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 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.

BIV.com - 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.

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 to redevelop Sears' Regina warehouse

Hungerford Properties has taken advantage of Sears Canada’s real estate selloff and acquired its first Saskatchewan asset, a 33-acre site in Regina that includes a 176,000-square-foot warehouse.

Hungerford Properties“It’s located within the Ring Road and not only is it a great quality building, but it has over 22 acres of excess land which we’ll also be offering to the market in smaller chunks of one to 10 acres,” said Hungerford partner Michael Hungerford of the property at 855 Park St. that’s been renamed Titan Business Park.

“That will eventually bring a lot more employment and business to the area. Sears has been in downsizing mode in recent years and we’ll be invigorating the site with a lot more business activity and investment.”

The warehouse that’s the centrepiece of the property — which was acquired for a reported $28 million, according to the CBC — features skylights, 26-foot clear ceiling heights, extensive glazing and a high capacity floor load. Additional dock doors are being added. Flexible bay sizes will start at 12,000 square feet, with space available up to 176,000 square feet, each with multiple dock loading doors and office components.

Click here to read more: http://renx.ca/hungerford-redevelop-sears-regina-warehouse/

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