Toronto, ON–(June 6, 2017) Crown Realty Partners (“Crown”) announced today that it has closed on the off market acquisition of a 50.375% equity interest in 45-47 Sheppard Avenue East, Toronto (the “Property”) on behalf of its third value-add fund, Crown Realty III Limited Partnership (“CR III LP”). Crown will continue to manage and lease the Property, as it has on behalf of its co-owners since 2002 when Crown purchased a 100% interest in the Property on behalf of numerous private investors.
The Property is located on 2.95 acres within the North Yonge corridor and features both a nine-storey (45 Sheppard) and seven-storey (47 Sheppard) building that collectively total 230,900 square feet. The Property offers efficient floor plates (typical size of 14,500 sq. ft.) and is located within a short distance of the Yonge-Sheppard Subway station. Home to the Small Claims Court for the Superior Court of Justice, the Property attracts professional tenants including several legal and paralegal practices. Crown is currently marketing for lease an upcoming office vacancy of 15,110 square feet on the fifth floor of 47 Sheppard Avenue East.
The Property is within close proximity to the reinvigorated Sheppard Centre and recently constructed Hullmark Centre. “This asset is located within the North Yonge Corridor, one of the most transformational office nodes in the GTA.” said Emily Hanna, Partner, Investments at Crown Realty Partners. “This is the final investment for CR III LP, which has, to this point, acquired over 1.6 million square feet of space within Markham, Mississauga, North York and downtown Toronto.”
This transaction marks the closing of CR III LP which has invested over $165 million of equity in eleven investments. Crown continues to actively seek Canadian commercial real estate investment opportunities for its most recent value-add fund, Crown Realty IV Limited Partnership, which has raised over $200 million of committed capital to date.
About Crown Realty Partners
Founded in 2001, Crown Realty Partners is an integrated investment and management firm that acquires, manages and develops commercial real estate assets in Canada. Crown applies a hands-on approach to real estate management that delivers both higher performance for investors and a better experience for tenants. With over 8.5 million square feet of assets acquired and billions of dollars of assets under management, Crown has consistently delivered above market returns. For more information, visit www.crownrealtypartners.com.
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Crown Realty Partners