Fully leased best-in-class 895,038-square-foot distribution facility in Brampton, Ontario redefining warehousing of the future
Vancouver-based CREC Commercial Fund LP (the “Fund”) has added a landmark Ontario asset to its commercial real estate portfolio, with the $158.25 million acquisition of an 895,038-square-foot warehousing and distribution facility at 8875 Torbram Road in Brampton.
Situated on 37.4 acres in Bramalea Business Park, the recently completed, state-of-the-art, 38-foot clear height, LEED Gold Certified building is located near major highways, two intermodal terminals, transit and Toronto Pearson International Airport. The building is the largest LEED Gold Certified building in Canada, and is fully leased to leading retail and logistics companies.
It is the first acquisition made by CREC Commercial Fund LP, an open-ended, limited partnership fund formed October 1, 2016, which now serves as Concert’s exclusive commercial platform.
“Our new asset is perfectly suited to serve the needs of modern supply chain management systems, which are driving the demand for warehouse distribution facilities close to urban areas with access to both labour and transit, in addition to the scale and functionality of the buildings themselves,” said David Podmore, Concert’s Chairman and CEO. “Demand for high quality warehouse space in close proximity to Toronto’s growing business and residential communities will only continue to grow.”
The Fund holds a diversified Canadian portfolio with assets valued at over $1 billion. With this new acquisition, CREC Commercial Fund LP has grown to 61 office and industrial properties totaling nearly 8.5 million square feet. Concert maintains a 60% interest in the Fund and serves as the Fund Manager.
As the Fund’s largest industrial building in size and dollar value, 8875 Torbram Road solidifies the Fund’s status as a major player in the Canadian commercial real estate industry.
“For the last 18 years Concert has built a solid reputation acquiring high-performing office and industrial properties. Now at the core of our newly created CREC Commercial Fund LP, these assets have generated attractive returns for investors from day one,” added Andrew Tong, Concert’s Senior Vice President, Investments, who also serves as the Fund’s Managing Director. “An exceptional addition to the portfolio, this property further enhances long-term value for our investors.”
About CREC Commercial Fund LP
With existing assets valued at over $1 billion, Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio formed on October 1, 2016. With ongoing plans to expand, this open-ended, limited partnership fund maximizes long-term value for Canadian Pension Plans and other Canadian institutional investors by acquiring and managing office and industrial real estate in Canada. Serving as Concert’s exclusive commercial platform, this high-quality portfolio is managed by Concert, which retains a 60% interest.
Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing office, 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.
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