Mr. Milton Lamb reports
AUTOMOTIVE PROPERTIES REIT COMPLETES ACQUISITION OF BRIMELL TOYOTA DEALERSHIP PROPERTY IN TORONTO
Automotive Properties Real Estate Investment Trust has completed the previously announced acquisition of the Brimell Toyota automotive dealership property in Scarborough, Ont., for a purchase price of approximately $26.0-million.
Concurrent with the REIT's acquisition of the property, Drive Autogroup acquired the Brimell Toyota dealership operating business and has now entered into a 15-year, triple-net lease with the REIT. The lease includes contractual rent increases after the third year of the lease term that will be based on the Ontario Consumer Price Index. The lease obligations are indemnified by a group of Drive Autogroup companies.
The property includes a full-service Toyota dealership built in 2002, a collision centre and a car wash, representing a total gross leasable area of 55,600 square feet. It is located on approximately four acres at 5060 Sheppard Ave. East, just west of Markham Road, a busy commercial corridor with other automotive dealerships nearby and with convenient access to Highway 401. The REIT financed the purchase price through its existing revolving credit facilities.
About Automotive Properties Real Estate Investment Trust
Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT's portfolio currently consists of 43 income-producing commercial properties, representing approximately 1.7 million square feet of gross leasable area, and one development property, in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia and Quebec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties.
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