Soneil Buys Six-Property GTA Portfolio for Over $180M

Soneil Investments has acquired a six-property, 650,000-square-foot GTA portfolio from family-owned Humbold Properties for more than $180 million. The acquisition was announced October 16. The assets sit in Toronto, Markham, Vaughan and Mississauga.

Three industrial properties anchor the portfolio: 5781-5789 Steeles Ave. W., a 5.2-acre site with 129,542 square feet of net leasable area, three tenants and 20-foot clearance; 80-85 Citizen Ct., a 7.4-acre site with two multi-tenant buildings totalling 106,753 square feet and 18-foot clearance; and 4118 14th Ave., a 4.7-acre, 68,489-square-foot property leased to two tenants.

The largest asset is a 9.8-acre mixed-use complex at 1118-1126 Finch Ave. W. with 235,388 square feet, including an eight-storey, 118,043-square-foot Class A office building and several low-rise industrial buildings. Two retail properties round out the deal: Vellore Corners at 3700-3900 Rutherford Rd. and 9311-9333 Weston Rd., a fully leased 6.6-acre, 64,534-square-foot plaza; and Dixie Aimco Plaza at 1510-1530 Aimco Blvd., 37,754 square feet leased to Boston Pizza, Staples, Wendy's and Tim Hortons.

The portfolio has more than 100 tenants and a weighted-average lease term of just over three years. CIBC provided acquisition financing; CBRE's National Investment Team brokered the deal. Soneil passed on two small retail properties at 125 and 127 Spadina Ave. also offered by the seller. Soneil owns more than six million square feet across the GTA.