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True North Finalizes $22.8 Million Purchase of Award-Winning Office Property in Burlington

Sun Life Completes Sale of Multi-Tenant Investment Property at 3115 Harvester Rd.
January 19, 2018
True North Commercial Real Estate Investment Trust (TSX: TNT.UN) completed its previously announced purchase of a BOMA Award-winning office property in Burlington, Ontario from Sun Life Financial for $22.75 million, or about $289 per square foot.

The four-storey building totals 78,800 square feet at 3115 Harvester Rd. just off the QEW and minutes from Burlington Mall. The winner of the 2016 BOMA Canada TOBY Award, BOMA Best Platinum, BOMA 360, LEED Silver Core and Shell and 2017 BOMA Earth Award, the property is 100 percent leased to several global firms which have an average remaining lease term of 3.2 years.

True North acquired the asset, which was constructed in 2008, using cash on hand and a $14.89 million loan with an interest rate of approximately 3.36% for a seven-year term.

Andrew Barnicke, Scott Chandler, Bill Pitt, John Stewart, Doug Murray and Bryan Faldowski of Colliers International brokered the sale on behalf of Sun Life.

Please see CoStar Comp #4114469 for more information on the transaction.
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