Automotive Properties Real Estate Investment Trust announced that it has entered into agreements to purchase two automotive dealership properties in Winnipeg, Manitoba from AutoCanada Inc. for approximately $23.95 million.
The two dealership properties are the McNaught Cadillac Buick GMC and the St. James Volkswagen automotive dealership property.
“We are pleased to enter our second property acquisition transaction with AutoCanada, one of Canada’s largest automotive retailers. We look forward to expanding our portfolio into the metropolitan Winnipeg market with these high-quality assets and further diversifying our tenant base,” said Milton Lamb, president and CEO of the REIT.
The McNaught GM Property includes a 56,641 square foot full-service General Motors dealership facility that was built in 2003, with extensive renovations completed in 2015. The McNaught GM Property occupies approximately 5.6 acres of land within the Waverley Automall in southwestern Winnipeg, with convenient access to major highways in an area of substantial commercial development.
The St. James VW Property includes a 39,494 square foot, full-service Volkswagen dealership facility built in 2004/2005. The St. James VW Property occupies approximately 3.9 acres of land located at 670 Century Street, in close proximity to the Winnipeg International Airport and CF Polo Park.