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A “trophy” industrial property in Kelowna has been listed for sale as a part of a larger commercial portfolio.
Kris McLaughlin with the MCL Real Estate Group – RE/MAX Kelowna says the three acre property at 1505 Hardy St. has been listed for sale alongside four other properties located in Coquitlam, Terrace and Castlegar.
The 21,540 square foot, single storey commercial building houses Dakota Towing, Consolidated Turf Supply and Aquatech Luxury Flooring.
The commercial portfolio will be sold for $46 million.
“This is an outstanding opportunity for an industrial investor to acquire a series of fully tenanted industrial properties throughout BC”, says McLaughlin.
McLaughlin says it is quite common for developers and investors to purchase these types of commercial portfolios.
Each property is 100% leased and is close to major highways, which makes them ideal for the storage of goods throughout the province.
“There is significant upside to the portfolio as an industrial investment. Each property, although fully leased and providing strong cash flow, also contains significant residual land that will allow for further densification through redevelopment,” adds McLaughlin.
McLaughlin says the entire portfolio totals just over 12 acres and contains 78,871 square feet of industrial space.
However, the Kelowna property has about 36,000 square feet of excess land, which could eventually be used for an expansion of the existing buildings or future redevelopment.
There is significant excess land on the three remaining properties too. The Coquitlam property has over 37,000 square feet of extra room for future development while the property in Castlegar is home to one small building, which is next door to a large vacant lot.
The Kelowna property is zoned as I2 which allows for general industrial uses which allows for the processing of raw materials; the manufacturing or assembling of semi-finished or finished goods, products or equipment.
The portfolio includes a mix of local, provincial and national tenants. Those include Kenroc Building Materials, Old Dutch Foods, Kondola’s Furniture, Diversified Transportation, Global Roadway Maintenance, Dakota Towing and Applied Technologies.
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