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Summit Industrial to buy Oakville, Ontario, industrial property

Summit Industrial Income REIT is purchasing a 51,490-square-foot light industrial property in Oakville, Ontario, for C$13.3 million in a deal expected to be completed by January-end.

The Canadian industrial real estate investment trust will fund the transaction with its acquisition credit facility.

The class A property includes 11,654 square feet of office space and covers only 30% of a four-acre site, which allows for outside storage and future development.

The property is occupied under a 10-year lease by a light industrial tenant, which has an option to expand the leased space by roughly 45,000 square feet.