More warehouses and more jobs could be coming soon to Port Coquitlam, after a developer snapped up one of the last big parcels of land in the Dominion Triangle.
The property, located at 590 Dominion Ave., was sold for $10.65 million to a private company, according to commercial real estate broker, Lee and Associates, and the development will be a small bay industrial strata project.
Orion Construction will build the development.
The Dominion Triangle is becoming a growing hub for Greater Vancouver foodies looking for a new place to go. Commissary kitchens, such as Gong You Kitchen, coffee shops, such as the massive coffee roastery and café C Market, and Earthling Café, which sells French pastries, as well as craft beer businesses, such as Boardwalk Brewing, have located there in recent months
Close to the Traboulay PoCo Trail, the Dominion Triangle area has also become a destination for cyclists, who drop by some of the new businesses to check out the latest craft beer.
Other major businesses in the area include Walmart, Home Depot, Canadian Tire, Shoppers Drug Mart, Mark’s Work Warehouse, Starbucks, CIBC, RBC, Costco and McDonald’s.
Successful projects nearby include Rivers Edge Business Park (Conwest), Riverwood Business Park (Circadian), the Fremont Indigo (Mosaic) neighbourhood, and Fremont Village (Onni), a mix of housing and retail.
Vancouver commercial real estate firm Lee and Associates brokered the deal for $10.65 million, slightly under the $11.25 million asking price, according to Sebastian Espinosa, industrial real estate specialist with the Vancouver company.
The deal, which closed in February, shows the value of the land in Port Coquitlam's newest industrial area.
"The property sold for near its asking price however it is a challenging property due to the (BC) Hydro right of way, therefore some consideration of this was reflected in the sale price," Espinosa explained in an email to the Tri-City News.
Industrial land shortage causes price increase
Still, the five-acre property bordered by Seaborne, Fremont and Dominion avenues sold for over $2 million per acre.
Espinosa, who is a partner and vice-president of industrial, said land suitable for industrial development is in high demand and scarce, due to land availability zoning, agricultural land regulation, and other constraints.
"We have a major shortage of industrial space in the Metro-Vancouver market with vacancy rates at all-time lows, sitting at 0.80%. In the Tri-Cities it gets even tighter with vacancy rates at approximately 0.5%," Espinosa further stated.
"It makes it difficult to get supply brought to the market, therefore increasing costs to tenants/users alike, reflected in rising industrial rents, which ultimately gets passed down to the consumer as increased prices or inflation."
The Dominion Triangle is located in the northeastern quadrant of Port Coquitlam, north of Lougheed Highway, south of Dominion Avenue, and west of the Pitt River.