Crown Realty Partners Buys Office Complex for $25.6 Million in Toronto Suburb
Crown Realty Partners Buys Office Complex for $25.6 Million in Toronto Suburb
Slate Office REIT and New York Investor Sell Two-Building Complex in Mississauga
Crown Realty Partners said it bought a two-building office complex in the Toronto suburb of Mississauga, a purchase made through its largest fund to date.
Toronto-based Crown Realty did not disclose the price, but property records show the Sheridan Exchange sold for $25.6 million and one of the sellers was Slate Office REIT.
The Sheridan Exchange, a 160,178-square-foot complex located at 2655 and 2695 North Sheridan Way, was 93% occupied at the end of the third quarter, according to a quarterly filing from Slate Office. The REIT owned 75% of the building with New York-based Wafra Inc. owning the remaining 25% stake.
The deal closed Feb. 1, according to property records.
Slate Office’s share price has dropped below $1, a long way from the $10 that the REIT started trading at in 2013. In November 2023, the REIT cut its distribution, but last month Slate Office said it agreed with one of its largest unitholders to boost its debt limits.
Slate Office has indicated it would consider selling assets as it looks to improve liquidity and strengthen its balance sheet.
“We are introducing a portfolio realignment plan to reposition the REIT for the long term. This plan will see the REIT divest noncore assets in certain Canadian markets that are not strategic for the REIT in the long term. Proceeds from the sale of these assets will go towards repayment of the debt and general liquidity of the REIT’s business operations,” said Brady Welch, interim chief executive of Slate Office, during a call with analysts in November.
Slate Office did not release a statement about the sale of the Sheridan Exchange.
Largest Fund
Crown Realty said its purchase of the office complex in Mississauga was made through its fifth value fund, CR V LP, and was the fund’s fourth acquisition. The fund is the company’s largest to date with $260 million of capital committed from institutional investors, according to a statement from Crown Realty.
“Crown continues to seek commercial real estate investment opportunities that align with Crown’s value-add investment thesis,” said Emily Hanna, managing partner of investments with Crown Realty, in a statement.
The company plans to improve the amenities at the Sheridan Exchange. It will revitalize the common areas and the main lobby and initiate its model suites program to create tenant-ready space.
“These assets have had a long history of success with excellent tenants in place,” said Scott Watson, managing partner of acquisition and leasing with Crown Realty, in a statement.
The company’s office portfolio comprises 2.5 million square feet in Mississauga, according to the statement.
Source CoStar. Click here to read a full story.
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