True North acquires 90,550-square-foot office asset
True North Commercial Real Estate Investment Trust has announced the acquisition of a 90,550-square-foot property in Burnaby, British Columbia.
The office building, standing at three storeys tall in 9200 Glenlyon Parkway, is situated on 5.97 acres of land.
Purchase value was at $35.25 million, paid for with the remaining proceeds from the REIT’s public unit offering in July 2018 along with $22.6 million worth of mortgage financing.
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True North’s acquisition enjoys close proximity to Vancouver International Airport. It is also accessible to those coming from Burnaby, downtown Vancouver, Richmond, and New Westminster via Marine Way and Boundary Road.
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