Crown Realty and Plaza have created a joint venture to buy 30 Eglinton Ave. W. in downtown Mississauga. (Google Maps image)

Crown Realty Partners and Plaza Partners have partnered to acquire an office and retail property in Mississauga with potential for up to 1.5 million square feet of redevelopment.

The two firms said they have closed on 30 Eglinton Ave. W., at the intersection of Hurontario Street, in the city just west of Toronto. 30 Eglinton is currently comprised of a 113,435-square-foot office building and 51,296 square feet of retail on a 6.4-acre site.

The property, located at a prominent intersection in Mississauga’s downtown, is “a prime location for mixed-use redevelopment” the partners say in a release issued Tuesday afternoon.

“We see an opportunity to add value to the existing office building through building and tenant upgrades and a renewed leasing strategy,” said Emily Hanna, Crown partner, investments, in the release. “We are happy to be partnering with a leading developer, Plaza Partners, to realize our longer-term mixed-use vision for 30 Eglinton.”

30 Eglinton will be the first joint venture for Crown and Plaza Partners, with Crown’s 50 per cent interest being acquired on behalf of its fourth value-add fund, Crown Realty IV Limited Partnership.

The partnership between Crown and Plaza Partners is strategic. Crown will oversee the repositioning of the office component of the site and manage the leasing and property management. Plaza Partners will act as the development manager and oversee the rezoning/entitlement of the site as a mixed-use office, retail and residential community.

“This is a unique opportunity to participate in a redevelopment that will enhance and complement the existing commercial uses at 30 Eglinton,” said Pinny Kaufman, president of Plaza Partners, in the release.

“We look forward to working with our partner to create another vibrant community in the City of Mississauga.”

The property is fully serviced by Mississauga Transit and is directly across from a future Hurontario LRT stop. The transit-oriented location positions it well for substantial future intensification for high-density residential purposes.

This includes the opportunity for a large-scale phased redevelopment which could include approximately 1.5 million square feet of residential, commercial and retail space within multiple adjoining towers.

About Crown Realty Partners

Founded in 2001, Crown Realty Partners is an integrated investment and management firm that acquires, manages and develops commercial real estate assets in Canada. Crown applies a hands-on approach to real estate management that delivers both higher performance for investors and a better experience for tenants.

With over nine million square feet of assets acquired and billions of dollars of assets under management, Crown has consistently delivered above-market returns. CR IV LP has over $234 million of committed capital to invest and is actively seeking Canadian commercial real estate investment opportunities that fit the fund’s value-add investment mandate. 

About Plaza Partners

Plaza Partners is one of Toronto’s leading asset management firms. It invests in income-producing real estate properties with significant residential intensification upside.

Plaza’s focus is on assets with strong urban locations and stable cash flow, which allow it to capture land value appreciation, and provides downside protection during the rezoning process. Plaza Partners is affiliated with Plazacorp Investments Ltd.