Crestpoint Real Estate Investments Ltd., has acquired almost 500,000 square feet of industrial properties in the Greater Toronto Area and the Metro Vancouver city of Burnaby for over $180 million.
The transactions were completed as separate investments in December, and include a total of seven existing buildings and capacity for some future expansion. The deals completed a very busy 2022 for Crestpoint.
Crestpoint first acquired 7307 Meadow Ave., a 100 per cent leased, multi-tenant portfolio of six buildings totalling over 190,000 square feet, on Dec. 15.
Centrally located in Burnaby's primary Big Bend industrial node, the portfolio offers easy access to major highways, providing excellent connectivity to downtown Vancouver, the Fraser Valley and the U.S. Pacific Northwest.
Crestpoint acquired a 50 per cent interest in this portfolio on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end fund. A local investor/developer acquired the other 50 per cent stake.
On Dec. 19, Crestpoint then acquired 190 Summerlea Rd., a fully leased 305,000-square-foot asset located in Brampton in the northern GTA. It sits on a 24.8-acre site in Bramalea Business Park and includes 10 acres of excess land.
The asset benefits from close proximity to a number of major highways and provides excellent connectivity to Pearson Airport, the CN Rail Brampton Intermodal terminal and to the rest of the GTA.
The remaining 50 per cent stake was acquired on behalf of another of Crestpoint’s institutional clients.
Crestpoint closing in on $10B of AUM
The acquisitions bring Crestpoint's total assets under management to over $9.5 billion and 35.4 million square feet.
They also cap off a very active 12 months for Crestpoint, during which it completed approximately $1.9 billion of acquisitions involving office, industrial, retail and multiresidential.
Among the activity was the creation of a joint venture with PROREIT in June involving $455 million worth of industrial properties.
Part of that transaction included the acquisition of a $228-million portfolio in the Halifax Burnside Industrial Park.
Its largest single acquisition during the year was the $494-million acquisition of a 90 per cent stake in a 2.8-million-square foot, multi-level Amazon distribution centre in Ottawa from Montreal-based developer Broccolini, which retained the other 10 per cent interest.
Crestpoint also acquired the 121 King St. W. office tower in Toronto’s downtown financial district in June.
The 540,000-square-foot, class-A building was also acquired for the Core Plus fund, as well as an unnamed institutional partner.
Crestpoint is a commercial real estate investment manager which is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients.
With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group, and its affiliates are collectively responsible for the management of approximately $104 billion in assets.