Hungerford Announces Sale of Rivercrest Industrial Business Centre

Posted on February 26, 2017


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.