east end are now owned by Soneil Investments. (Courtesy Soneil)

The Birchmount Road buildings were built in the 1980s and the early 2000s. The older building has clear heights of about 15 to 18 feet, while the newer building has a 28-foot clear height.

The Whitby building has an 18-foot clear height.

Both properties have a mix of tenant sizes, ranging from a few thousand to about 100,000 square feet. Jain said rents are 25 to 30 per cent below market.

“They are both multi-tenant buildings, which is nice because we are never too dependent on any individual tenant, although we do have a mix of smaller tenants who have as small as say 5,000 square feet, or one tenant who I think has 100,000 square feet,” he explained. “It’s a nice mix of having diversified tenants.”