Concert has purchased the newly constructed 468 Terminal Ave., office building in Vancouver, an asset which company president and CEO Brian McCauley calls an “exceptional acquisition.”
Purchased by Concert’s CREC Commercial Fund LP, 468 Terminal Avenue is located in the rapidly-growing and highly coveted False Creek Flats neighbourhood.
“With this purchase, we acquire a strong investment property in one of the most dynamic and evolving locations in Vancouver,” McCauley said in a release, “one that is emerging as an active technology hub, home to numerous head offices and high-profile tenants, and near the site of the new St. Paul’s Hospital.”
Built in 2016, 468 Terminal Avenue features 128,404 square feet in a LEED Silver Certified office building. Surrounded by a variety of amenities, the building is a five-minute walk from the Main Street-Science World SkyTrain station, providing tenants with convenient rapid transit access to all areas around Metro Vancouver.
Fully leased to Canada Revenue Agency
The property is fully leased for the next 13.5 years to Canada Revenue Agency, an “AAA” credit rated tenant.
“Located in a strategic location within the City of Vancouver, this property is a tremendous addition to our expanding commercial and industrial portfolio,” says Andrew Tong, the fund’s managing director, in the release.
“This acquisition reinforces our strategy of purchasing commercial and industrial assets that provide investors with consistent and stable returns, while offering significant growth potential.”
Concert’s fully subscribed CREC Commercial Fund is a diversified Canadian portfolio valued at approximately $1.4 billion.
With ongoing plans to expand, this open-ended, limited partnership fund invests in and manages commercial and office real estate in Canada. Serving as Concert’s exclusive office and industrial platform, the portfolio is managed by Concert.
With the acquisition of 468 Terminal Avenue, the fund has grown to 64 office and industrial properties totaling nearly 8.5 million square feet.
Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing commercial, industrial and infrastructure properties and in property management.
It has operations across Canada and the backing of more than 200,000 Canadians, represented by the union and management pension plans who own Concert.