FOR IMMEDIATE RELEASE
February 26, 2021, Vancouver, BC – Concert’s CREC Commercial Fund LP (the “Fund”) today announced it has completed the purchase of a 100% interest in a Class A distribution centre located in the borough of Saint-Laurent in Montreal. This transaction represents Concert’s first acquisition in Quebec, further expanding Concert’s reach across Canada.
The property is 100% leased on a long-term basis to L’Oréal Canada, a subsidiary of a leading worldwide cosmetic group operating in 150 countries with revenues in excess of $45 billion (2019). The facility serves as L’Oreal Canada’s primary Canadian distribution centre. Since its inception in 1909, L’Oréal has grown into a household name and employs over 88,000 people worldwide, servicing more than 335 million customers every year.
The property located at 3500 Douglas-B.-Floreani Street is a premier institutional grade distribution centre offering over 424,000 square feet of best-in-class industrial space, which includes 95,000 square feet of state-of-the-art expansion currently under construction.
Strategically located in the heart of Canada’s second largest industrial market, within the coveted Saint-Laurent Industrial Park, the property provides outstanding access to the Greater Montreal Area’s (GMA) primary road network (Highway 13, 15, 20, 40 and 520), and is only minutes away from the city’s main airport, the Montreal-Trudeau International Airport, and Canadian National and Canadian Pacific intermodal locations. Two nearby Light Rapid Transit stations are also under development, making this location ideal for access to major transportation networks for both tenants and their employees.
The property features clear ceiling heights up to 50-feet, a 10% office-to-warehouse ratio, 38 truck-level doors and a new state-of-the-art roof.
“This is an exciting acquisition as it represents an excellent opportunity for the Fund to expand to Quebec and the Montreal region with a top-quality industrial facility, while supporting Concert’s continued national growth and expansion,” says Brian McCauley, Concert’s President & Chief Executive Officer.
“This deal represents a rare opportunity to strengthen our commercial income-producing property portfolio through the addition of an exceptional property in the country’s second largest industrial market, and to partner with L’Oreal Canada, a strong and secure long-term tenant,” says Andrew Tong, Managing Director of the CREC Commercial Fund LP.
About CREC Commercial Fund LP
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 actively managing, industrial and office real estate in Canada. The high-quality portfolio is managed by Concert and serves as Concert’s exclusive commercial platform. With the acquisition of this unique facility, the Fund’s value will increase to over $2.0 billion and will now include almost 10.0 million square feet of industrial and office properties.
Since 1989, Concert has proudly developed, acquired and managed Canadian real estate in pursuit of building a people-first future. With over $6 billion in assets, we are backed and owned by over 200,000 Canadians, represented by union and management pension plans. We deliver condominiums, seniors' active aging communities, rental apartments, industrial and commercial properties, and public infrastructure projects, and in each business, our vision remains the same: building resilient, inclusive, sustainable communities.
Director, Corporate Communications
JCorry@ConcertProperties.com | 604.602.3838