{"id":1004294264,"date":"2019-01-25T04:16:33","date_gmt":"2019-01-25T12:16:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004294264"},"modified":"2021-05-15T03:51:13","modified_gmt":"2021-05-15T11:51:13","slug":"slate-office-sells-toronto-asset-for-27m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/slate-office-sells-toronto-asset-for-27m\/","title":{"rendered":"Slate Office Sells Toronto Asset for $27M"},"content":{"rendered":"<div id=\"attachment_1004294267\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/225-Duncan-Mill-Road-e1548365366272.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004294267\" data-attachment-id=\"1004294267\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/slate-office-sells-toronto-asset-for-27m\/225-duncan-mill-road\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/225-Duncan-Mill-Road-e1548365366272.png\" data-orig-size=\"917,687\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"225 Duncan Mill Road\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;225 Duncan Mill Road&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/225-Duncan-Mill-Road-e1548365366272.png?w=917\" loading=\"lazy\" class=\"wp-image-1004294267 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/225-Duncan-Mill-Road-e1548365366272.png\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/225-Duncan-Mill-Road-e1548365366272.png 917w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/225-Duncan-Mill-Road-e1548365366272.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/225-Duncan-Mill-Road-e1548365366272.png?resize=768,575 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004294267\" class=\"wp-caption-text\">225 Duncan Mill Road<\/p><\/div>\n<p>Slate Office REIT has entered into an agreement to sell a nine-story office property in Toronto for $27.3 million to an undisclosed buyer. The REIT expects to use the net proceeds to reduce outstanding debt. The deal is expected to officially close in the second quarter of 2019.<\/p>\n<p>The nine-story building, located at 225 Duncan Mill Road in the North York neighborhood of Toronto, is about a 45-minute drive from downtown Toronto. The sale of the 156,623-square-foot property will occur at a 19.5 percent, or $4.5 million premium, to the REIT\u2019s purchase price in March 2018 and represents a levered internal rate of return of approximately 50 percent.<\/p>\n<p><em>\u201cThe disposition of 225 Duncan Mill Road is another example of the REIT\u2019s ability to source and execute on transactions that generate meaningful returns for unitholders,\u201d<\/em> said Scott Antoniak, CEO of Slate Office REIT, in prepared remarks. \u201cThis disposition will reduce leverage and create liquidity for new opportunities in the future.\u201d<\/p>\n<p>Last summer, Slate Office REIT <a href=\"https:\/\/www.commercialsearch.com\/news\/slate-office-reit-snags-chicago-office-building-for-156m\/\">acquired a 23-story office building<\/a> in downtown Chicago for $156 million from Lincoln Property Co.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate investment trust entered into an agreement to sell a nine-story, 157,000-square-foot property less than a year after purchasing it.<\/p>\n","protected":false},"author":745,"featured_media":1004294267,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21747],"tags":[34930,39570],"class_list":["post-1004294264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest","category-office","tag-lincoln-property-co","tag-slate-office-reit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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