Shindico Realty has reached a deal with the Tolaini-Banville family to acquire the TransX portfolio of industrial outdoor storage (IOS) properties across Canada.
The deal includes nine properties in Canada’s key industrial markets; two each in Toronto and Vancouver, and one in Montreal, Calgary, Edmonton, Regina and Winnipeg.
The properties include 211 acres of rentable yard space and 372,000 sq.-ft. of leasable building area, Shindico announced. It says less than 5% of the sites are built on, “offering tenants maximum flexibility in site operations and layout.”
TransX was purchased by CN Railway in 2019 and its operations integrated into CN’s broader transportation network. It remains in operation today as an independent entity.
Shindico says the properties include some of the most high-performing and in-demand IOS assets in Canada. In the Greater Toronto Area, for instance, it now has 62 acres of land with 91,000 sq.-ft. of rentable space, while the Vancouver properties offer 13 acres and 22,100 sq.-ft. of rentable space near West Coast trade infrastructure.
The portfolio also includes cross-dock facilities with temperature-controlled docks.
“This portfolio stands out as a rare collection of IOS assets in top-tier markets,” said Sandy Shindleman, founder and chairman of Shindico. “With minimal site coverage and purpose-built functionality, these properties provide the kind of operational flexibility that is in high demand and short supply. They strengthen our national industrial footprint and align with our long-term strategy to own and manage irreplaceable logistics real estate.”
The real estate firm says demand for well located outdoor storage sites is on the rise.
“Shindico is proud to play a role in continuing the legacy of these exceptional properties,” added Shindleman. “We look forward to owning and managing the portfolio for decades to come and supporting the next generation of industrial and logistics users across Canada with our long-time partners, the Tolaini-Banville family.”
