First Gulf has partnered with Nicola Wealth Real Estate (NWRE) and Challenger Motor Freight – the existing landowner – to acquire the Cambridge Industrial Lands. This acquisition, brokered by Mark Cascagnette and his team at Lee-Associates, will witness the development of new generation industrial buildings suitable for tenants and owner/users.
The partnership will co-venture on the 52-acre property situated on Allendale Road between Riverbank Drive and Highway 17 in Cambridge. The property provides quick access to Highway 401, enabling users to access Kitchener (20 mins northwest), Guelph (25 mins northeast), Pearson International Airport (60 mins east), and Downtown Toronto (90 mins east).
“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,” said 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.”
Mark Hannah, Managing Director of Nicola Wealth Real Estate, added: “We are excited to further expand our industrial presence in Ontario with First Gulf who is a trusted and reputable partner. 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%”.
Nicola Wealth Real Estate, who continue to focus on acquiring income-producing properties and value-add opportunities in major Canadian markets, 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, 50-acres of industrial land at 10538 Coleraine Drive in Brampton, a Burlington/Hamilton Industrial Portfolio, and a large industrial development property at 2485 Speers Road in Oakville.
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.
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.