The South Surrey Business Park in Greater Vancouver has been acquired by Crestpoint Real Estate. (Courtesy Crestpoint)
Crestpoint Real Estate Investments Ltd. announced Thursday it has acquired major properties in two Canadian metropolitan areas; the Centre on Barton shopping centre in Hamilton, and the South Surrey Business Park in Metro Vancouver, for a total expenditure of over $300 million.
Following these acquisitions, Crestpoint’s total assets under management have grown to approximately $5.3 billion.
“To grow the portfolio with such high-quality assets in a difficult environment, especially in the industrial sector, should provide long-term tangible benefits to our portfolio,” said Kevin Leon, president and founder of Crestpoint, in the announcement. “Despite a challenging year, Crestpoint managed to acquire over $700 million of high quality properties across Canada in 2020.”
The Centre on Barton is one of the few major retail transactions to occur in Canada since the beginning of the pandemic, which hit some sectors of the shopping sector hard due to government-mandated lockdowns and other restrictions.
South Surrey Business Park
The park comprises properties at 2920 188th St., 18899 28th Ave., 18880 30th Ave. and 2945 190th St, in Surrey, with easy access to the Canada-U.S. border,
South Surrey Business Park is a state-of-the-art, multi-tenant class-A industrial park which was built between 2018 and 2020 by Hopewell Development (the industrial/retail development division of Calgary-based Hopewell Group of Companies).
The industrial complex is situated on a 38.9-acre site and is comprised of four buildings spanning 731,000 square feet.
The buildings feature 32-foot clear heights, over 150 loading doors and an abundance of parking, Crestpoint says. Occupying a full city block, the property is located close to four municipal roads and multiple highways. It is fully leased to a roster of tenants which include Amazon and DSV Solutions.
“This acquisition provides Crestpoint with the opportunity to own a best-in-class industrial park that is fully leased to a resilient roster of tenants at below-market rents, presenting the opportunity to increase income upon rollover,” Leon said in the release.
The Centre on Barton
Centre on Barton is a 677,000-square-foot open-format regional shopping centre on a 66.4-acre site at 1275 Barton St. E.
The property is comprised of 23 buildings and is currently 87 per cent leased to over 60 national and regional tenants. It is anchored by Walmart, Metro and Canadian Tire and has a diverse roster of ancillary tenants including Shoppers Drug Mart, LCBO, The Brick, Staples and all five Schedule I Canadian banks.
Built between 2009 and 2013, the site offers local and regional access as it sits between the Queen Elizabeth Way and downtown Hamilton. It’s within close proximity to several bus routes and GO Transit stations.
“We strongly believe that this ideally situated, defensive retail asset is a great addition to our well-diversified portfolio of commercial real estate. This asset provides long-term, steady cash flow from strong credit tenants with great access to a large population base that can withstand the retail transformation currently underway.” Leon said in the release.
About Crestpoint Real Estate Investments Ltd.
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager with $5.3 billion of gross assets under management.
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, and London, Connor, Clark & Lunn Financial Group and its affiliates manage over $85 billion in assets. For more information, please visit: www.crestpoint.ca.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
