A $117.8-million transaction for a top-class office complex in the GTA will take place next month, True North Commercial Real Estate Investment Trust reported.
Situated at 675 Cochrane Drive in Markham, Trillium Executive Centre is a 368,800-square-foot Class “AAA” office building which will be acquired by True North through proceeds from the REIT’s public unit offering this month, and through first mortgage financing equivalent to $76.57 million.
The property features 7.7 acres of land, optimally located to ensure “superior north-south and east-west highway accessibility and visibility.”
“The Cochrane Property benefits from access to the regional transit network including vivaNEXT Rapidway and GO Transit, and also benefits from easy access to three airports including, Toronto Pearson International Airport, Billy Bishop Airport and Buttonville Airport,” True North explained.
“The surrounding neighbourhoods offer premier services such as retail, hotel, restaurant, shopping and entertainment amenities. In addition, the Cochrane Property offers superior amenities including a state of the art fitness centre, physiotherapist and café.”
The transaction is expected to close on or about December 18, 2019.
Earlier this month, True North cemented an equity offering deal with a syndicate of underwriters led by CIBC Capital Markets and Raymond James Ltd. The transaction is valued at approximately $70 million.