Vancouver, BC, May 19, 2022 (GLOBE NEWSWIRE) — Nicola Wealth Real Estate (NWRE) and PC Urban Properties announce the acquisition of 2660 Barnet Highway in Coquitlam, British Columbia. The partnership will co-venture on the 3.4-acre property, located on the southwest corner of the Barnet Highway and Bond Street intersection, just west of the rapidly expanding Coquitlam Town Centre.
“We are excited to continue working with PC Urban to develop strata industrial projects in Metro Vancouver,” says Mark Hannah, Managing Director at Nicola Wealth Real Estate. “This will be the first IntraUrban project in Coquitlam, but it is part of a long legacy of successful industrial strata development partnerships between our two companies across Metro Vancouver and throughout BC.” This project boasts a prime location and will help satisfy the strong demand for industrial strata across the Lower Mainland.
With rising interest rates, rising industrial lease rates, and ongoing historic low industrial vacancy, industrial strata developments continue to see record-breaking sales and pricing. With this acquisition, the goal is to develop two buildings totaling approximately 100,000 square feet.
“The tri-cities of Coquitlam, Port Coquitlam, and Port Moody are starved for new industrial product,” says Brent Sawchyn, CEO of PC Urban. “This project will deliver the same quality and function that is synonymous with the IntraUrban brand across BC and will serve the growing number of small to medium-sized businesses seeking to purchase their own workspace.”
The partnership has collaborated on twelve other IntraUrban projects across BC and recently acquired a 2.8-acre site at 8700 Barnard Street in South Vancouver to execute this strategy.
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $12.1 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail, and seniors housing. With the acquisition of Blackwood Partners, the current NWRE portfolio now exceeds $8 billion in gross asset value. NWRE continues to concentrate its growth in major Canadian markets such as Greater Vancouver, the Greater Toronto Area, and Montreal with a focus on acquiring income-producing properties and value-add opportunities.
To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About PC Urban
Founded in 2010, PC Urban Properties is a Vancouver-based real estate development and investment company. The PC Urban team is a multidisciplinary group of dedicated individuals focused on maximizing unrealized potential for our clients, for our communities, and for the properties we re-imagine. We have successfully developed and launched real estate projects across all asset classes – retail, office, industrial and multi-family. Our passion is to build spaces for people to live and spaces for people to work. PC Urban is active throughout Metro Vancouver, the Central Okanagan, and Southern Vancouver Island. PC Urban has developed over $2.1 billion of projects across all asset classes. We currently have 2.4 million square feet of space under development including 700,000 sf of office space.. www.pcurban.ca.
Victoria Emslie Cori Howard