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TORONTO, — Crown Realty Partners (“Crown”) and Plaza Partners announced the closing of a joint acquisition at 30 Eglinton Avenue West, located at the intersection of Eglinton Avenue West and Hurontario Street, in Mississauga. 30 Eglinton is comprised of a 113,435 square foot office building and 51,296 square feet of retail on a 6.4 acre site.
The property, located at a prominent intersection in downtown Mississauga, is a prime location for mixed use redevelopment. It is fully serviced by Mississauga Transit and directly across from a future Hurontario LRT stop. The Property’s transit-oriented location positions it well for substantial future intensification for high-density residential purposes including the opportunity for a large-scale phased redevelopment which could include approximately 1.5 million sq. ft. of residential, commercial and retail space within multiple adjoining towers.
30 Eglinton is the first joint venture completed by Crown and Plaza Partners, with Crown’s 50% interest being acquired on behalf of its fourth value-add fund, Crown Realty IV Limited Partnership (“CR IV LP”). The partnership between Crown and Plaza Partners is a strategic one, with Crown overseeing the repositioning of the office component of the site, managing the leasing and property management. Plaza Partners will act as the development manager and oversee the rezoning/entitlement of the site as a mixed-use office, retail and residential community.
Emily Hanna, Partner, Investments at Crown said, “We see an opportunity to add value to the existing office building through building and tenant upgrades and a renewed leasing strategy. We are happy to be partnering with a leading developer, Plaza Partners, to realize our longer-term mixed-use vision for 30 Eglinton.”
Pinny Kaufman, President, Plaza Partners, added, “This is a unique opportunity to participate in a redevelopment that will enhance and complement the existing commercial uses at 30 Eglinton. We look forward to working with our partner to create another vibrant community in the City of Mississauga.”
About Crown Realty Partners
Founded in 2001, Crown Realty Partners is an integrated investment and management firm that acquires, manages and develops commercial real estate assets in Canada. Crown applies a hands-on approach to real estate management that delivers both higher performance for investors and a better experience for tenants. With over 9 million square feet of assets acquired and billions of dollars of assets under management, Crown has consistently delivered above market returns. CR IV LP has over $234 million of committed capital to invest and is actively seeking Canadian commercial real estate investment opportunities that fit the fund’s value-add investment mandate. www.crownrealtypartners.com.
About Plaza Partners
Plaza Partners is one of Toronto’s leading asset management firms. We invest in income-producing real estate properties with significant residential intensification upside. Our focus is on assets with strong urban locations and stable cash flow, which allows us to capture land value appreciation, and provides downside protection during the rezoning process. We utilize an integrated team and extensive network of industry contacts in the acquisition, management, rezoning and redevelopment of commercial and multi-residential real estate. Plaza Partners is affiliated with Plazacorp Investments Ltd.