CREC Commercial Fund LP has added a landmark asset to its commercial real estate portfolio, with the $158.25 million acquisition of an 895,038-square-foot warehousing and distribution facility at 8875 Torbram Road in Brampton, Ontario.
Situated on 37.4 acres in Bramalea Business Park, the recently completed, state-of-the-art, 38-foot clear height, LEED Gold Certified industrial warehouse is located near major highways, two intermodal terminals, transit and Toronto Pearson International Airport. The building is the largest LEED Gold Certified building in Canada, and is fully leased to leading retail and logistics companies.
It is the first acquisition made by CREC Commercial Fund, the new commercial real estate fund for Vancouver-based Concert Properties Ltd.
“Our new asset is perfectly suited to serve the needs of modern supply chain management systems, which are driving the demand for warehouse distribution facilities close to urban areas with access to both labour and transit, in addition to the scale and functionality of the buildings themselves,” said David Podmore, Concert’s Chairman and CEO. “Demand for high quality warehouse space in close proximity to Toronto’s growing business and residential communities will only continue to grow.”
The Fund holds a diversified Canadian portfolio with assets valued at more than $1 billion. With this new acquisition, CREC Commercial Fund LP has grown to 61 office and industrial properties totaling nearly 8.5 million square feet. Concert maintains a 60 per cent interest in the Fund and serves as the Fund Manager.
