Toronto-based Crown Realty Partners, commercial real estate investment and management firm focused on value-add opportunities across Canada, has acquired a portfolio of five industrial assets in Ottawa on behalf of its fifth value add fund, CR V LP.
The portfolio consists of 205,251 square feet, all located within the Ottawa East submarket, a market with a vacancy rate of less than 2%. The properties offer a mix of unit sizes ranging from 2,500 to 11,900 square feet, allowing flexible layout options for tenants with a mix of drive-in/truck level shipping facilities available.
Crown plans to add value to the assets by implementing various improvements, such as upgrading the units as tenancies roll, improving the exterior façades, landscaping and signage. Crown also intends to focus on energy-efficient upgrades, enhancing building HVAC and lighting systems. Three of the buildings were acquired in partnership with Ripple Developments, a developer that specializes in small bay industrial properties; this marks Ripple’s first Ottawa acquisition and Crown will oversee the management of this joint venture.
Crown did not disclose the name of the portfolio’s seller or the acquisition price.