Archives from November 2016

Hungerford Properties continues to show faith in Calgary with the announcement of yet another commercial real estate investment in the city.

The Vancouver-based developer, led by partners George Hungerford and his sons, Michael, who directs operations and Andrew, who’s responsible for asset management, bought their first property here in 2012. Today, their Calgary portfolio totals more than 1.5 million square feet of real estate.

Its most recent purchase is the former SAIT building in Mayland Heights Industrial Park, on Centre Avenue N.W. west of Barlow Trail N.E.

The building was originally constructed in 1966 as a warehouse for the Alberta Liquor Control Board. In 1980 it became the SAIT Bob Edwards Building, a suburban campus where building trades were taught. Continued expansion of SAIT’s main campus meant the school no longer needed the property, which has been empty for the past two years.

The 109,000-square-foot building did not attract a lot of interest, but Michael Hungerford saw its redevelopment possibilities. Bought through Barclay Street Real Estate, he plans to convert it back to a distribution centre offering multi-tenant industrial space.

By gutting most of the interior, Hungerford will refurbish and reposition it with units starting at 4,000 square feet.

Read the full article here. - Developer partners with non-profit

Unique alliance will turn dilapidated seniors complex into mixed-use project with 44 spiffy, low-cost rental units for East Vancouver seniors.

A unique partnership between a private developer and a non-profit seniors housing group will deliver brand-new but low-cost rentals under the City of Vancouver’s Rental 100 program.

Hungerford Properties is moving ahead with plans to build a 161-unit development, including new seniors housing suites, in East Vancouver.
The partnership includes the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford.

The redevelopment at 3595 Kingsway, from an aging, dilapidated seniors residence into a new, six storey, mixed-use development, will provide 44 affordable homes for seniors. It will also deliver 117 rental apartments and commercial units on the ground floor, according to Hungerford.

The Rental 100 program encourages the development of projects where all of the residential units are rental, with capped rental rates. The policy is part of the city’s goal to create 5,000 new units of market rental housing by 2021.

The Odd Fellows Society, which operates without government subsidies, will own its non-market units and Hungerford will retain the market-rental homes through a strata arrangement. Odd Fellows residents will be relocated and current residents will have first right of refusal to move back into the new homes.

The development partnership allows the project to happen at no cost and no risk to Odd Fellows.

“We are happy to replace the building because it’s on its last legs,” said Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. Rents for new tenants in the project will range from $754 to $807 per month, she estimated.

Construction will start in spring 2017, with completion scheduled for mid- 2018. 

Above: Hugh Forster of Terra House, Michael Hungerford of Hungerford Properties and Marie Ollson of Oddfellows.

The future of Vancouver's rental market

Extract: The redevelopment at 3595 Kingsway is a partnership with the non-profit Odd Fellows Low Rental Housing Society, which owns a seniors residence on the site. The rental building will include 44 units of affordable seniors homes as well as 117 capped-rate rental apartments, and some commercial space. The terraced building, six storeys on the Kingsway side, will have a separate entrance for the seniors’ residence at the lower level. The remaining capped-rate units will have access to a rooftop deck, with city views, garden and fireplace area. That view will be a big part of their marketing, Mr. Hungerford says. So, too, will be the 15-minute walk to Joyce-Collingwood SkyTrain station.

Because of the Rental 100 program, “substantial” fees were waived in exchange for capping the rents. And the non-profit society didn’t have to “spend a dime” to get new housing for their seniors, who are low-income and afraid of losing their community as rents rise, Mr. Hungerford says.

“We are very sympathetic to that. We have learned a lot about that segment of our population.”

Read the full article here.

Hungerford building new Calgary Industrial Park

Hungerford Properties has acquired an empty Calgary building from the Southern Alberta Institute of Technology (SAIT) that it will transform into Mayland Heights Industrial Park.

“The building has been on our radar for years,” said Hungerford partner Michael Hungerford. “It’s an extremely well-built building and we always look for good bones when we’re buying property.”

The 109,326-square-foot building was originally constructed in 1966 by the Alberta Liquor Control Board and used as a liquor warehouse and distribution facility. SAIT took the building over and used it for classrooms for about 30 years until it was shuttered two years ago.

The corner property at 2015 Centre Ave. SE is a 10-minute drive from downtown Calgary in an industrial neighbourhood that offers good access to amenities, light rail transit, highways and Calgary International Airport.

The warehouse has 23-foot clear ceilings and eight drive-in doors and two dock doors for loading. There are 180 parking stalls as well as space for trailer parking.

The six-acre property includes 1.9 acres of excess land that can be used for extra storage, parking and, once the main building is leased, additional light industrial development.

Hungerford acquired the property for an undisclosed price and knows the area well since it also owns the Champion Business Centre, a former Sears distribution centre, a few blocks away. The Vancouver-based company also developed the nearby Nexus Business Centre, an office and warehouse condominium project of approximately 100,000 square feet.

JLL is the listing agent and will market Mayland Heights Industrial Park. Hungerford said the company is talking to potential tenants and hopes to announce leasing deals soon. He expects a mix of distribution and light manufacturing tenants to take up spaces ranging from 4,000 square feet and up.

Read the full article here:

Hungerford’s Icon Business Park Expands, Offering Bright Spot for Commercial Real Estate in Calgary

Hungerford Properties has expanded its Icon Business Park with the acquisition of 5 acres of additional land on the corner of 52nd Street and 61st Avenue SE. Icon, a 759,000 SF facility, is one of the city’s largest buildings. Hungerford’s latest announcement of an expansion, as well as several new leasing deals within the building, showcases strong momentum and a bright spot for the city’s commercial real estate market.

Hungerford – which has transformed Icon into a multi-tenanted business hub over the past three years – will be leasing 68,000 SF of warehouse to Robert Thibert Inc, Canada’s leader in the distribution of vehicle accessories. They were attracted to Icon for its accessibility and distribution facilities.

Data Communications Management, Alberta’s largest graphics communications company, is already on site leasing 112,000 SF. They just announced they are expanding at Icon, taking an additional 48,000 SF adjacent to their existing space for additional warehousing. “Icon has been such a great space for our growth that we are excited to be expanding,” says DATA General Manager, Ken Mateshaytis. “It’s exactly what we need to continue improving the way we do business.”

Chep, a global leader in equipment pooling for pallets, is also expanding their presence on site with an office expansion and an additional one acre of yard space.

With these deals, Icon Business Park is now 80% leased. “This is a strong indicator of the quality of real estate and the agility Icon can offer tenants of all different sizes,” says Paul Marsden, VP at Colliers International. “While the industrial real estate market continues to feel the impact of the energy sector, Icon Business Park stands out as an anomaly and continues to find creative ways to meets tenants’ demands.”

Current tenants include ABB, a world leader in power and automation technology, Rolf C. Hagen Inc, a leading worldwide distributor of pet supplies, Data Communications Management, Robert Thibert, Inc. and Chep.

Dubbed “southeast Calgary’s most intelligent workspace,” Icon offers an unprecedented opportunity to lease warehouse and office space. The building’s strategic location takes advantage of Calgary’s growing reputation as a logistics hub for Western Canada and will appeal to manufacturing and logistics enterprises and suburban office tenants.

Remaining available space at Icon ranges from 19,000 to 54,000 SF of warehouse and 23,000 SF of office/restaurant available now. Build to suit retail, restaurant and gas station opportunities will be available for 2018 at Icon Retail Centre, the newly acquired 5-acre land parcel adjacent to Icon.

 For more details, please visit the Icon Business Park website.

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