Vancouver, BC, Canada – Concert has acquired Surrey Central Business Park, the largest and one of the most successful business parks in the Fraser Valley. Purchased for $39,850,000, it encompasses approximately 352,000 square feet of rentable space.
The five buildings on-site are a mix of two and three storeys, with uses ranging from office to showroom, retail and warehouse space.
"This is a very good acquisition for Concert Properties," said Peter Martin, Concert's Manager of Industrial and Commercial Properties. "Surrey Central Business Park is a well-managed, well-built business park with a stable and growing tenant base. It is very difficult to replicate an asset of this size and quality in such a central location. We see an opportunity to fill the existing vacancies and add further value."
Built in stages beginning in 1993, Surrey Central Business Park was purchased from a consortium of businessmen headed by Robert Bontkes, a successful developer in the Fraser Valley. Located within Surrey's Newton Town Centre, the Surrey Central Business Park is one of Concert's largest purchases of industrial and commercial properties in recent years and brings Concert's total industrial and commercial properties portfolio to more than 2.8 million square feet.