West Chambers Building - Edmonton, AB
TORONTO, Aug. 21, 2012 /CNW/ - Crestpoint Real Estate Investments Ltd., a business dedicated to providing institutional and high net-worth investors with direct access to high quality Canadian commercial real estate assets, announced today the purchase of a six-story office building in western Canada in a deal valued at over $24 million. With this acquisition, Crestpoint continues to strategically diversify its real estate portfolio, both geographically and by asset type.
"We are very pleased to acquire an investment grade asset in a highly sought after market like Edmonton," said Kevin Leon, President of Crestpoint. "The West Chambers property is an attractive investment for a couple of key reasons; Firstly, it is located in an improving office node but has average rents below local market rates, providing upside potential for the property's income generation. Secondly, the tenant quality is extremely high profile. Having one of Alberta's finest law firms in McLennan Ross LLP committed as a long-term tenant to approximately half of the building adds a degree of stability. And finally, with long-term financing at historically low rates, we feel the West Chambers property should provide a solid foundation for future returns for our investors."
|Property||City||Asset Class||Occupancy|| Lot size
|Area sq.ft.|| Parking
12220 Stony Plain Rd.
Located just minutes from downtown Edmonton, the 92,560 sq. ft. office building has an occupancy rate of 92%, which in addition to McLennan Ross LLP includes such notable tenants as: Ernst & Young Inc., Nueman Thompson LLP, The Canadian Diabetes Association and Molson Canada. The property also has abundant parking and convenient access to public transit.
With the addition of the West Chambers property, Crestpoint's commercial real estate portfolio now includes 13 holdings spanning Quebec, Ontario, Alberta and British Columbia. Collectively these properties represent 1.5 million square feet of space across the office, retail and industrial sectors.
For additional details on these properties, please visit www.crestpoint.ca
About Crestpoint Real Estate Investments Ltd.
Crestpoint is a commercial real estate investment manager dedicated to providing investors with direct access to commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional, high net-worth and retail clients. With offices in Vancouver, Edmonton, Calgary, Regina, Toronto, Ottawa, Montreal, Halifax and New York, CC&L Financial Group and its affiliate companies are collectively responsible for the management of approximately $40 billion in assets as at June 30, 2012.
SOURCE: Crestpoint Real Estate Investments Ltd.
For further information:
Kevin Leon, President and CIO
Crestpoint Real Estate Investments Ltd.
Head of Marketing Services
Connor, Clark & Lunn Financial Group