TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Crown Realty Partners (“Crown”) is pleased to announce the acquisition of 5750 Explorer Drive, a premier office property located in Mississauga’s Airport Corporate Centre, in an off-market transaction. This investment, made on behalf of Crown’s fifth value-add fund, CR V LP, reinforces Crown’s strategy of acquiring high-quality assets in prime locations with strong growth potential.
5750 Explorer Drive is a 108K square foot office building that stands out for its prominent location, offering remarkable visibility and a significant building signage opportunity along Highway 401. Located at the heart of one of Mississauga’s most active business hubs, this LEED silver certified property aligns with Crown’s commitment to sustainable building practices and creating efficient, environmentally conscious spaces that enhance the tenant experience. 78% leased, the property is occupied by 10 tenants including Hershey Canada, Skygrid Construction, and BMO.
In line with Crown’s focus on offering exceptional workplaces, Crown plans to upgrade the common areas and main lobby to create an inviting atmosphere for tenants and visitors. Additional energy-efficient retrofits together with Crown’s model suite program at the property will assist in elevating the building’s appeal to top-tier tenants.
This represents Crown’s sixth acquisition on behalf of CR V LP Crown’s value-add fund that has secured $260 million in capital commitments from institutional investors. The fund continues to seek acquisition opportunities that align with Crown’s value add investment strategy.
About Crown Realty Partners
Crown Realty Partners is an integrated commercial real estate investment and management firm with a strong focus on value-add opportunities throughout Canada. With over 10 million square feet of real assets under management, 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 more information, please contact:
Scott Watson
Managing Partner, Acquisitions & Leasing
swatson@crp-cpmi.com
647.729.2617
Emily Hanna, PhD
Managing Partner, Investments
ehanna@crp-cpmi.com
647.729.2609
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cece768-ba00-4d2f-afed-a6929ca93e64
