TORONTO, March 22, 2017 /CNW/ - Starlight Investments ("Starlight") is pleased to announce that it has completed the acquisition of a 50% interest in the Mississauga Executive Centre ("MEC"), a premier, Class A, LEED Gold certified office complex located at 1-4 Robert Speck Parkway in Mississauga, Ontario, one of Mississauga's most prestigious intersections: Hurontario Street/Burnhamthorpe Road East and is adjacent to the Square One Shopping Centre.
MEC encompasses 1,150,000 square feet of prime commercial space and is situated on 26 acres of luscious landscaping, which links to walking trails along Cooksville Creek. Amenities include ample underground parking, banking, and restaurants. MEC provides the perfect location to three major expressways (Hwys. 401, 403 and 407), giving direct access to Pearson International Airport, has access to Mississauga and GO transits, and is in close proximity to downtown Toronto. Construction is set to begin in 2018 and be completed in 2022 on the Hurontario-Main Light Rail Transit line (the "LRT"). The LRT's planned route is along Hurontario-Main Street and running immediately adjacent to MEC. The construction of the LRT will enhance MEC's transit-oriented nature and will significantly increase its attractiveness to existing and prospective tenants.
"We are extremely pleased to acquire a partial interest in this rare GTA quality asset. The property is situated in a prime location with access to public transit with close proximity to major highways, as well as the development of the Hurontario-Main Light Rail Transit line. This is a modern and well-maintained property featuring a stable and diverse tenant roster, anchored by long-term leases of credit tenants," stated Daniel Drimmer, Starlight's President and Chief Executive Officer.
The acquisition further strengthens Starlight's commercial real estate presence in primary markets while continuing to demonstrate its access to investment opportunities, and reflects Starlight's reputation for successfully negotiating and executing transactions.
About Starlight Investments
Starlight Investments is a Toronto-based privately held, full service, real estate investment and Asset Management Company that is driven by an experienced team comprised of more than 110 professionals. Starlight currently manages $7 billion of multi-residential and commercial properties for joint venture partnerships with institutional investors, Northview Apartment REIT, True North Commercial REIT, Starlight U.S. Multi-Family (No. 5) Core Fund and for private investors. Starlight's portfolio consists of approximately 34,000 multi-residential units across Canada and the United States and over 4 million square feet of commercial properties.
SOURCE Starlight Investments
For further information: To learn more about Starlight, visit www.starlightinvest.com or contact: Daniel Drimmer, President and Chief Executive Officer, 416-234-8444, [email protected]; Lauren Kenney, Executive Director, Human Capital & Communications, 416-234-8444, [email protected]