Agellan Commercial Real Estate Investment Trust, another in a growing list of Canadian-based investors, filed plans in Toronto for the initial public offering of trust units in Canada.
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Agellan said it was forming the REIT to own and operate a diversified portfolio of industrial, office and retail properties in the United States and Canada, although it has not yet determined how much it will seek to raise.
The REIT plans to name Derek Dermott to serve as president and use Agellan Capital Partners Inc. (ACPI) as the asset manager of the properties it acquires.
Founded in 2003, ACPI has acquired more $1.3 billion of commercial real estate assets on behalf of its clients and has managed commercial real estate assets totaling up to 8 million square feet. ACPI currently acts as the asset manager of 22 of the 23 initial properties slated for inclusion in the REIT.
Agellan Commercial’s Current USA Assets
Property Location Property Type
1100 & 1000 Warrenville Road Naperville, IL Office
Southpark - Bldg F - 2150 Woodward St.; Bldg M - 4120 Freidrich Lane; Bldg O - 2130 Woodward St.; Bldg P - 2170 Woodward St. Austin, TX Industrial
Aptus -Supervalu - 1201 John Burgess Road Ft. Worth, TX Industrial
Aptus -Plainfield IV - 2151 Airwest Blvd. Plainfield, IN Industrial
5800 W. Keist Blvd. Dallas, TX Industrial
2055, 2105 & 2155 Silber Road Houston, TX Industrial
1400-1412 N. Sam Houston Parkway Houston, TX Industrial
Aptus -Arundel VI - 8271 Anderson Crt. Odenton, MD Industrial
6500 & 6600 Long Point Drive Houston, TX Industrial
6100 & 6101 West by Northwest Blvd Houston, TX Industrial
5975-6049 South Loop East Houston, TX Industrial
3671-3701 Interchange, 3707-3743 Interchange, 3949 Burnside Park, Columbus, OH Industrial
6300, 6310 & 6320 Rothway St. Houston, TX Industrial
9001 & 9101 Jameel Road Houston, TX Industrial
Southpark - Bldg E - 2100 E. St.. Elmo Road Austin, TX Industrial
2301 Minimax Drive Houston, TX Industrial
2120 W. Braker Lane Austin, TX Industrial
232, 302-250 W. 38th St. Houston, TX Industrial
Separately, Slate U.S. Opportunity (# 1) Realty Trust also in Toronto completed the acquisition of a grocery-anchored retail asset in Fuquay-Varina, NC (Raleigh-Cary MSA).
Fuquay Crossing was purchased for $13.1 million (about $105/square foot). The asset is 94% occupied, anchored by a Kroger grocery store on a long-term lease.
To date, Slate U.S. Opportunity (# 1) Realty has acquired nine assets since completing its initial public offering in April 2012. The trust was established for the primary purpose of indirectly acquiring, owning and leasing a portfolio of diversified revenue-producing commercial real estate properties in the U.S. with a focus on anchored retail properties.
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