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TORONTO, ONTARIO--(Marketwired - Jan 5, 2016) - Canderel & Fiera Properties today announced that the companies have completed the acquisition of 3500 Steeles Avenue East in Markham. Canstone Realty Advisors acted as the advisor to Canderel and Fiera and Canstone will have an ongoing strategic management role. Cushman and Wakefield represented the vendor.
3500 Steeles Avenue East is a 550,000 square foot office building that is home to TD Bank, Geodis Canada, and others. Located in Markham, the building has direct Highway 404 access and is well connected to transit, including the TTC, VIVA (York Region Transit), and GO Transit. 3500 Steeles has an outstanding dual power feed system which provides its occupants un-paralleled quality of electricity. This is a unique advantage and gives the property a "niche" appeal that doesn't exist in the marketplace.
This distinctive office campus was originally constructed in 1980, and with a site area of over 40 acres, presents a strategic opportunity for Canderel & Fiera Properties. "Fiera Properties is very pleased to partner with Canderel in the acquisition of 3500 Steeles Ave. The stable nature of the asset and long term enhancement opportunities fit very well with Fiera's investment objectives. This property represents an addition to the partnerships already in place between Canderel and Fiera Properties and we look forward to working with Canderel on the execution of our long term strategy at 3500 Steeles," added David Pappin, Vice President of Investments, Fiera Properties.
Richard Diamond, Senior Vice President of Canderel said "The purchase is a testament to our continued commitment to the Greater Toronto Area. We are confident in the growth being experienced in the suburbs of Toronto, most notably Markham, and the purchase of 3500 Steeles reinforces this notion. In addition, we are delighted with the excellent relationship that has been developed with the Fiera Properties team through the purchase of 3500 Steeles and additional assets."
ABOUT FIERA PROPERTIES
Fiera Properties is a Canadian real estate investment management company that provides direct real estate investment opportunities to institutional investors, foundation and endowment clients, and High-Net-Worth investors. Fiera Properties is partnered with Fiera Capital, a leading publicly traded, independent investment firm with approximately $89 billion in assets under management. As part of the Fiera Capital family of alternative asset offerings, Fiera is a team of experienced real estate practitioners backed with the kind of support that offers innovative solutions to clients' investment challenges.
Fiera is committed to providing superior client-driven investment strategies that continuously generate value for investors.
Fiera's vision is to be the most trusted real estate investment management firm in Canada as recognized by its stakeholders.
For more information about Fiera Properties, visit www.fieraproperties.com.
The acquisition of 3500 Steeles represents another expansion of Canderel's portfolio in the Toronto area. Canderel already has management or ownership interests in several significant properties including 1075 Bay Street, 777 Bay Street, 70 York Street, Union Station, 6355 Viscount Road, 1243 Islington Avenue and 101 Bloor Street West. Canderel has also developed several award-winning residential projects in Toronto including Aura, Canada's tallest condominium development at Yonge and Gerrard, with 78 storeys, the Residences of College Park Phases I and II, and DNA phases 1- 3 on King Street West. Most recently, YC Condos, with 66 floors, is 100% sold and under construction.
Now celebrating its 40th year of operations, Canderel is a national real estate development, investment and management company, with landmark projects in Montreal, Toronto, Ottawa, and Vancouver. Canderel is active in Alberta through its affiliate Humford Management (www.canderel.com).
Canstone Realty Advisors is a "buy-side" advisory group that offers acquisition and asset management services, primarily representing its institutional investors with a focus on Core or Core+ assets. Canstone's priority is to its Fund investors in Forgestone Capital, but clients also include other Canadian Pension Funds, Canadian institutions and High-Net-Worth Private and Foreign Investors. Its mandate encompasses a full range of service that includes deal sourcing, negotiation, underwriting, identifying partners (if necessary), execution, financing, and ongoing asset management with over $1.3 billion of assets under management.
416 593-6366, ext. 4567