TORONTO, May 25, 2018 /CNW/ - David J. Goldstein, Jordan Rich and Lawrence M. Moskovic of 3T Equity Partners ("3T Equity") are pleased to announce the completion of its purchases of 1200-1210 Lorimar Drive, Mississauga, Ontario (the "Mississauga Property") on May 10, 2018 for a purchase price of $8,050,000 and 1153 Pioneer Road, Burlington, Ontario (the "Burlington Property") for a purchase price of $5,700,000.
The Mississauga Property was financed, in part, by way of a first mortgage in the amount of $5,100,000 and, in part, by way of a $4,350,000 equity raise through a limited partnership. The Mississauga Property is comprised of 2 multi-unit buildings having an aggregate area of approximately 59,050 square feet of prime industrial/office space fronting on Derry Road and strategically located close to Pearson International Airport with easy access to Highways 410 and 401.
The Burlington Property was financed, in part, by way of a first mortgage in the amount of $3,700,000 and, in part, by way of a $3,300,000 equity raise through a separate limited partnership. The Burlington Property is also comprised of 2 multi-unit buildings having an aggregate area of approximately 49,000 square feet of prime industrial/office space located within minutes of the QEW.
"We are extremely pleased to acquire close to 110,000 square feet of multi tenanted properties in 2 of the strongest industrial markets in Canada. Lorimar and Pioneer add to our growing portfolio of GTA-based multi-unit industrial properties with condo conversion potential", said David Goldstein of 3T Equity. "Each of these markets remains in high demand due to their proximity to major highways accessing the entire Golden Horseshoe".
About 3T Equity Partners
3T Equity Partners was founded in 2010 and is dedicated to acquiring "value-add" income producing properties in mature and growth areas. 3T Equity Partners owns properties in Miami Beach, Boca Raton, Atlanta, Toronto, Hamilton, Markham, Waterloo, Mississauga and Burlington. Please visit us at www.3tequity.com.
SOURCE 3T Equity Partners