Langley: Where the Big Industrial Deals are Going Down
The Jim Pattison Group’s acquisition in March of 5016 272nd Street, a 396k SF warehouse in Langley, for $53M from the Beedie Group represents the biggest industrial transaction so far this year in the Fraser Valley. The sale helped to propel regional industrial dollar volume in the first half of 2015 to $165M, via 87 deals. That’s on pace to best 2014, which had 156 deals worth $193M for the entire year, the lowest levels of annual deal and dollar volume seen in the valley in a decade, according to Avison Young.
While Surrey saw the most industrial transaction activity in the first half of the year ($70.3M, 57 deals), Langley was tops in dollar volume ($77.9M, 10 deals), including the sale of 19675 & Lot 1 98th Ave for $9.75M in March, and of 19676 Telegraph Trail for $7.2M in January. But Surrey’s where the lion’s share of the region’s 1.5M SF of industrial projects under construction will be delivered in the next year, including a new 105k SF building at Pacific Link Industrial Park, by Wesgroup Properties, at 10449 Scott Rd. FedEx and Frito Lay are existing tenants of the park (seen above).
