A growing real estate investment trust says it’s closed its purchase of a Kanata office complex, the latest in a string of acquisitions in the National Capital Region.
BTB REIT says it has bought 1-9 and 10 Brewer Hunt Way in the Kanata North Business Park. The 132,067-square-foot suburban office complex is fully leased and counts Flextronics and Optelian among its tenants. BTB did not disclose the individual purchase price, but said it spent a total of $62.3 million on the Ottawa properties as well as a 128,215-square-foot retail property outside Montreal and a 170,074-square-foot office property in Saint-Jean-sur-Richelieu, Que., southeast of Montreal.
The vendor was not named, but the properties are listed in Sakto Corp.’s online portfolio. A listing from Primecorp Commercial Realty says the Kanata complex was primarily constructed in the mid-‘80s, except for 10 Brewer Hunt Way, which was constructed in 1974 and expanded in 1984.
The property was extensively renovated in 2000, according to Primecorp.
In 2012, BTB purchased a Stafford Road office building, the Invest Ottawa building at 80 Aberdeen St. as well as a $6 million interest in a Gatineau retail/office development.
The REIT says its latest purchase has pushed its portfolio value beyond $500 million.