Crown Realty Partners Announces Acquisition in Toronto’s Downtown West and Initial Closing of Fourth Value-Add Fund
Apr 12, 2017
Apr 12, 2017
Toronto, ON–(April 12, 2017) Crown Realty Partners (“Crown”) announced today that it has closed the acquisition of 111 Peter Street, Toronto, acquired on behalf of its third value-add fund, Crown Realty III Limited Partnership (“CR III LP”) and other institutional co-investors.
Located within Toronto’s supply-constrained Downtown West sub-market, on the east side of Peter Street and south of Richmond Street, 111 Peter Street is in the heart of a vibrant office node that has traditionally appealed to TAMI (Technology, Advertising, Media and Information) tenants. It also benefits from its close proximity to Toronto’s Downtown Financial Core. Initially constructed in 1972 to house manufacturing and warehouse activities for the garment industry, the 252,000 square foot building features underground parking, large floor plates (29,000 sq. ft.), high ceilings, spacious corridors, freight elevator and superior loading facilities which serve to provide the flexibility to accommodate different sizes of tenants. Tenants include Influitive, Varage Sale, Leonardo Worldwide Corp. and Breather.
Crown is currently marketing for lease a retail vacancy of 10,505 square feet on the ground floor of the building. The opportunity to enhance the retail offering at the property, together with the existing Independent City Market within the building will improve upon the exceptional amenities offered to office tenants and nearby condominium residents. “We are excited to complete this acquisition as it appeals to a broad range of tenants within a dynamic office node,” commented Emily Hanna, Partner, Investments, Crown Realty Partners. “This asset also contributes to the geographic diversity of CR III LP, which has, to this point, acquired over 1.4 million square feet of space within Markham, Mississauga and North York.”
Crown is also pleased to announce the successful initial closing of its fourth value-add fund, Crown Realty IV Limited Partnership (“CR IV LP”) with $120 million of committed capital to date. The fund is expected to close later this year with capital in excess of $200 million and will build upon the success of its previous three value-add funds. Crown continues to actively seek Canadian commercial real estate investment opportunities that fit the Fund’s value-add investment mandate.
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