Vancouver, BC, Canada - Concert Properties Ltd. announced today that it has recently completed its fifth commercial property acquisition this year.
“It has been a very busy year and despite significant competition in the real estate investment markets, Concert continues to be actively acquiring well-positioned property to diversify and build its already extensive income-producing portfolio across Canada,” says Andrew Tong, Vice President, Acquisitions.
“Our latest acquisition is our first office building in Victoria, on Vancouver Island” says Andrew Tong. “Our other property purchases include industrial, office, retail and development properties in the BC Okanagan, Greater Vancouver and Ontario.”
Concert’s 2005 acquisitions to date in British Columbia include:
Burnaby – 4242 Phillips Avenue
- A 149,000-square-foot warehouse/office building on an 8.2-acre site in Burnaby within the Winston Industrial District.
Victoria – 712 Yates Street
- Located in Victoria’s business district at the busy intersection of Douglas and Yates, this 79,000-square-foot six-storey office building is 100 per cent occupied.
Westbank – Westbank Shopping Centre
- Concert’s first retail acquisition, Westbank Shopping Centre is located at the junction of Highway 97 and the Old Okanagan Highway.
- The shopping centre is shadow-anchored by Zellers and Extra Foods. The 74,000- square-foot retail centre is 100 per cent leased to local and national retailers.
Concert’s 2005 acquisitions to date in Ontario include:
Brampton – 201 County Court
- A 71,000-square-foot office building located in Brampton and 95 per cent leased to a broad range of tenants.
- Brantford –Adams Boulevard
- A 16.5-acre development site adjacent to 156 Adams Boulevard, an asset acquired by Concert in the summer of 2004.
Continuing Concert’s Strategy
The total purchase price of these acquisitions was more than $C47 million. These latest acquisitions bring Concert's total industrial and commercial portfolio to almost 3.6 million square feet of property in British Columbia, Alberta and Ontario, continuing the company's strategy of carefully expanding its income-producing portfolio, on a diversified basis.