- What Fengate Asset Management sold 1111 and 1122 International Boulevard
- Why Crown Realty Partners acquired the Burlington office buildings on June 17
- What next The acquisition was made through Crown’s CR V LP fund
Crown Realty Partners has acquired two Burlington, Ont., office buildings from Fengate Asset Management.
The purchase of 1111 and 1122 International Boulevard closed on June 17 at an undisclosed price. News of the purchase will be released today.
The acquisition was made through Crown’s $260m CR V LP fund, which now has closed on seven investments.
The seven-storey towers span a combined 272,000 sq ft and are 87% leased. Tenants include Equiton Living, Dairy Queen Canada and Soble & Associates.
The building at 1111 International Boulevard was completed in 2000 and offers a parking ratio of 3.8 stalls per 1,000 sq ft. The adjacent building was built in 2002 and has a parking ratio of 4.3 stalls per 1,000 sq ft. Amenities include fitness centres and end-of-trip facilities.
“Crown is looking forward to rolling out its amenitized offering to existing tenants including Activate by Crown building app, Workfit by Crown fitness centre and more as we look to build upon the best-in-class prominence of these buildings,” Scott Watson, managing partner of real estate services at Crown, told Green Street News.
The office buildings are on almost 13 acres near the intersection of International Boulevard and North Service Road. They’re approximately 100m from Queen Elizabeth Way, 1.5km from the Appleby GO station and within 6km of Highway 407 and Lakeshore Road.
They’re also 500m from the Burloak Towers complex, which LaSalle Investment Management offloaded parts of last year. A private investor purchased 5575 North Service Road for $12.5m, and Bellridge Capital acquired 1100 Burloak Drive and 5420 North Service Road for a combined $30.2m.
Crown, based in Toronto, acquires, leases, manages and redevelops commercial real estate properties across Canada. Les Miller is managing partner and chief executive.
Earlier this month, the firm listed a suburban Ottawa office complex for nearly $60m, which would generate a first-year capitalization rate of approximately 8%.
