Crestpoint Acquires State-of-the-Art Industrial Portfolio in Surrey B.C., Surpasses $5.3 Billion Mark in AUM
TORONTO, Jan. 7, 2021 /CNW Telbec/ - Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the acquisition of two properties, on behalf of its open ended Fund along with an institutional investor partner, with a total value of over $300 million, specifically: i) South Surrey Business Park (completed December 22, 2020) and ii) Centre on Barton (completed December 22, 2020).
Following these major acquisitions, Crestpoint's total assets under management have grown to approximately $5.3 billion. "To grow the portfolio with such high quality assets in a difficult environment, especially in the industrial sector, should provide long term tangible benefits to our portfolio", says Kevin Leon, President and Founder of Crestpoint. "Despite a challenging year, Crestpoint managed to acquire over $700 million of high quality properties across Canada in 2020."
SURREY, BC
South Surrey Business Park – 2920 188th Street, 18899 28th Avenue, 18880 30th Avenue and 2945 190th Street
Conveniently located within proximity of the Canada-US border, South Surrey Business Park is a state-of-the-art, multi-tenant Class-A industrial park. Built between 2018 and 2020, the industrial complex is situated on a 38.9 acre site and is comprised of four buildings spanning 731,000 square feet. The buildings feature clear heights of 32 feet, over 150 loading doors and an abundance of parking space. Occupying a full city block in the Greater Vancouver Area, the asset benefits from multiple points of ingress and egress while being strategically located in close proximity to four municipal roads and multiple highways. The property is fully leased to a strong roster of tenants including Amazon and DSV Solutions.
"This acquisition provides Crestpoint with the opportunity to own a best in class industrial park that is fully leased to a resilient roster of tenants at below market rents, presenting the opportunity to increase income upon rollover." said Kevin Leon, President and Founder of Crestpoint.
HAMILTON, ON
Centre on Barton – 1275 Barton St E
Centre on Barton is a 677,000 SF open-format regional shopping centre situated on a 66.4 acre site in Hamilton, Ontario. The property is comprised of 23 separate buildings and is currently 87% leased to a strong roster of over 60 national and regional daily needs tenants. It is anchored by Walmart, Metro and Canadian Tire and has a diverse roster of ancillary tenants including Shoppers Drug Mart, LCBO, The Brick, Staples and all five Schedule I banks. Built between 2009 and 2013, the site benefits from excellent local and regional access as it is positioned directly between the Queen Elizabeth Way and downtown Hamilton, and is within close proximity to several bus routes and GO Transit Stations.
"We strongly believe that this ideally-situated defensive retail asset is a great addition to our well-diversified portfolio of commercial real estate. This asset provides long term steady cash flow from strong credit tenants with great access to a large population base that can withstand the retail transformation currently underway." said Kevin Leon, President and Founder of Crestpoint.
About Crestpoint Real Estate Investments Ltd.
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with $5.3 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of 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 and high net-worth clients. With offices across Canada and in Chicago, and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $85 billion in assets. For more information, please visit: www.crestpoint.ca.
SOURCE Crestpoint Real Estate Investments Ltd.
Kevin Leon, President, Crestpoint Real Estate Investments Ltd., (416) 304-6632, [email protected]
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