TORONTO, March 14, 2023 /CNW/ - Crestpoint Real Estate Investments Ltd. ("Crestpoint") today announced the acquisition of a new industrial property, Coastal Heights Distribution Centre.
This newly constructed 428,000 square foot facility features best-in-class industrial warehouse characteristics including a clear height of 36 feet, 49 dock doors accessed through a secured loading courtyard, an efficient layout, excellent ingress, and egress provided through four access points, and ample parking. Situated on a 19 acre site in the Campbell Heights industrial area in Surrey, B.C., the property is strategically located near several key highway series and provides easy access to the Canada-U.S. border. The building is 100% leased for 10 years to a Fortune 500 company. Crestpoint acquired a 100% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, along with two institutional clients of Crestpoint's.
The closing of this acquisition brings Crestpoint's total assets under management to over $9.7 billion and 36.0 million square feet.
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. 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, London, and Gurugram, India, Connor, Clark & Lunn Financial Group, and its affiliates are collectively responsible for the management of approximately $104 billion in assets. For more information, please visit: www.crestpoint.ca.
SOURCE Crestpoint Real Estate Investments Ltd.
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