- What Crown Realty Partners has agreed to sell 36-38 Antares Drive for approximately $11.5m
- Why This is the buyer’s first acquisition in Canada’s capital
- What next The valuation works out to approximately $142/sq ft
Crown Realty Partners has agreed to sell 36-38 Antares Drive for about $11.5m, Green Street News can reveal.
The Class-B flex office/industrial property comprises two buildings spanning 81,000 sq ft combined. The valuation works out to approximately $142/sq ft.
The buyer is a private investor from Vancouver, and this is its first purchase in Canada’s capital. According to market pros, the buyer recognized the value of Ottawa and was willing to outbid local competitors. Marcus & Millichap’s IPA division had the listing. The deal is slated to close in mid-August.
Crown purchased 36-38 Antares Drive 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.
The Antares buildings are over 90% leased. Tenants of 36 Antares Drive include Bureau Veritas, FuturPlus and Superior Plumbing & Heating of Nepean. Francis Home Environment, Honey Construction Management and Mortgages With Sue lease space at 38 Antares Drive.
The property was built in 1986 and renovated in 2016. Improvements include reclad exteriors and new lobbies and elevators. Parking is available at a ratio of three spaces/1,000 sq ft.
According to leasing materials, net rent at the buildings ranges from $14/sq ft to $16.50/sq ft, while additional rent is $11.47/sq ft. The weighted average asking net rent in Ottawa’s suburban office markets was $15.14 in Q2, according to Colliers. The suburbs had a vacancy rate of 12.1%, slightly above the city’s overall average of 11.5%.
Near the intersection of West Hunt Club Road and Prince of Wales Drive, 36-38 Antares Drive are 12 km from downtown Ottawa in Nepean. The buildings are close to OC Transpo routes and are 5 km from Ottawa International Airport.
Crown Realty Partners acquires, leases, manages and redevelops commercial real estate across Canada. Les Miller is chief executive and managing partner of the Toronto-based company.
Correction (07/26/2024): This article was revised to reflect that Crown Realty has agreed to sell the property and that the deal is slated to close next month.
