DEAL | An 8,467-square-foot retail and warehouse strata unit at 140-150 2088 No. 5 Rd. in Richmond’s Ironwood submarket has been acquired by a private investor at a strong cap rate stabilizing at approximately 5.5 per cent. The sale closed May 15 for $4 million. The deal was initially structured as an asset sale but was converted to a share sale to achieve tax efficiencies. The existing gross lease was also converted to a triple-net lease as part of the negotiations, enhancing the investment profile. Brendon Schmidt and Wells Macey of Momentum Realty represented the buyer. John-Erik Grain, Chris McIntyre and Ryan Barichello of Lee & Associates represented the seller.
PRICE | $4,000,000
FROM | Brendon Schmidt, Momentum Realty Inc.
