Nicola Wealth Real Estate partners with First Gulf to increase their Industrial Footprint in the Greater Toronto Market
Toronto, ON, March 10, 2021 (GLOBE NEWSWIRE) -- TORONTO, ON, March 10, 2021 – Nicola Wealth Real Estate (NWRE) announces two large industrial acquisitions in partnership with First Gulf to expand their industrial footprint in the Greater Toronto Area. These acquisitions add to their growing Ontario portfolio comprised of industrial and other asset classes.
The first acquisition is a 30-acre property situated adjacent to rail access at Speers and Bronte Road in Oakville. It has an existing industrial building offering approximately 77,000 square feet (SF) on 13-acres of land with a long-term leaseback from an established manufacturing company. The property also includes an additional 17-acres of surplus land that will be developed alongside First Gulf for new modern industrial distribution space.
The second acquisition is an existing industrial portfolio located in Burlington, Hamilton, and Stoney Creek positioned minutes from Queen Elizabeth Way (QEW). This collection is comprised of approximately 473,000 SF spread over 9 buildings with a near 100% occupancy. The opportunity is to invest additional capital into building improvements to generate increased revenue.
“We are excited to partner with First Gulf on these two recent acquisitions,” says Mark Hannah, Managing Director of Nicola Wealth Real Estate. “In this ultra-competitive environment demand for well-located industrial product is challenging to source.”
The President of First Gulf, David Carreiro, added “this product will appeal to small, mid, and large industrial users in a market constrained by quality available inventory. This portfolio presents an opportunity to increase revenue through capital investment and market re-positioning.”
Nicola Wealth Real Estate has collaborated with First Gulf on several other projects in the GTA including an office development at 1335 North Service Road in Oakville, an industrial development at 880 Avonhead Road in Mississauga, and 50-acres of industrial land at 10538 Coleraine Drive in Brampton with a number of upcoming projects in the pipeline.
NWRE continues to concentrate its growth in major Canadian markets including the Greater Toronto Area, Greater Vancouver, Vancouver Island, and the Okanagan with a focus on acquiring income-producing properties and value-add opportunities.