Hungerford Announces Sale of Rivercrest Industrial Business Centre

In 2010, Hungerford Properties purchased Rivercrest Industrial Business Centre, an 11.5 acre site at 1700 No. 6 Road, an industrial area in Richmond, B.C. At the time, it was a single-tenant facility, formerly home to Ball Packaging (NYSE: BLL).

Over six years, Hungerford transformed the existing warehouse into a multi- tenant business centre, with extensive refurbishments to the existing building and offices including a new roof, new office finishes, the addition of loading doors, new paint, landscaping, improved exterior glazing and overall maintenance.

In 2012, Hungerford also completed a build-to-suit facility for Albion Fisheries, a subsidiary of Gordon Food Services, on additional land. The 65,300 SF, sustainable, state-of-the art seafood processing plant, the first new commercial building to be constructed using Richmond’s new green roof building alternatives. The building set new standards for sustainability as well as for health and cleanliness from an operations standpoint.

“Hungerford had a vision to take a single tenant manufacturing building and convert it to a multi-tenant business hub,” says partner, Michael Hungerford. “We’re pleased with how we’ve been able to execute upon it.”

With building improvements and multiple tenants, Hungerford has just sold the property earlier this year, highlighting its success in taking older developments, investing in redevelopment and then selling a successful asset. Hungerford sold the property earlier this year, highlighting its success in repositioning commercial real estate.

Hungerford Properties Announces Tenants for New Titan Business Park in Regina

Regina, February 9, 2017 – Just three months after launching Titan Business Park, Hungerford Properties is announcing its first new tenants for their redevelopment between Park Street and the Ring Road. Hungerford Properties acquired the 33-acre site in September in one of the biggest industrial deals in the city’s recent history. Over the coming year, the company will be transforming the asset into a new business park, with the refurbishment of 176,000 SF space into modern, Class A warehouse space for the industrial sector. Flexible bay sizes will start at 12,000 SF, with space available up to 176,000 SF, each with multiple dock loading doors and an office component.

This week, the Vancouver-based development company announced it has leased 12,000 SF to Sears and 34,000 SF to Canature Water Group, bringing the total leased space to 27%. Canature is an established Regina business and a global leader in the water business in both Canada and the US. The company designs, manufactures and distributes water treatment products, and are expanding their business within the city into a larger, more efficient space. 

According to President and CEO Don Fettes, their new facility will include 12,000 SF of office space that will serve as their North American headquarters. They will be bringing with them 60 employees and the warehouse space will become one of 5 distribution centres the company runs across Canada and the US. “Titan is a first-class facility for warehousing and distribution. The access for trucks is excellent and the 26 foot clear ceilings will be a real asset for us and for any business in warehousing and distribution.”

“Canature is an anchor tenant taking a prestigious corner. They are a great match to be the first tenant in Regina’s most prominent industrial location,” says Collier’s Internationals Glen Hill. “There’s been a strong interest and many inquiries with a strong belief that this entire business park is well on its way to being an icon in Regina.”

Canature chose Titan because it gives them exposure and a new, state of the art functioning high bay warehouse to meet their growing international needs. Their expansion from an older building represents a 20 percent increase in growth. “Good news for the Regina economy,” says Hill.

“The speed at which we have leased space shows the resilience of Regina’s industrial market,” says partner, Michael Hungerford. “We are repositioning a challenged asset, which is good for the local economy and will help generate more demand and raise the quality of supply.”

Because of the prime location, access and visibility, Titan Business Park will continue to attract a diversity of companies who have historically struggled to find large, quality warehouse space as well as land inside the Ring Road. The site also has 22 acres of excess land for sale, lease or build to suit in 1 - 10 acre parcels, providing some respite from years of limited industrial land supply in the city. 

For more information, please visit - Investor advice: It may be better to buy than lease in competitive Calgary

Following on the success of commercial strata in British Columbia, Alberta is seeing an expanding market in office and industrial commercial condo development across the city. Beedie Development Group and Hungerford Properties are both Vancouver developers that are taking their expertise eastward, leading the development for this asset class in Alberta.

“In the last five years, we’ve really seen the commercial condo sector take off,” said Paul Marsden, executive vice-president of industrial sales and leasing for Colliers in Calgary. “It allows small and medium-sized businesses to own their own real estate and build equity. For many of them, that’s their retirement. We are generally not seeing large businesses buying strata units. It’s hitting a middle band.”

Fairmore Business Park is one of three recent commercial condo developments by Hungerford, and the only new office and warehouse project in south central Calgary. It offers one of very few opportunities for businesses to buy new commercial space in the city. Just minutes away from downtown in a prime location, it has drawn a number of owner-operators looking to build equity in their business.

Read the full article here. - Why Mount Pleasant Needs More Density

Dec 19, 2016

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Why Mount Pleasant Needs More Density

Growing up, my grandmother would tell us stories about Southeast False Creek - about the dirty water and polluted air. Back then, the area was a heavy industrial hub on the outskirts of the city core. But in my lifetime the neighbourhood has changed dramatically, evolving from heavy to light industry to an industrial hub of a very different kind -- a destination for high tech companies and creative, sustainable industries.

This transformation has ramped up in the last three years and the area is now finding its identity as a hipster home to innovation in manufacturing, media, design and tech. Along with this transformation has come a new demand and pressure for office and manufacturing space. To accommodate that, both the City of Vancouver and developers need to work together to provide some suitable options and solutions. We need to think bigger than accommodating just the short-term demand from the tech sector.

This week, a policy report to City Council on proposed zoning changes in the area was approved and referred to a public hearing in January. The City has been seeking public input on these changes for the past couple months. The report recommended replacing outdated zoning and development by-law definitions to better reflect the current range of digital and technology business activities in the area, in addition to creating of two new industrial zones and the rezoning of four blocks east of Quebec Street to allow larger and taller buildings to support and grow the innovation economy.

This new plan is good, but it needs to be much bigger and more ambitious. The proposed increase in density won't provide enough supply needed for the growing number of high tech companies clamoring for office and production space in Vancouver.

Read the full article here.

Hungerford Properties rejuvinates old Calgary industrial site

Hungerford Properties plans to redevelop a 109,326- square-foot industrial building in northeast Calgary. Originally built in 1966 by the Alberta Liquor Control Board and formerly home to Southern Alberta Institute of Technology, the building has been sitting empty for the last two years. 

“It’s a solid, well-constructed building that will be now getting a major facelift, offering industrial space at attractive rental rates,” said partner Michael Hungerford. 

Read the full article here.

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