TORONTO—GWL Realty Advisors (GWLRA) recently announced it has acquired six Class A industrial buildings on the South Shore of Montreal on behalf of the Great-West Life Canadian Real Estate Investment Fund No. 1 (CREIF).
A seventh deal is scheduled to close later in 2022. The 416,000 square feet of new properties are located in the Varennes and Chambly industrial parks, stated a release.
“The industrial asset class continues to be a top performer for us, and this acquisition represents a significant foothold into an important and growing market,” said Steven Marino, executive vice-president of portfolio management for GWLRA, in a statement.
Wendy Waters, head of research for GWLRA, said the industrial asset class has emerged as one of the key winners coming out of the pandemic.
“Much of this unprecedented demand growth from industrial tenants as well as investors can be attributed to shifting consumer behaviours as industries such as e-commerce seek out warehouse space to keep pace with demand,” stated Waters. “We see this trend continuing, particularly in regions where strong population growth supports expanding needs for this asset class.”
Other recent deals include GTA North, a 44.7-acre industrial land purchase in Richmond Hill, Ont. that will be developed into a multi-building industrial site; Stony North Logistics Centre, a 128-acre industrial land parcel in the Calgary region that is in pre-development with plans to build 2.2 million square feet of new premises; and 261 Abbotside Way, a 138,000-square-foot Class A warehouse development that is currently under construction in Caledon, Ont. Target completion date is 2023.