1 | Hungerford Properties Acquires 10-acre Industrial Property in…

Hungerford Properties Acquires 10-acre Industrial Property in Burnaby

Posted on January 13, 2019

Meadows Site Outline

Hungerford Properties is pleased to announce the acquisition of a new industrial property in Burnaby, B.C. Located at 5830 & 5850 Byrne Road and 7303 to 7315 Meadow Avenue, the site is comprised of six fully-occupied industrial warehouse buildings set on 9.66 acres of land. Four buildings are multi-tenanted, Class B warehouses and two are single-tenant warehouses, spread over 194,452 square feet.

There are 26 existing tenants in spaces ranging from 1,750 to 35,000 square feet. Hungerford Properties will maintain the existing buildings and manage tenants proactively.

“This acquisition represents a rare opportunity to acquire a multi-tenant industrial asset of this size in the Burnaby market,” says Michael Hungerford, partner at Hungerford Properties.

The site is strategically located next to the major arterial intersection of Marine Way and Byrne Road, with significant retail amenities and future redevelopment potential.

“There’s a diminishing supply of industrial land in the Burnaby market,” says Rick Eastman, Executive VP at Cushman & Wakefield. “Although there is some additional supply being added nearby for large-scale distribution and office, tech and R&D space, there remains an urgent need for small to medium bay industrial spaces for manufacturing and service industrial users.” With vacancy rates in Metro Vancouver hovering around 1.5%, small to medium bay users are having a hard time finding the kinds of space now being offered by Hungerford Properties.