TORONTO, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Crown Realty Partners ("Crown") has completed the first acquisition for its value-add fund, Crown Realty V Limited Partnership ("CR V LP" or the “Fund”). The property, known as Park of Commerce, consists of four office buildings and is located within the Greater Ottawa Area along the Queensway Corridor.
CR V LP is the fifth value-add closed-end fund managed by Crown and offers institutional and family office investors enhanced returns through Crown’s active approach to management. Crown successfully raised approximately $260 million in equity commitments as of October 2021 and will focus on investments within Canada’s primary office markets, especially the Greater Toronto Area and the Greater Ottawa Area.
The complex is LEED Gold and BOMA BEST Gold certified, features an abundance of greenspace, and includes a parcel of land that could accommodate future residential development in a growing node.
Emily Hanna, Managing Partner of Crown says, “This transaction represents an important step for our Fund as we optimise economic return targets and sustainability goals within our value enhancement strategy. Part of Crown’s plan is to focus on capital upgrades that improve accessibility and contribute to energy efficiency and GHG emission reductions. These will enhance the experience of building occupants while protecting the long-term resiliency of this investment.”
Park of Commerce is a 415,000 square foot Class A Complex, comprised of four office buildings located at 1400, 1410, 1420, 1430 Blair Towers Place. It is located within a vibrant suburban office node and benefits from proximity to major highways, Ottawa’s O-Line LRT and an abundance of retail amenities. The complex offers ample parking, spacious common areas and efficient floor plates which provide the flexibility to accommodate tenants of different sizes.
"We are excited to complete this acquisition as it appeals to a broad range of tenants looking for a Class A environment with unlimited amenities nearby. Our model suite program will commence shortly with move-in ready spaces from 1,000-10,000 square feet," says Scott Watson, Managing Partner, Crown.
Crown is preparing for the closing of another acquisition on behalf of the Fund within the next month, a portfolio located within the GTA. Crown continues to seek additional Canadian commercial real estate investment opportunities that fit the Fund's value-add investment mandate.
About Crown Realty Partners
Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with approximately $3B of real assets under management. Founded in 2001, Crown has a well-established track record, an experienced team and takes a hands-on approach to provide superior returns for investors and better workplaces for tenants.
For further information, please contact:
Emily Hanna, PhD
Managing Partner, Investments
ehanna@crp-cpmi.com
647.729.2609
Scott Watson
Managing Partner, Acquisitions & Leasing
swatson@crp-cpmi.com
647.729.2617
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31a55531-dd18-4e54-8d9d-30662aabddb4
