Massive Industrial Property Gets Approval
With final approvals from the Port of Metro Vancouver done, Pure Industrial Real Estate Trust prez Kevan Gorrie confirms the expansion of the ContainerWorld Forwarding Services facility in Richmond—creating one of the largest-single industrial properties in the Vancouver area—is a go.
PIRET and ContainerWorld had agreed to expand the facility, located at 16133 Blundell Rd, by just over 151k SF, increasing the gross leasable area to just over 635k SF. (And added 30% more hiding spots.) PIRET is doing the expansion with Hopewell Development, which originally developed the site in 2008. ContainerWorld also signed a new 10-year lease from when the new facility is completed--July 1, 2014. The total cost is about $13.9M.
Kevan tells us it was worth the wait. "This project is significant for PIRET as it demonstrates our commitment and ability to add density within the existing portfolio on an accretive basis, without having to access the public markets for equity," he says. 63% of the total project cost is funded by a construction loan and the remainder is funded by PIRET's working capital. PIRET acquired properties located at 16131 and 16133 Blundell Rd in 2012 for a total of $102M. ContainerWorld is a logistics company.
