Primecorp Closes the Deal on a $29M Asset

Primecorp Commercial Realty Inc., acting for KingSett Capital, announced that it has completed the sale of 2370 Walkley Road to a Private Investor. The building is a single-storey commercial industrial asset comprising of 223,726 square feet located in Ottawa's South Business District. This $29 Million sale was part of the former ING Eastern Ontario Portfolio, which consisted of 12 buildings in total, sold by Primecorp last year. The addition of this sale brings the total dollar amount for the portfolio to over $75 Million.

This transaction was led by Primecorp's National Investment Team; Aik Aliferis, Nick Pantieras and Sam Firestone, all Principal Brokers.

Aik Aliferis says, "Primecorp's dominance of the investment market is only reinforced by this sale…all these years of building relationships and a professional reputation has been very hard work; but it's all been worth it; I'm so happy and truly honoured to work with Canada's most successful real estate investment firms like Kingsett Capital."

KingSett invests through Growth Funds, Mortgage Funds and an Income Fund, each with their own risk/return strategy, but collectively responding to the full scope of real estate investment. Joseph Mazzocco, Partner at Kingsett says, "We are very pleased with the strategic direction provided by Aik Aliferis and the Primecorp team on the sale of Walkley Road. Once again, Primecorp has demonstrated their insight, creativity and professionalism in completing another significant investment transaction."

"Canadian investment real estate continues to be apealing for both domestic and international investors. We are there as a strategic conduit for all investors, meeting their needs for all their investment targets," says Nick Pantieras.

"We are constantly energized with every new opportunity that we at Primecorp bring to the market; managing the market needs is what we do best," adds Sam Firestone.


on February 3, 2011