Ontario Construction News staff writer
Concert’s CREC Commercial Fund LP said on Thursday that it has closed an agreement to purchase a 90 per cent interest in Ottawa’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 Ottawa’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 building’s construction in July. Amazon has leased the project on a long-term bass.
“The 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,” said Brian McCauley, Concert’s president and chief executive officer. “We are excited to be entering into a productive long-term partnership with a highly-reputed developer like Broccolini and the world’s leading e-commerce provider as a tenant, while supporting Concert’s continued national growth and expansion.”
“Broccolini is excited to be partnering with Concert on this project,” says Michael Broccolini, vice-president, business development and finance. “Our shared values ensure that Amazon will continue to receive the exceptional quality service that defines Broccolini and Concert’s customer experience commitment.”
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.