The partnership acquired Cambridge industrial land comprising 52 acres intended to develop next-generation industrial distribution buildings suitable for tenants and owner / users
Cambridge Industrial Lands and surrounding tenants.
Toronto, ON, August 12, 2021 (GLOBE NEWSWIRE) – Nicola Wealth Real Estate (NWRE) announces the acquisition of industrial land in Cambridge in partnership with First Gulf and Challenger Motor Freight, the current land owner. This acquisition, negotiated by Mark Cascagnette and his team at Lee-Associates, expands NWRE’s industrial footprint and Ontario’s growing portfolio of industrial properties and other asset classes.
The partnership will partner on the 52-acre property located on Allendale Road between Riverbank Drive and Highway 17 in Cambridge. The property is well located providing quick access to Highway 401 allowing users access to Kitchener (20 minutes northwest), Guelph (25 minutes northeast), Pearson International Airport (60 minutes to east) and downtown Toronto (90 minutes east).
“We are delighted to further expand our industrial presence in Ontario with First Gulf, a trusted and reputable partner,” said Mark Hannah, Managing Director of Nicola Wealth Real Estate. “The property is located in a strong industrial hub of Cambridge, characterized by a small / medium / large bay industrial product, experiencing a remarkably low vacancy rate of 1.2%.”
“Our strategy is to develop five large industrial distribution buildings in two phases totaling over 1,000,000 square feet, pending the required approvals,” said David Carreiro, President of First Gulf. “This project will appeal to tenants looking to rent new quality industrial buildings. produced in a market hungry for new stocks.
Nicola Wealth Real Estate has worked with First Gulf on several other projects in the GTA, including office development at 1335 North Service Road in Oakville, industrial development at 880 Avonhead Road in Mississauga, and 50 acres of industrial land at 10538 Coleraine Drive in Brampton, a Burlington / Hamilton industrial portfolio and large industrial development property at 2485 Speers Road in Oakville.
NWRE continues to focus its growth on major Canadian markets such as the Greater Toronto Area, Metro Vancouver, Winnipeg, Vancouver Island, the Okanagan region, and expands to Ottawa and Montreal, with a focus on the acquisition of lucrative properties and value-added opportunities.
To learn more about Nicola Wealth Real Estate funds, visit real estate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a leading Canadian financial planning and investment firm with $ 10.0 billion (CAD) in assets under management. NWRE has an experienced and innovative team that researches and manages a growing portfolio of properties in major North American markets, covering a diverse range of asset classes including industrial apartments, multi-family rental apartments, offices , self-storage stores, retail and senior citizens. lodging. With the acquisition of Blackwood Partners, NWRE’s current portfolio now exceeds $ 6 billion in gross assets.
About the first gulf
First Gulf is an award-winning leader in the development of office, industrial, mixed-use and commercial properties with developed assets of over $ 4 billion completed since the company was formed in 1987. First Gulf is a development company fully integrated and involved in all aspects of real estate development, from land acquisition and planning approvals to design-build, build, lease, finance and property management. To date, First Gulf has developed and built over 30 million square feet of office, retail and industrial buildings. First Gulf is part of the Great Gulf Group, one of the leading real estate organizations in North America. Founded in 1975, with major projects in Canada and the United States, the Group’s fully integrated activities cover the entire real estate spectrum.
CONTACT: Victoria Emslie Nicola Wealth 604-484-1286 firstname.lastname@example.org