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.
To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $9.2 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. With the acquisition of Blackwood Partners, the current real estate portfolio now exceeds $6 billion gross asset value.
About First Gulf
First Gulf is an award-winning leader in the development of office, industrial, mixed-use and retail properties with developed assets of over $4 billion completed since the company’s inception in 1987. First Gulf is a fully integrated development company and is involved in all aspects of real estate development, from land acquisition and planning approvals to design-build, construction, leasing, financing and property management. To date, First Gulf has developed and constructed over 30 million sf of office, retail, and industrial real estate. First Gulf is part of the Great Gulf Group, one of North America’s premier real estate organizations. Established in 1975, with major projects in Canada and the United States, the Group’s fully-integrated activities span the entire real estate spectrum.
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