This multi-tenant industrial park ads 112,179 sf of small-bay light industrial product on 6.7 acres of land to a growing industrial portfolio
Toronto, ON, November 30, 2021 – Nicola Wealth Real Estate (NWRE) has acquired a multi-tenant small-bay light industrial park situated at 208 – 220 Wyecroft Road, Oakville, ON. The transaction brokered by Elliot Goldspink and Matthew Brown and their team at CBRE, expands NWRE’s presence in an important Canadian market.
The acquisition comprises three buildings totaling 112,179 sf on 6.7 acres of land. The portfolio is currently 95% leased to 33 tenants at below-market rental rates with very strong occupancy history. Most of tenants are on short term leases providing an excellent opportunity to grow revenue over the near term.
“This property adds to our growing portfolio in the GTA, one of the strongest industrial markets in Canada” highlights Ron Bastin, Director of Acquisitions at Nicola Wealth Real Estate. “This acquisition presents an opportunity to add well-located small-bay light industrial product in a strong industrial node to execute on our cluster strategy.”
“The property is located in the Oakville industrial submarket, which is under supplied and features a very low vacancy rate” Bastin adds. “This acquisition is strategic to our adjacent property at 226 Wyecroft Road which together totals over 18.3 acres of land providing a large land parcel for re-development down the road.”
NWRE continues to concentrate its growth in major Canadian markets such as Vancouver, Montreal, Calgary, Winnipeg, Victoria, Kelowna and Toronto with a focus on acquiring income-producing properties and executing development and value-add strategies.
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 over $11.0 billion (CAD) of assets under management (AUM). 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 NWRE portfolio now exceeds $7.0 billion gross asset value.
Manager, External Relations