Westerninvestor.com - 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.

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.

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.

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: https://renx.ca/hungerford-building-new-calgary-industrial-park/

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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