Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

WINNIPEG, MANITOBA-Huntingdon Real Estate Investment Trust is acquiring three recently completed industrial properties totaling 94,960 sf for $19.6 million. The purchase is a sale-leaseback transaction with Leader Energy Services Ltd.; the properties house its western Canadian oilfield services facilities.

Per the acquisition agreement, Leader will enter into a 20-year, triple net lease with rent increases every five years. The purchase price represents an implied 10.57% capitalization rate, based on year-one net operating income.

To complete the deal, HREIT has obtained a commitment for first mortgage financing in the amount of $13.97 million. The loan would have a five-year term and would bear interest at 5.63%. The balance of the purchase price would be paid in cash. The acquisition is scheduled to close during March 2007.

The properties are 7001 96th St. in Grande Prairie, a 28,280-sf industrial building and a 5,000-sf secondary building on a 14.77-acre site; 4080 77 St. in Red Deer, an identically sized development on an 11.76-acre site, and; 35 Martin Way in Brooks, a 23,400-sf industrial building and a 5,000 sf secondary building on a 7.41-acre site.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.