Toronto-based Crestpoint Real Estate Investments Ltd. has added two major Calgary office properties to its portfolio.
The company announced that the acquisitions of Stampede Station and TransAlta Place were completed on January 30.
“While Crestpoint has existing industrial and retail assets in the Greater Calgary Area, we are excited to announce that these two acquisitions mark our first office investments in Calgary,” said Kevin Leon, President of Crestpoint, in a news release.
“This investment is attractive as it provides a cost base well below replacement cost, an attractive going-in yield and upside in the future either through re-leasing the existing office space or at some point in the future the creation of high-rise residential projects. The Beltline continues to be one of Calgary’s fastest growing areas given the convenient access to amenities, attractions, public transit and recent multi-residential development.”
Stampede Station is located at 1327 and 1331 Macleod Trail S.E.
“Located in Calgary’s Beltline neighbourhood within close proximity to the downtown core, Stampede Station is a 162,000 square foot, 10-storey Class-A office building with ground-floor retail and 373 underground and surface parking stalls,” said Crestpoint. “Built in 2008, it has achieved LEED-EB Gold, BOMA BEST Gold, and Energy Star certification. It is leased to a variety of long-term high-quality tenants including Rogers Insurance, AppDirect and Enerflex Systems.
“Stampede Station is strategically situated across the street from the BMO Centre, Calgary’s largest convention centre, and within quick access to the Victoria Park/Stampede CTrain station. The acquisition includes 0.64 acres of land zoned for future residential development. Crestpoint acquired a 100 per cent interest on behalf of the Crestpoint open-end fund.”
TransAlta Place is located at 110 12th Avenue S.W.
“Located in Calgary’s Beltline neighbourhood, TransAlta Place is comprised of three office buildings totaling over 336,000 square feet and 295 underground parking stalls, encompassing an entire city block. The building is a unique property as it has a campus feel with multiple towers, plenty of amenity space and is situated close to the downtown core. The complex is 100 per cent leased to TransAlta, Canada’s largest clean electricity provider. TransAlta Place is situated adjacent to the proposed Green CTrain line, which is scheduled to be completed in 2026. Crestpoint acquired a 100 per cent interest on behalf of its open-end fund.”
Crestpoint also announced the acquisition of the Place du Canada, 384,000-square-foot, 22-storey office building in Montreal.
The total value, it said, of its three acquisitions is $190 million and brings Crestpoint’s total assets under management to $4.9 billion.
Mario Toneguzzi is a business reporter in Calgary.
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