Soneil Investments has acquired these Markham office towers at 55 and 105 Commerce Valley Way. (Courtesy Soneil Investments)

Soneil Investments of Brampton has acquired a pair of class-A office buildings at 55 and 105 Commerce Valley Drive W., for $115 million, the firm announced Wednesday morning.

Together, the two mid-rise properties in the Greater Toronto Area city of Markham  are known as the Southcreek Corporate Centre and comprise over 375,000 square feet of space. They are leased to a variety of tenants in the tech and services industries.

“This acquisition is a significant milestone for our organization,” said Sach Jain, chairman of Soneil Group of Companies, in the announcement, “both in terms of diversifying our portfolio and in continuing immense growth.”

Both are eight-storey midrise buildings. 55 Commerce Vally Dr. was completed first, occupied in 2000 and comprising 186,390 square feet.

105 Commerce Valley Dr. is of similar size, featuring floorplates in the 23,000-square-foot range. Built in 2001, it is BOMA Best certified and like its companion building includes ample parking and a 24/7 fitness facility.

Some of the financing for the transaction was provided by a Scotiabank-led syndication loan, which also included The National Bank of Canada.

Soneil says in recent years it has made “significant” investments in the suburban Toronto office market, targeting assets with significant vacancy and/or below-market rents to strategically add value.

At the same time, it says the dramatic appreciation of the Toronto real estate market has enabled Soneil to maintain strong cash flow and reinvest into new growth opportunities such as development.

Soneil Investments

“We are extremely proud to add these properties to our portfolio, they are two of Toronto’s highest-quality office buildings and are leased by some of the world’s largest technology companies,” said Neil Jain, the president and CEO of Soneil Investments, in the announcement.

“This is also an excellent example of Soneil’s strategy to invest in assets with strong returns that also offer opportunities for upside in the future.”

Soneil Investments is a privately held real estate corporation with a portfolio valued at over $700 million. Soneil owns and manages approximately 2.5 million square feet of office, industrial, and retail space across the Greater Toronto Area.

Founded in 1994 by Sach Jain, Soneil’s core strategy lies in investing in assets with stable returns and uncovering opportunities to add significant value. The company identifies its strategy as “own and manage” with a long-term view to its investments.

The firm has three divisions, including investments, development and Soneil Electronics, an international corporation that designs and supplies battery chargers, power supplies and batteries around the world.

The company operates out of Toronto, with offices across Canada, England, Italy, China, Hong Kong, India and Australia.

On the development side, Soneil is currently involved with a project called Bayview Clearcrest Towns, a stacked townhome complex by Richard Wengle Architect Inc., and Goldberg Group.

It is being planned in the Bayview and Steeles Ave. E., area of Toronto.

In the release, the company says it continues to seek further opportunities to invest in real estate investments, developments, and joint ventures.