Toronto Commercial Properties

Dream Industrial Buys Cambridge Site Home to Amazon Delivery Station in $31.8 Million Deal

Dream Industrial Buys Cambridge Site Home to Amazon Delivery Station in $31.8 Million Deal

Jun 20,2022 1 Comment on Dream Industrial Buys Cambridge Site Home to Amazon Delivery Station in $31.8 Million Deal By The Lilly Commercial Team

Two of Canada’s largest industrial real estate players are swapping a 136,000-square-foot property about 100 kilometres southwest of Toronto that is leased to Amazon.

Dream Industrial Real Estate Investment Trust paid $31.8 million at the end of April for the facility at 125 Maple Grove Road in Cambridge that houses an Amazon delivery station, according to property records obtained by CoStar. The station serves as a last-mile facility where packages are loaded onto vehicles for delivery.

The seller was Pure Industrial, which is two-thirds owned by New York City-based Blackstone. Pure Industrial, which has been looking to expand in Canada, would not comment on the deal. Toronto-based Pure Industrial said on its website the property is on a 12.5-acre lot, was constructed in 2001 and expanded in 2003.

As of March 31, Toronto-based Dream Industrial REIT owns, manages and operates a portfolio of 244 industrial assets comprising 358 buildings and 44.4 million square feet of gross leasable area across Canada, Europe and the United States.

Last month, Dream Industrial said it was teaming up with its parent Dream Unlimited Corp. and an unnamed global sovereign wealth fund to create a new $1.5 billion joint venture. The joint venture is initially looking to buy $500 million of development sites in the Greater Toronto Area and other select markets within the Greater Golden Horseshoe Area, which surrounds the GTA.

Source CoStar. Click here to read a full story

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