Three years after purchasing 2300 Meadowvale Blvd. from its owner-operator, Crown Realty Partners has sold the office campus in Mississauga to an institutional buyer.
The $75.5-million sale, announced Friday, values the three-storey, 240,000-square-foot building at $315 per square foot.
“This is a high-quality and stable asset in Meadowvale, one of the most prominent suburban office markets in the GTA,” said Emily Hanna, partner, investments at Crown.
“The custom build-outs and extensive tenant improvements demonstrate the tenant’s long-term commitment to the property, which helps guarantee a stable income for the new owner.”
Crown will continue to manage the property, which is fully occupied. When acquired in June 2017, 2300 Meadowvale was the first asset purchased for Crown’s fourth value-add fund, CR IV LP.
Crown bought, improved property
Purpose-built in 1986 to house GE Canada’s head office, it was one of the first LEED-certified buildings in Canada. Upon its acquisition, Crown began repositioning the campus, including large-scale capital upgrades to the common areas, amenities and parking facilities.
Within 12 months, Crown completed the long-term lease for the entire property.
The 23-acre site features easy access to Highway 401, transit access at the front of the property and is near the Meadowvale GO station, providing a commuter rail link to downtown Toronto.
The campus offers sprawling floorplates and plenty of greenspace, including ravines and on-site walking trails.
Crown is actively seeking additional value-add investments and has begun fundraising for its fifth value-add fund, CR V LP.
Toronto-based Crown Realty Partners acquires, leases, manages and redevelops commercial real estate assets across Canada. It is focused on value-add opportunities and has over $2 billion of real assets under management.
EDITOR’S NOTE: This article was edited after publishing to remove incorrect information about the current tenant. RENX apologizes for the error.