A local real estate brokerage has added an office building at a prominent intersection in the city’s south end to its growing portfolio as it continues to expand its footprint in Eastern Ontario.
Facilities Commercial Realty purchased the 35,000-square-foot commercial building at 2781 Lancaster Rd., near the corner of Walkley Road, from Guelph-based Skyline Commercial REIT for $6.2 million.
Tenants of the 30-year-old building, which is fully occupied with an average weighted lease term of about six years, include engineering firm Stantec, a major union and computer services company NeoLore Networks.
It’s the second local transaction in the past few weeks for Facilities Commercial Realty, which recently signed on to manage another former Skyline property at 2525 St. Laurent Blvd. that was sold to a private investor. The firm now owns 14 commercial properties in the Ottawa and Kingston areas and manages a total of more than 620,000 square feet of office, commercial and retail space.
Broker Scott MacKay says the company is looking to ramp up its presence in the National Capital Region.
“It’s generally a stable marketplace,” he said. “Being Ottawa-based in terms of where we work and live, we found it’s a natural (place) to invest in.”