Summit Industrial Income REIT announced that it has completed its customary due diligence and waived certain conditions to acquire the previously-announced portfolio of four single-tenant properties located in the Greater Toronto Area (GTA) totaling 339,404 square feet of Gross Leasable Area (GLA) for acquisition costs of approximately $25.3 million. The properties are 100% occupied. The acquisition price equates to a price per square foot of $74.40, well below replacement cost, and a going-in capitalization rate of 7.32%.

The acquisition price will be satisfied with a new $15.15 million seven-year mortgage incurring an interest rate of 3.30% with the balance in cash. Closing of the acquisition is expected on or before February 6, 2015.