November 30, 2022, Vancouver, BC – Concert Properties’ CREC Commercial Fund LP (the “Fund”) is pleased to announce that it has completed the purchase of a 90% interest in 5185 Garrard Road, a robotics sortation centre in Whitby, Ontario, built by Broccolini, who will continue as a 10% equity partner. The property is improved with a newly constructed state-of-the-art distribution facility totaling 518,731 square feet (exclusive of the structural mezzanine).
Fully leased to a high-profile e-commerce tenant for 15 years, this facility is a critical part of the tenant’s logistics network as it supports the growth of product offerings while reducing delivery times.
As the Fund’s first acquisition in the east side of the Greater Toronto Area, the property is strategically located in an area that is undergoing great growth and infrastructure investment, representing a valuable addition to the depth of high-grade commercial properties within the Fund’s portfolio in Ontario and across Canada.
“This well-located, best-in-class robotics sortation facility is an excellent addition to the Fund,” says Andrew Tong, Managing Director of Concert’s CREC Commercial Fund LP. “We are thrilled to further strengthen our existing relationship with the Broccolini family, and to continue to forge our relationship with a leading, global e-commerce platform.”
The 55.2-acre site near Brooklin Towne Centre, which was constructed in 2022, provides easy access to the 400-series highways via Highways 412 and 407 and benefits from great access to an extensive and growing labour pool.
About CREC Commercial Fund LP
Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio created in 2016. 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 Realty Services Ltd. and serves as Concert’s exclusive commercial platform. The Fund is supported by Canadian pension funds and institutional investors. The Fund has an asset value in excess of $2.6 billion and over 11.9 million square feet of leasable area.
About Concert Properties
Since 1989, Concert Properties has proudly developed, acquired and managed Canadian real estate in pursuit of building a people-first future. With over $8 billion in assets, we are backed and owned by over 200,000 Canadians, represented by union and management pension plans. Concert Properties comprises three corporate entities, Concert Real Estate Corporation (CREC), Concert Infrastructure Fund (CIF) and the CREC Commercial Fund LP. Within these entities, we develop and manage rental apartments and seniors’ active aging communities; develop condominium homes; develop, acquire and manage commercial properties; and invest in, develop and manage public infrastructure projects across Canada. In each area of our business our vision remains the same: build resilient, inclusive and sustainable communities.
Director, Corporate Communications