Pure Industrial Real Estate Trust (PIRET) has closed the acquisition of a fully leased multi-tenant, income producing industrial property for a total purchase price of USD4,250,000.

The property is located at 15 Turbo Drive, Edmonton, Alberta, has a total gross leasable area of 27,071 square feet on a 2.01 acre site, and is 100 per cent leased to two regional tenants on a fully net basis.

PIRET acquired the property on an all cash basis and funded the acquisition with equity from the bought deal financing that closed on 1 March 2012. The asset was acquired at a going-in capitalization rate of 7.96 per cent.