A Toronto-based development firm and a Vancouver real estate investment company are teaming up to build five, large-bay industrial distribution buildings on a 52-acre property adjacent to Challenger Motor Freight in Cambridge.
In a deal announced Thursday, Nicola Wealth Real Estate (NWRE) said it has acquired a block of land zoned for industrial use in a co-venture partnership with First Gulf and existing landowner Challenger Motor Freight.
Nicola Wealth says the property on Allendale Road between Riverbank Drive and Highway 17 in Cambridge is "well located with quick access to Highway 401."
“The property is situated in a strong industrial node of Cambridge, characterized by small/mid/large bay industrial product, experiencing a remarkably low vacancy rate of 1.2 per cent," said Mark Hannah, managing director of Nicola Wealth Real Estate, in a press release.
“Our strategy is to develop five large bay industrial distribution buildings over two phases, totalling over 1,000,000 square feet, pending the required approvals," says David Carreiro, President of First Gulf. “This project will appeal to tenants seeking to lease new, quality industrial product in a marketplace starving for new inventory.”
Nicola Wealth Real Estate has collaborated with First Gulf on several other projects in the GTA including an office development at in Oakville, an industrial development in Mississauga, and 50-acres of industrial land in Brampton, a Burlington/Hamilton Industrial Portfolio, and a large industrial development property in Oakville.
