September 12, 2019, Vancouver, BC – Concert’s CREC Commercial Fund LP (the “Fund”) announced today it has closed an agreement to purchase a 90% interest in a one million square foot distribution facility in Ottawa – the largest in the National Capital Region – which is fully-leased to Amazon on a long-term basis as a fulfillment centre. The Fund has partnered with high-profile developer Broccolini, which retains a 10% interest in the project. CBRE Canada facilitated the deal in its role as advisor.
Situated in the City of Ottawa on an expansive 96.2-acre site located at 5225 Boundary Road, the over one million square foot best-in-class distribution facility has been built to suit for Amazon as one of their Canadian fulfillment centres.
The single-tenanted facility, which also includes 35,000 square feet of office and training space, features a 36-foot clear ceiling height, 99 truck-level doors and parking for more than 1,000 vehicles. Strategically located near a major interchange on the Trans-Canada highway, the flexibly-designed facility provides efficient access to major cities and population centres. The distribution centre supports 600 full-time employees and serves key markets in eastern Canada, including Ottawa and Montreal, which represent a population base of over five million.
Broccolini, a family-owned, single-source provider of construction, development and real estate services that caters to industrial, commercial and residential markets was selected by Amazon to build its Ottawa fulfillment centre based on the company’s extensive experience and track record. Broccolini completed construction of the facility in July 2019. Amazon has fully leased the property on a long-term basis.
“The closing of this acquisition with Broccolini and long-term lease by Amazon, represents an excellent opportunity for Concert to establish a foothold in the Ottawa region. We are excited to be entering into a productive long-term partnership with a highly-reputed developer like Broccolini and the world’s leading e-commerce provider as a tenant, while supporting Concert’s continued national growth and expansion,” says Brian McCauley, Concert’s President & Chief Executive Officer.
“Broccolini is excited to be partnering with Concert on this project”, says Michael Broccolini, Vice President, Business Development and Finance, Broccolini. “Our shared values ensure that Amazon will continue to receive the exceptional quality service that defines Broccolini and Concert’s customer experience commitment.”
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 unique facility, the Fund’s asset value will increase to approximately $1.7 billion and will include more than 9.4 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
With offices in Montreal, Ottawa and Toronto, Broccolini is a family-owned, single-source provider of construction, development and real estate services. The company caters to the industrial, commercial and residential markets in Canada. Recognized for quality workmanship, innovative technology, open collaboration and exceptional standards, Broccolini offers a one-stop approach to the planning, development and construction of remarkable buildings. www.broccolini.com
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