Summit Industrial Income REIT announced that it and its joint venture development partner have waived conditions and will acquire a 26.5-acre development site located in the Grand River West Business Park in Kitchener, Ontario. Summit acquired a 50% interest in a 19.5-acre development site in the same Business Park in February 2022. Summit will pay approximately $12.9 million for its 50% interest in the new site, funded with cash.

Closing is anticipated before the end of October. The development site is well-located in an established business park close to a regional airport, major highway and railway transportation links and a short drive to a planned new Go Rail service expansion station. The site is adjacent to a development site acquired by the REIT in February 2022 and an existing Summit-owned property.

The new property is expected to accommodate two buildings totalling approximately 480,000 square feet of Class A space with superior street exposure, ample access points, circulation and trailer parking, including a 400,000 square foot building with 40-foot clear ceiling height. Summit intends to have both buildings designated as LEED-certified in keeping with its commitment to ongoing environmental sustainability.