TORONTO, Dec. 5, 2013 /CNW/ - Starlight Investments Ltd. ("Starlight") is pleased to announce that it has completed the acquisition of an 840,000 square foot, Class A, LEED Gold Certified office and retail complex located at 3250 and 3300 Bloor Street West in Toronto, Ontario.
"We are extremely pleased to acquire this signature office and retail complex strategically located at a major GTA transit hub. The property is situated in a prime location with direct access to public transit and in close proximity to major highways. This is a modern and well maintained facility with a high quality tenant base. As an innovative real estate asset manager, we have developed exciting plans to further enhance its value." stated Daniel Drimmer, Starlight's Chief Executive Officer.
The acquisition represents one of the largest single-asset real estate transactions in Canada in 2013 and further strengthens Starlight's commercial real estate presence, demonstrates Starlight's access to large scale investment opportunities and reflects Starlight's reputation for successfully negotiating and executing transactions.
The 840,000 square foot facility is a three-tower office and retail complex adjacent to a Mississauga Transitway hub which connects users to downtown Toronto through the complex's direct access to the Islington TTC subway station. Amenities include underground parking, a fitness club, banking and a variety of food and retail operators. The property is in close proximity to both the QEW and Highway 427 and is a 15 minute drive from both Pearson International Airport and downtown Toronto. The property will be managed on site by CBRE Limited and asset managed by Starlight.
About Starlight Investments Ltd.
Starlight Investments Ltd. is a Toronto-based privately held real estate investment and asset management company that is led by an experienced team comprised of more than 90 professionals. Starlight currently manages $3.5 billion of Canadian multi-residential and commercial properties for a joint venture partnership with an institutional partner, True North Apartment REIT, True North Commercial REIT, Starlight U.S. Multi Family Core Funds and for private investors. The company's portfolio consists of approximately 27,000 multi-residential units across Canada and the United States and nearly 2,000,000 square feet of commercial properties.
SOURCE: Starlight Investments Ltd.
For further information:
To learn more about Starlight, visit www.starlightinvest.com or contact:
President and Chief Executive Officer
Vice President, Asset Management