Nicola Wealth Real Estate finds value in Scarborough and further expands their Industrial Footprint
Toronto, ON, April 13, 2021 (GLOBE NEWSWIRE) — Nicola Wealth Real Estate (NWRE) announces a large property acquisition to expand their industrial footprint in the Greater Toronto Area. This acquisition adds to their growing Ontario portfolio comprised of several industrial properties and other asset classes.
The acquisition of this 21-acre property situated on Milner Road facing the 401 Express Highway in Scarborough provides excellent exposure and access to all areas of Toronto and the surrounding areas. The firm’s strategy is to demolish the existing older buildings and develop approximately 350,000 sf of new industrial distribution space to meet the strong demand from users in a supply-constrained marketplace.
“We are excited to acquire this prime industrial property in Scarborough just off the 401 Expressway,” says Ron Bastin, Director of Acquisitions at Nicola Wealth Real Estate. “The 21-acre land parcel enables us to develop quality distribution space for our income fund to meet the strong demand from industrial users in a market starved for new quality product.”
NWRE continues to concentrate its growth in major Canadian markets including the Greater Toronto Area, Greater Vancouver, Vancouver Island and the Okanagan 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 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 $9.7 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 real estate portfolio now exceeds $6.0 billion gross asset value.