Concert Income Properties has expanded its presence in one of Western Canada’s fastest-growing industrial areas, acquiring the 436,921-square-foot Rockyview Business Park near Calgary.
The park comprises three multi-tenant warehouse and distribution centre buildings in Rocky View County, on the northern border of the City of Calgary. It was developed between 2013 and 2015 by a partnership of Morguard and Verus Partners.
“This acquisition underscores our commitment to investing in strategically located, prime industrial properties that offer both stability and growth potential,” Christine Bergeron, the president and CEO of Concert Properties, said in the announcement. “Rockyview Business Park exemplifies the calibre of assets that are integral to our portfolio’s success.”
Financial details of the transaction were not immediately disclosed.
The property sits on 24.38 acres of prime industrial land and is occupied by a diverse mix of 13 tenants, consisting of international, national and local companies.
The buildings offer clear ceiling heights ranging from 24 to 28 feet, truck circulation and parking areas, 60 dock loading and 22 grade loading doors.
It is near major transport arteries including Stoney Trail Ring Road, Trans-Canada Highway, Queen Elizabeth II Highway and the CANAMEX corridor. Tenants can be at the Calgary international airport in 12 minutes and downtown in less than 20 minutes.
About Concert Properties
Vancouver-based Concert Properties was founded in 1969 and develops, acquires and manages Canadian real estate across a range of sectors.
It manages rental apartments and seniors’ active aging communities; develops condominium homes; and develops, acquires and manages industrial and commercial properties through its two corporate entities, Concert Real Estate Corporation and Concert Income Properties.
Through Concert Infrastructure, an independent corporate entity, the firm invests in, develops and manages public infrastructure projects.
Concert has grown to over $9 billion in assets, including $3.3 billion in infrastructure.
The firm is owned by union and management pension plans and institutional investors representing over 200,000 Canadians.
Formed in 2016, Concert Income Properties focuses on the acquisition, development and management of industrial, office and multifamily real estate in Canada.
Supported by Canadian pension funds and institutional investors, the open-ended, limited partnership Canadian fund has an asset value of $3.3 billion and 13.1 million square feet of leasable area.