Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the completion of its acquisition of a 50 per cent interest in a 4.4 million square foot industrial portfolio in Calgary, Alberta.
Located in close proximity to the Calgary International Airport, 13 of the 14 Class “A” industrial properties are located within two industrial parks, Stoney Industrial Centre and StoneGate Landing. The fourteenth building is located in the CN Calgary Logistics Park, in Rocky View County.
“We are thrilled to be further diversifying our portfolio through the acquisition of 14 best-in-class industrial buildings as well as future development land in the Greater Calgary area. Calgary’s industrial market remains strong as the City continues to establish itself as the major distribution hub for Western Canada,” said Kevin Leon, President of Crestpoint in the company’s press release.
The portfolio is currently leased to a diverse roster of national and international tenants including Walmart, Whirlpool Canada and Kuehne + Nagel. The portfolio is comprised of all-new generation distribution facilities built between 2008 and 2019.
Following this acquisition, Crestpoint’s total assets under management for its growing commercial real estate portfolio are over $4.5 billion.