3T Equity Partners announce $7.9M purchase of Markham industrial complex
28 Aug, 2017, 08:00 ET
TORONTO, Aug. 28, 2017 /CNW/ - David J. Goldstein, Jordan Rich and Lawrence M. Moskovic of 3T Equity Partners ("3T") are pleased to announce the completion of the purchase of 151-181 Bentley Street, Markham, Ontario (the "Property") by 3T (151 Bentley) LP, for a purchase price of $7,900,000 which was financed, in part, by way of a $5.135M vendor-take back mortgage and, in part, by way of a $3.5M equity raise through a limited partnership. The Property is comprised of 2 buildings having an aggregate of approximately 54,000 square feet of prime industrial/office space that is strategically located close to public transit in the heart of Markham's thriving business node. "Bentley adds to our growing portfolio of GTA-based multi-unit industrial/commercial properties with the potential for a condominium conversion," said Moskovic. "The Markham leasing market, in particular, remains in high demand with limited inventory".
3T is also pleased to announce its successful completion of the condominium conversion of 951 Denison Street, Markham on June 23, 2017. 3T has completed the sale of 15 out of 24 total units representing approximately 60% of the overall building area. Net sale proceeds were applied towards a full and final discharge of the first mortgage. The 9 retained units are held by 3T free and clear and are fully leased netting market rents.
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 and Waterloo. Please visit us at our website www.3tequity.com.
SOURCE 3T Equity Partners
For further information: David J. Goldstein, [email protected]; Lawrence Moskovic, [email protected]; Jordan Rich, [email protected]
Share this article