Crestpoint grows industrial portfolio through acquisition of 846,000 SF business park in Edmonton, Alberta
TORONTO, Feb. 10, 2021 /CNW/ - Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the acquisition of Northport Business Park in Edmonton, Alberta. Following this major acquisition, along with continued growth within its existing portfolio, Crestpoint's total assets under management have grown to $5.8 billion.
EDMONTON, AB
Northport Business Park – 17306 129 Ave., 17408 129 Ave., 17315 129 Ave., 12908 170 St. & 12861 175 St.
Northport Business Park is a Class-A new-generation warehousing and distribution complex located in northwest Edmonton. Built from 2009-2015, the property is comprised of five state-of-the-art buildings totaling 846,000 square feet and also includes 16.5 acres of outdoor storage yards, and 42.8 acres of serviced excess land which could support an additional 700,000 square feet of density. Strategically positioned in proximity to surrounding transportation corridors, the property provides quick access to several major highways and the CN Edmonton Intermodal terminal. It is 94% leased to 11 tenants operating in various industries including third-party logistics, medical distribution, and building supply. Crestpoint acquired the asset within the "Crestpoint Core Plus Real Estate Strategy," Crestpoint's open-end Fund.
"Crestpoint's acquisition of Northport Business Park, a premier Class-A industrial park, is a great addition to our portfolio's existing number of quality industrial assets located across Canada. As the gateway to the north, Edmonton is conveniently located in several trade corridors, providing distribution and logistics companies with strategic access to all of northern Alberta, northern British Columbia and many parts of Saskatchewan. As e-commerce adoption continues to grow, we anticipate that the demand for quality industrial space, such as Northport, will continue to drive absorption and rental growth." said Colin MacKellar, Executive Vice President & COO of Crestpoint.
About Crestpoint Real Estate Investments Ltd.
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with $5.8 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, New York and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $86 billion in assets. For more information, please visit: www.crestpoint.ca
SOURCE Crestpoint Real Estate Investments Ltd.
Kevin Leon, President, Crestpoint Real Estate Investments Ltd., (416) 304-6632, [email protected]
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