- What Crown Realty Partners will float 14 and 20 Colonnade Road this week
- Why The properties will be marketed unpriced, but the seller is eyeing bids of $200 to $250/sq ft
- What next Cushman & Wakefield has the assignment
A pair of office buildings in Ottawa could fetch offers upwards of $11m when they come to market this week, Green Street News can reveal.
Cushman & Wakefield has the marketing assignment for 14 and 20 Colonnade Road on behalf of Crown Realty Partners. The properties will be listed unpriced when they come into play this week, but the vendor is eyeing bids of $200 to $250/sq ft.
The valuation for the Colonnade Road properties, which combine for 56,000 sq ft, works out to $11.2m to $14m. The buildings are 100% leased with a weighted average lease term of two years.
Thales Canada is the sole tenant at 20 Colonnade Road and is one of three tenants at 14 Colonnade Road. Thales’s lease is up for renewal at the end of 2025. According to leasing materials, net rent is $14.50/sq ft and additional rent is $16.61/sq ft.
The sales campaign will pitch the properties as a prime opportunity for owner-occupiers. The buildings’ size has proved attractive to that class of buyer over the last 12 to 18 months. Both assets were originally multi-tenant buildings and could be reconfigured as such, broadening the buyer pool to smaller users.
Crown purchased 14 and 20 Colonnade Road from CanFirst Ottawa Properties in April 2020 as part of a $56.4m portfolio deal. Crown has been leasing up and selling the 23 office and flex-office buildings acquired in that transaction, including 36-38 Antares Drive. The Colonnade Road properties are the last assets remaining.
Near the intersection of Merivale Road and West Hunt Club Road in the Nepean area, 14 and 20 Colonnade Road are 10 km south of downtown Ottawa. The two-storey properties were built in 1988 and offer parking at a ratio of 3:1,000 sq ft.
Ottawa International Airport and Highways 416 and 417 are within 10km, and OC Transpo routes service the properties.
Crown acquires, leases, manages and redevelops commercial real estate across Ontario. Les Miller is chief executive and managing partner of the Toronto-based company.
