New transit-oriented office building strengthens Concert’s commercial portfolio
September 4, 2019, Vancouver, BC – Concert’s CREC Commercial Fund LP (the “Fund”) announced today it has closed an agreement to purchase a recently built Class A office building at 2476 Argentia Road, Mississauga, Ontario.
The fully leased 102,000 square foot, four-storey building is designed LEED Gold and is strategically located on a 4.2-acre site in a desirable Meadowvale location, with prominent exposure on Argentia Road and Derry Road West. The building is located adjacent to the Meadowvale Go Station and a new Transit Hub currently under development that will include a new Meadowvale Station, reconfigured parking lots, accessible connections to trains and bus, and future all day two-way train service (via the Milton Go Train Line) to downtown Toronto.
It is surrounded by an abundance of amenities including restaurants, shops and fitness facilities, with Toronto’s Pearson International Airport a 20-minute drive away.
“The purchase of the Argentia Road property represents an excellent opportunity for Concert to acquire a Class A building in the sought-after Meadowvale area close to a major regional transit hub and arterial highways. This acquisition supports Concert’s continued national growth and expansion,” says Brian McCauley, Concert’s President & Chief Executive Officer.
Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio. With ongoing plans to expand, this open-ended, limited partnership fund maximizes long-term value for investors by investing in, and managing, industrial and commercial real estate in Canada. The high-quality portfolio is managed by Concert and serves as Concert’s exclusive industrial and commercial platform. With the acquisition of this transit-oriented office building, the Fund’s asset value will increase to approximately $1.8 billion and will include more than 9.5 million square feet of industrial and commercial properties.
Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing commercial, industrial and infrastructure properties and in property management. With operations across Canada and the backing of more than 200,000 Canadians represented by the union and management pension plans who own Concert, our commitment is to build strong, sustainable communities across Canada. www.ConcertProperties.com
Manager, Corporate Communications
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