On October 14, 2021, Skyline Commercial REIT purchased a newly developed property at 261085 High Plains Boulevard in Rocky View County, AB.
The property is a single-tenant industrial warehouse with 150,000 square feet of commercial space on 16.15 acres. The building offers internal clear heights of 32 feet and is equipped with 22 shipping doors. It is currently tenanted by CHEP Canada Corp.
This development was a joint venture project between Skyline Commercial REIT and Highfield Investment Group Inc. Construction began in June 2020 and was overseen by Skydevco Inc. (“SkyDev”). The development was completed in February 2021.
As of October 14, 2021, Skyline Commercial REIT has acquired all partner interests and assumed ownership of the property.
“This transaction is representative of Skyline Commercial REIT’s strategy to both acquire and, where appropriate, develop best-in-class assets suitable for the warehousing, distribution, and logistics sector,” said Michael Mackenzie, President, Skyline Commercial REIT.
“This transaction results from the execution by Skyline Commercial REIT of its option to acquire our development partner’s interest at stabilization. I would like to thank Highfield Developments for their successful stewardship of this project and welcome CHEP Canada to our portfolio.”
This property is Skyline Commercial REIT’s first in Rocky View County (a municipal district surrounding most of Calgary, AB).