Toronto, ON, Aug. 12, 2021 (GLOBE NEWSWIRE) — Nicola Wealth Real Estate (NWRE) announces the acquisition of the Cambridge Industrial Lands in partnership with First Gulf and Challenger Motor Freight, the existing landowner. This acquisition, brokered by Mark Cascagnette and his team at Lee-Associates, expands NWRE’s industrial footprint and growing Ontario portfolio comprised of industrial properties and other asset classes.
The partnership will co-venture on the 52-acre property situated on Allendale Road between Riverbank Drive and Highway 17 in Cambridge. The property is well located providing 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).
“We are excited to further expand our industrial presence in Ontario with First Gulf, a trusted and reputable partner” says Mark Hannah, Managing Director of Nicola Wealth Real Estate. “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%”.
“Our strategy is to develop five large bay industrial distribution buildings over two phases totaling 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 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, a Burlington/Hamilton Industrial Portfolio, and a large industrial development property at 2485 Speers Road in Oakville.
NWRE continues to concentrate its growth in major Canadian markets such as the Greater Toronto Area, Greater Vancouver, Winnipeg, Vancouver Island, the Okanagan region, and expanding into Ottawa and Montreal, focusing 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 $10.0 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 NWRE 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.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
