First Gulf has partnered with Nicola Wealth Real Estate (NWRE) to acquire a 27-acre industrial redevelopment property and a portfolio of nine industrial buildings in the Greater Toronto Area.

The first acquisition is located at the intersection of Speers Road and Bronte Road and abutting the GO Rail corridor in Oakville.  It consists of an existing 77,000 sf building on a long-term lease to an established manufacturing company with an adjacent 19 acres of vacant land for future industrial development. First Gulf and NWRE plan to construct 350,000 sf of modern industrial facilities on the vacant land which will be suitable for a variety of uses.

The second acquisition is an existing industrial portfolio consisting of nine buildings with a total leasable area of 473,000 sf and occupancy of nearly 100%.  The properties are located in Burlington, Hamilton and Stoney Creek with excellent proximity to the QEW.

“This product will appeal to small, mid, and large industrial users in a market constrained by quality available inventory,” said David Carreiro, President of First Gulf. “This portfolio presents an opportunity to increase revenue through capital investment and market re-positioning.”

Mark Hannah, Managing Director of NWRE, added: “We are excited to partner with First Gulf on these two recent acquisitions. In this ultra-competitive environment, demand for well-located industrial product is challenging to source.”

Nicola Wealth Real Estate, who continue to focus on acquiring income-producing properties and value-add opportunities in major Canadian markets, has collaborated with First Gulf on several other projects in the GTA including an office development at 1335 North Service Road in Oakville and a new industrial building at 880 Avonhead Road in Mississauga.