- What Crestpoint Real Estate Investments purchased a 396,000 sq ft small-bay industrial portfolio
- Why Crestpoint paid Desjardins $303/sq ft for the portfolio, translating to a low-5% cap rate
- What next There are 63 tenants across the six industrial buildings
Crestpoint Real Estate Investments has acquired full ownership of a multi-tenanted small-bay industrial portfolio in Mississauga for $120m, Green Street News can reveal.
Desjardins agreed to part with the Drew Kimbel Industrial Centre, comprising six buildings along Drew Road and Kimbel Street, at a valuation of approximately $303/sq ft. The price translates to a low-5% capitalization rate.
Crestpoint announced the deal last week without disclosing a price.
CBRE’s national investment team brokered the deal. The team marketed the 396,000 sq ft portfolio beginning in early 2025 with a pricing guidance of $320/sq ft.
Among the parties expressing past interest in the portfolio were KingSett Capital as well as Dream Industrial REIT. While at least 10 bids were made, Crestpoint had been considered the front-runner to acquire the portfolio for several weeks, sources familiar with the transaction said.
The properties, on 18 acres, are leased to 63 commercial tenants occupying over 90% of total leasable space. The longest lease term exceeds four years.
Clear heights across the buildings range from 18 to 21 ft. There is a total of 178 shipping doors and 549 parking spaces, according to marketing materials.
The buildings are in a central industrial node for the city near Toronto Pearson International Airport. An intermodal freight shipping terminal operated by CN Rail on Torbram Road is a kilometre away.
Crestpoint is an investor and asset manager based in Toronto. It is part of the Canadian asset manager Connor, Clark & Lunn Financial Group, which collectively has $142bn in assets under management.
In March, Crestpoint and an unnamed institutional investor teamed up to acquire full ownership of Unilever’s Brampton distribution centre, a 745,000 sq ft facility at 7900 Airport Road, for $253m.
Among recent industrial property deals for Mississauga, GWL Realty Advisors sold the 325,000 sq ft Millcreek Business Centre at 6725 Millcreek Drive to Soneil Investments in December for $100m, according to Green Street’s Sales Comps Database.
