A property on one of Coquitlam's busiest streets will provide-much needed business, job and warehouse space for the Tri-Cities, according to a development partnership.
Nicola Wealth Real Estate (NWRE) and PC Urban Properties recently announced the acquisition of property located at 2660 Barnet Hwy.
A sale price was not disclosed, but the land was last assessed at $17.6 million by BC Assessment.
It currently supports roughly 37,000 sq. ft. of industrial warehouse space in buildings that were constructed in 1972, the authority states.
Plans are to nearly triple that space into strata industrial product for owner-users and investors.
The partnership will co-venture on the 3.4-acre property, located on the southwest corner of the Barnet Highway and Bond Street intersection, just west of the rapidly expanding Coquitlam Town Centre.
Plans to build 100,000 sq. ft. of light industrial strata
With this acquisition, the goal is to develop two buildings totalling approximately 100,000 sq. ft.
"We are excited to continue working with PC Urban to develop strata industrial projects in Metro Vancouver," stated NWRE spokesperson Mark Hannah.
"This will be the first IntraUrban project in Coquitlam, but it is part of a long legacy of successful industrial strata development partnerships between our two companies across Metro Vancouver and throughout B.C."
Continued demand for industrial strata developments, including in the Tri-Cities, is behind the recent acquisition.
"The Tri-Cities of Coquitlam, Port Coquitlam, and Port Moody are starved for new industrial product," noted Brent Sawchyn, CEO of PC Urban.
"This project will deliver the same quality and function that is synonymous with the IntraUrban brand across BC and will serve the growing number of small to medium-sized businesses seeking to purchase their own workspace."
Property close to SkyTrain and several planned towers
Located close to the SkyTrain line, the new strata development will be near thousands of new homes planned in Coquitlam and Port Moody, including Coronation Park and the proposed Tri-City Central.
This is the latest in land acquisitions to develop industrial strata in the Tri-Cities.
Recently, a property at 590 Dominion Ave. in Port Coquitlam sold for $10.65 million to a private company, according to commercial real estate broker, Lee and Associates.
The development is set to be a small bay industrial strata project.