Crown Realty Partners Announces Sale of 2300 Meadowvale Blvd and Initiates Capital Raising for its Fifth Value Add Fund
TORONTO, Nov. 27, 2020 (GLOBE NEWSWIRE) — Crown Realty Partners (“Crown”) announced the sale of 2300 Meadowvale Boulevard, Mississauga to an institutional buyer for $75.5 million or $315 psf. The property was originally acquired by Crown on behalf of its fourth value-add fund, CR IV LP, in June 2017 with a two-year leaseback from the original owner. Upon acquisition, Crown initiated the repositioning and marketing program for this corporate campus including large-scale capital upgrades to the common areas, amenities and parking facilities. Within 12 months, Crown completed a long-term lease for the entire property as the GTA office hub for one of the world’s largest healthcare companies.
Located on 23 acres within the Meadowvale Business Park in the City of Mississauga, the three-storey 240,000 sq. ft. building is easily accessible by the 400 series highways, public transit and the Meadowvale Go Station. The campus offers sprawling floorplates and plenty of greenspace, including ravines and on-site walking trails.“This is a high-quality and stable asset in Meadowvale, one of the most prominent suburban office markets in the GTA,” said Emily Hanna, Partner, Investments at Crown. “The custom build-outs and extensive tenant improvements demonstrate the tenant’s long-term commitment to the property, which helps guarantee a stable income for the new owner.” The buyer has chosen to retain Crown to continue to oversee the management of the property.Crown is actively seeking additional value-add investments and has begun fundraising for its fifth value-add fund, CR V LP.About Crown Realty Partners
Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with over two billion dollars 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.
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