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Ontario  + Industrial  |  January 4, 2024
Crown Realty Partners and Ripple Developments have teamed up to buy a small-bay Ottawa industrial real estate portfolio.
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By: Monte Stewart

Crown, Ripple Buy Ottawa Industrial Assets

Crown Realty Partners and Ripple Developments have teamed up to purchase an Ottawa small-bay industrial real estate portfolio.

The portfolio includes five buildings located at 2660-2710 Lancaster Road, 2750-2772 Lancaster Road and 1117-1141 Newmarket Street, Crown said in a news release.

Crown and Ripple have partnered on the three buildings situated on Lancaster Road. The deal marks Ripple’s first Ottawa acquisition. As a result, Crown will oversee management of the joint-venture.

Crown is making the acquisition through its fifth value-add fund, CR V LP.

The portfolio consists of 205,251 square feet altogether. Unit sizes range from 2,500 sf to 11,900 sf. Crown plans to implement various improvements, such as upgrading the units as tenancies roll and signage-making, HVAC, and lighting-system upgrades.

Toronto-based Crown is an integrated commercial real estate investment and management firm with 10 million square feet of assets under management across Canada. Founded in 2018, Ripple is a Greater Toronto Area-based real estate investment and development company.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.
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