Toronto Investor Affirms Commitment To Suburban Office Sector
Toronto Investor Affirms Commitment To Suburban Office Sector
Commercial real estate investment firm Crown Realty Partners affirmed its commitment to the suburban office sector with the purchase of two properties in Toronto’s southwest suburbs.
The Toronto-based company said it acquired 1111 and 1122 International Blvd., a pair of seven-storey office properties in Burlington, about 60 kilometres southwest of Toronto. The purchase of the two buildings that encompass 271,571 square feet was made on behalf of Crown’s fifth value-add fund, CR V LP.
Both buildings were reported to be fully leased at the time of sale, according to CoStar information.
“This acquisition reflects Crown’s conviction that well-located, well-built assets, when paired with great management, will thrive in any cycle,” said Emily Hanna, managing partner of investments at Crown, in a statement announcing the purchase.
Crown did not disclose what it paid for the properties or the seller, but CoStar data indicates that the assets traded on June 17, and that 1111 International Nominee, a company tied to Fengate Asset Management, was the seller.
CoStar data shows the Greater Golden Horseshoe region that includes Burlington has outperformed Toronto’s office market with an average office vacancy rate of 5.5% and an availability rate of 6.5%, well below the national rates of 10% for office vacancy and 11.8% for availability.
“This comparative resilience is supported by several factors: more accessible and affordable parking, shorter commute times, and smaller firms having greater control over their return-to-office strategies, independent of global practices affecting Toronto-based headquarters,” CoStar said in a report.
The latest deal is the seventh for Crown Partners’ $260 million investment fund, which is backed by institutional investors and focused on generating value through active leasing, operational improvements and targeted capital upgrades.
For the record
The sale of the two Burlington office buildings was arranged by an investment sales team at Avison Young consisting of Jonathan Yuan and Richard Chilcott, a pair of principals and sales representatives, and Ankit Jindal, a director of the firm’s Capital Markets Group.
Source CoStar. Click here for the full story.
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