A Guelph-based real estate investment trust has closed it purchase of more than a million square feet of local commercial space, officially marking its entry into the Ottawa market.
Skyline Commercial REIT said in a statement that it paid $242.75 million for a 2.4-million-square-foot portfolio comprised of 29 properties in the Greater Toronto Area and 17 buildings in Ottawa.
The portfolio is known to be that of Sheffield Management Corp., which manages properties owned by its parent company, Conundrum Capital Corp.
Locally, the Sheffield portfolio is a mix of suburban office and light industrial space, including a 51,370-square-foot office building on Hunt Club Road near the airport as well as clusters of properties on Canotek Road, Colonnade Road, Grenfell Crescent and others.
Former Sheffield regional manager Bill Sioulas confirmed he will remain in the position with Skyline.
Skyline said the purchase, which was completed in two phases, is the largest in the company’s history and pushes the size of its portfolio up to approximately 2.6 million square feet.