Toronto-based Crestpoint Real Estate Investments Ltd. announced today, March 14, its acquisition of a new industrial property, Coastal Heights Distribution Centre, in Surrey, B.C.
This newly constructed 428,000-square-foot facility features best-in-class industrial warehouse characteristics including a clear height of 36 feet and 49 dock doors accessed through a secured loading courtyard, and ample parking.
Situated on a 19-acre site in the Campbell Heights industrial area in Surrey, B.C., the property is strategically provides easy access to the Canada-U.S. border. The building is 100 per cent leased for 10 years to footwear giant Skechers, a Fortune 500 company. Crestpoint acquired a 100 per cent interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end fund, along with two institutional clients of Crestpoint’s.
Coastal Heights Distribution Centre was developed by Blackstone and Ivanhoé Cambridge-owned Pure Industrial and Vancouver-based real estate development and investment firm Cedar Coast. It was built by Orion Construction of Langley, B.C.
Avison Young, Vancouver, brokered the deal, with agents Ryan Kerr, Joe Lehman and Garth White. The sale price is not released at this time, but the property was valued by BC Assessment at $82.8 million in July 2022.
The closing of the acquisition brings Crestpoint's total assets under management to more than $9.7 billion and 36 million square feet.