CREC Commercial Fund LP acquires Amazon fulfillment centre with Broccolini

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Ontario Construction News staff writer

Concertโ€™s CREC Commercial Fund LP said on Thursday that it has closed an agreement to purchase a 90 per cent interest in Ottawaโ€™s one-million sq. ft. Amazon distribution centre.

The fund has partnered with construction and development firm Broccolini, which retains a 10 per cent interest in the project. CBRE Canada facilitated the deal in its role as advisor.

The new building on a 96.2 acre site at 5225 Boundary Rd. in Ottawaโ€™s east end. It is the largest distribution centre in the National Capital Region.

The structure includes 35,000 sq. ft. of office and training space, a 36-ft. clear ceiling height, 99 truck-level doors and parking for more than 1,000 vehicles.

Broccolini, a family-owned, single-source provider of construction, development and real estate services that caters to industrial, commercial and residential markets completed the buildingโ€™s construction in July. Amazon has leased the project on a long-term bass.

โ€œThe closing of this acquisition with Broccolini and long-term lease by Amazon, represents an excellent opportunity for Concert to establish a foothold in the Ottawa region,โ€ said Brian McCauley, Concertโ€™s president and chief executive officer. โ€œWe are excited to be entering into a productive long-term partnership with a highly-reputed developer like Broccolini and the worldโ€™s leading e-commerce provider as a tenant, while supporting Concertโ€™s continued national growth and expansion.โ€

โ€œBroccolini is excited to be partnering with Concert on this project,โ€ says Michael Broccolini, vice-president, business development and finance. โ€œOur shared values ensure that Amazon will continue to receive the exceptional quality service that defines Broccolini and Concertโ€™s customer experience commitment.โ€

Concert says its fully-subscribed CREC Commercial Fund LP has approximately $1.7 billion in assets and will include more than 9.4 million sq. ft. of industrial and commercial properties.

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