Concert’s CREC Commercial Fund LP (the “Fund”) announced today that it has completed the purchase of a 100% interest in a fully-leased, three-story office building centrally located in the Brentwood neighbourhood of Burnaby, British Columbia.
As one of the fastest growing areas in Metro Vancouver, the Brentwood neighbourhood contains an abundance of commercial and social amenities. The property itself is located at the intersection of Willingdon Avenue and Halifax Street, nestled within a hub of new residential and commercial developments, including The Amazing Brentwood – one of British Columbia’s largest mixed-use community developments.
“This is Concert’s first acquisition in the Brentwood neighbourhood and we’re excited to be part of this rapidly growing community as we further expand our commercial portfolio in BC,” says David Podmore, OBC, Chair, President & CEO.
Currently home to the Provincial Health Services Authority (“PHSA”), the building comprises 160,654 square feet of well-maintained office space, with large floor plates of 52,000 square feet. PHSA, a well-recognized provincial government tenant, provides specialized health care services to communities across British Columbia, and with more than 23,000 employees, is one of British Columbia’s largest employers.
The property sits on a 2.58-acre lot within the core area of the Brentwood Town Center Development Plan, which identifies the site for high-density, mixed-use development consisting of residential and commercial uses.
The Brentwood Town Center Skytrain Station is located two blocks south of the property, providing convenient rapid transit connections to downtown Vancouver and Surrey. The location also allows for easy vehicle and bike access along Lougheed Highway and Willingdon Avenue, and is within short driving distance to Highway 1.
“We’re very pleased to acquire this premium office property in one of the fastest growing areas of BC. With a long-term, stable, government tenant in PHSA, this acquisition will contribute stable returns to both our portfolio and to our pension fund and institutional investors,” says Andrew Tong, Concert’s Chief Investment Officer and Managing Director, CREC Commercial Fund LP.
About CREC Commercial Fund LP
Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio. With ongoing plans to expand, this open-ended, limited partnership fund maximizes long-term value for investors by investing in, and actively managing, industrial and office real estate in Canada. The high-quality portfolio is managed by Concert and serves as Concert’s exclusive commercial platform. With the acquisition of this unique facility, the Fund’s value will increase to over $2.5 billion and will now include nearly 12 million square feet of industrial and office properties.
Since 1989, Concert has proudly developed, acquired and managed Canadian real estate in pursuit of building a people-first future. With over $8 billion in assets, we are backed and owned by over 200,000 Canadians, represented by union and management pension plans. We deliver condominiums, seniors' active aging communities, rental apartments, industrial and commercial properties, and public infrastructure projects, and in each business, our vision remains the same: building resilient, inclusive, sustainable communities.