Victoria, BC, July 11, 2022 – On July 8, Nicola Wealth Real Estate (NWRE) acquired 2330 Government Street in Victoria, BC. The transaction which was brokered by Ty Whittaker and Graham Smith of Colliers, expands NWRE’s presence in the booming Victoria market. This transaction complements NWRE’s another recent acquisition of 2311-2333 Government Street, located immediately across Government Street in the north end of Downtown Victoria.
The property at 2330 Government Street comprises a 44,691 sf multi-tenant industrial property that is 100% leased to seven tenants including Vancouver Island Brewing. This property will be held long-term as an income-producing property within NWRE’s fund, Nicola Canadian Real Estate Limited Partnership.
“This property adds to our growing portfolio of income-producing assets in Victoria, a market we are very bullish on for long-term growth” highlights Shaun Blythen, Director of Acquisitions at Nicola Wealth Real Estate. “Our strategy continues to focus on acquiring industrial properties in key Canadian markets including Greater Victoria.”
The property located at 2333 Government Street was acquired in June 2022 and is comprised of a 41,817-sf land parcel located immediately adjacent to 2311 Government Street, which was acquired in March 2022. Both transactions were brokered by Marc Foucher and Ed Adams of Colliers. The two properties combine for a total site area of 84,914 sf with 230 feet of frontage along Government Street. Both properties are 100% leased and the continuing strategy is to redevelop the consolidated site with a mixed-use commercial project.
“Victoria is a strong industrial market with low vacancy and is severely land constrained, particularly in core infill locations like this” Blythen adds. “We believe these properties are well positioned to benefit from the growth in Victoria, given their proximity to the downtown core”.
NWRE continues to concentrate its growth in major Canadian markets such as Vancouver, Toronto, Montreal, Calgary, Winnipeg, Kelowna, Nanaimo and Victoria 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 $12 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 $8 billion gross asset value.
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