Crown Acquires Five Asset Small Bay Industrial Portfolio in Ottawa East
Crown expands its Greater Ottawa Area footprint
TORONTO, Dec. 21, 2023 (GLOBE NEWSWIRE) — Crown Realty Partners (“Crown”) is pleased to announce the acquisition of a portfolio of industrial assets in Ottawa on behalf of its fifth value add fund, CR V LP. The portfolio includes five buildings, located at 2660 -2710 Lancaster Road, 2750-2772 Lancaster Road and 1117-1141 Newmarket Street, Ottawa, ON.
In total the portfolio consists of 205,251 square feet, all located within the Ottawa East submarket, a market that boasts a vacancy rate of less than 2% and is well-suited for a diverse range of businesses due to its immediate proximity to the Highway 417 and other major arterial roads that service nearby communities.
The properties offer a mix of unit sizes ranging from 2,500 to 11,900 square feet, allowing flexible layout options for tenants with a mix of drive-in/truck level shipping facilities available. Crown plans to add value to the assets by implementing various improvements, such as upgrading the units as tenancies roll, improving the exterior façades, landscaping and signage. Crown also intends to focus on energy-efficient upgrades, enhancing building HVAC and lighting systems. This will ensure the buildings continue to maintain their value proposition in the market.
The three buildings located on Lancaster Road are acquired in partnership with Ripple Developments (“Ripple”), a developer that specializes in small bay industrial properties. As this marks Ripple’s first Ottawa acquisition, Crown will oversee the management of this joint venture. Crown has repositioned over 20 small bay industrial/ flex office buildings on behalf of prior funds.
About Crown Realty Partners
Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with 10 million square feet of real assets under management, 3 million square feet of which are located in Ottawa. 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.
About Ripple Developments
Ripple Developments is a nimble and opportunistic real estate investment and development company producing exceptional results for its investors, tenants, and buyers. Founded in 2018, they focus on acquiring commercial and urban infill residential properties ranging from low rise residential to large-scale industrial and open-air shopping centres.
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
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