Allied Properties REIT Announces Acquisition of Redevelopment Property in Toronto's Downtown West
Allied Properties REIT announced that it has entered into an agreement to purchase 180 John Street in Toronto for $8.25 million. The purchase is expected to close on April 15, 2015, subject to customary conditions.
Located on the west side of John Street, north of Queen Street West and across the street from Allied's property at 179 John Street, the property is comprised of 36,173 square feet of GLA and two surface parking spaces. The site is rectangular in shape with 8,712 square feet of area and 80 feet of frontage on John. The building was built as a paper box manufacturing facility in 1916 and was used as such until 1931. It has since been used for assorted retail, light industrial and office uses.
Allied plans to redevelop the building for office use above grade and retail use at grade. The Property will be free and clear of mortgage financing on closing and will be carried as a Property Under Development until completed.