A Montreal-based real estate investment trust has picked up its second Ottawa property, closing its purchase of a three-storey Bells Corners office building for $6.6 million.
BTB REIT says the 31,500-square-feet building at 245 Stafford Road W., at the corner of Moodie Drive, is fully leased by multiple tenants that include TD Bank and the LCBO. The purchase also includes 80,000 square feet of land.
Records published by local real estate advisory and appraisal firm Juteau Johnson Comba show the same property traded for $3.9 million in April 2009, when Blackwood Real Estate General Partner I Ltd. sold it to Stafford Road Property Ltd. The building - which was constructed in 1985 - was 28 per cent vacant at the time of that sale, according to the Ottawa company.
Earlier this year, BTB purchased the Invest Ottawa building at 80 Aberdeen St., just off Preston Street, for $14.1 million. The Little Italy property contains 53,400 square feet of office space and 39,200 square feet of land.
Since forming in 2006, BTB has closed more than 50 acquisitions, with a focus on mid-market office, industrial and retail properties in geographic markets east of Ottawa.