Allied Properties REIT Closes Upgrade Opportunity in Vancouver

Allied Properties REIT announced that it has closed the acquisition of 948 Homer Street, a Class I property with 45,321 square feet of GLA and seven surface parking spaces. The property is located in Yaletown on the east side of Homer Street, between Nelson and Smithe Streets and is fully leased to tenants consistent in character and quality with Allied's tenant base. While carrying 948 Homer as a rental property, Allied plans to upgrade the retail component and take advantage of a mark-to-market opportunity on the office space, all with a view to boosting the annual NOI materially over a 36-month period. 

on June 24, 2011