Vaughan Properties Trust, Ltd., facilitated by its development manager, Higgins Development Partners, sold its 631,292 square foot facility located on Creditstone Road in Vaughan, Ontario to 1564502 Ontario Inc. The facility is leased to Metro Canada Logistics Inc. The sale closed on August 28, 2003 for a purchase price of $45.5 million.
The purchaser was represented by McCarthy Tétrault LLP, with a team that included John Fingret and Jonathan Gitlin in Toronto and Michael Polowin in Ottawa.
Vaughan Properties Trust and Higgins Development Partners was represented by Blake, Cassels & Graydon LLP, with a team that included Joan Kennedy, John Hutmacher and Stephanie Simmons.
Canadian National Railway Company was represented by Marvin Demone of Garfinkle, Biderman in Toronto, in connection with certain consent issues.