Concert expands GTA industrial assets, buys Oakville multi-tenant bldg. • RENX

December 15, 2023
2 mins read
2023121547 oakville concert2340winstonpark600

Concert Income Properties has acquired this three-tenant industrial building at 2340 Winston Park Dr. in Oakville, Ont. (Courtesy Concert Income Properties)

Concert Income Properties has added to its Greater Toronto Area industrial holdings with the acquisition of a multi-tenant property at 2340 Winston Park Dr., along the Oakville-Mississauga municipal border, for $67.1 million.

The class-A property was built in 2003 and has been maintained to “institutional standards” by its former owner Morguard

“The 2340 Winston Park Drive building is optimally located, exceptionally maintained and highly functional, making it an excellent strategic fit for CIP,” David Podmore, Concert Properties’ chief investment officer and managing director of Concert Income Properties LP, said in the announcement.

“This is the type of asset that has historically been, and continues to be, at the core of CIP’s industry-leading performance.” 

The 202,165-square-foot facility is fully leased to three diverse, logistics-oriented tenants with unit sizes from 38,000 to 100,000 square feet. 

The property features 28-foot clear ceilings, a 160-foot-deep truck court. 20 truck-level doors and four drive-in doors. 

Near junction of Highway 403, QEW highway

The 9.5-acre site is located in the Town of Oakville, near the convergence of the QEW and Highway 403, providing easy access and connectivity across the GTA and beyond. 

The property is zoned for E3-Industrial and mixed commercial, which permits a variety of uses including warehousing, manufacturing, truck/transport terminals, wholesaling and flex office. 

In an email exchange with RENX, Concert’s Adrian Kozak, senior vice-president of investments, said the acquisition supports a long-running straegy.

“Industrial has been a key part of Concert Properties’ portfolio-building strategy and the fundamentals of this asset class continue to support our investment strategy across key markets within Canada,” Kozak wrote. “Specifically, this asset checks a lot of boxes that we look for – exceptional condition, highly functional, extremely well-located and fully leased to strong tenants.”

Concert remains in acquisition mode for these types of assets as well as others which support its current investment focus in major Canadian markets.

“Industrial and multifamily residential assets are well-supported by past and projected demographic and economic drivers and we maintain a core market focus with both,” Kozak wrote. “We recognize that in today’s market you have to play to the strengths of your team and your partners, and this acquisition fits well into our existing GTA industrial portfolio. 

“Our lender partners were equally as excited by this investment opportunity.”

The acquisition was completed after a competitive bidding process, Kozak confirmed to RENX, with RBC Capital Markets’ David Tweedie, Reid Taylor and Theo Christakis stewarding the sale.

Concert Properties, Concert Income Properties

Concert Properties was founded in 1989 and is a developer, owner and manager of Canadian real estate across several asset classes.

It is owned by union and management pension plans and institutional investors representing over 200,000 Canadians.

It develops, owns and 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, essential public infrastructure projects are invested in, developed and managed. 

The firm has grown to over $9 billion in assets, including $3.3 billion in infrastructure.

Formed in 2016, Concert Income Properties acquires, develops and manages industrial, office and multifamily residential real estate in Canada. An open-ended, limited partnership Canadian fund, it currently boasts an asset value of nearly $3.2 billion and 12.5 million square feet of leasable area. 

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