Vancouver-based Concert Properties Ltd.'s new commercial real estate fund has made its first acquisition – an 895,038-square-foot industrial facility in Brampton, ON.
CREC Commercial Fund LP was formed by Concert on October 1, 2016. It was announced on April 10, 2017 that the fund purchased a warehouse and distribution property situated on 37.4 acres at 8875 Torbram Road in Brampton, for $158.25 million.
The new building is the largest in Canada to receive a Leadership in Energy and Environmental Design (LEED) Gold Certification and is currently fully-leased by retail and logistics companies. It is located near Toronto Pearson International Airport.
“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,” said David Podmore, Concert chairman and CEO, in a press release.
The fund holds existing assets valued at over $1 billion. The Ontario acquisition is the fund’s largest and most expensive industrial building, joining 60 other industrial and office properties now held by CREC and managed by Concert Properties.
“For the last 18 years Concert has built a solid reputation acquiring high-performing office and industrial properties,” Andrew Tong, the fund’s managing director said. “Now at the core of our newly-created CREC Commercial Fund LP, these assets have generated attractive returns for investors from day one.”