X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRAMPTON, ONTARIO-CalEast Industrial Investors LLC, a joint venture of LaSalle Investment Management and CalPERS, has kicked off a $60-million industrial development here with the purchase of a 47-acre site along Airport Road. Located five miles from Pearson International Airport, the property eventually will hold 1.1 million sf.The two planned buildings will be bulk warehouse distribution facilities with 30-feet clear height, ESFR sprinklers, concrete pre-cast walls and on-site trailer storage. Panattoni Development Co. will oversee the development. Andrew Smele and Wade Dobbin of Royal LePage, one of the largest commercial brokerage firms in Canada, will handle leasing for the project.CalEast Industrial Investors owns nearly 40 million sf of industrial real estate throughout North America. LaSalle Investment SVP Paul White tells GlobeSt.com that this will be CalEast’s first ground-up development in Canada. The project was sparked by the strength of the Toronto industrial market, the fourth largest industrial market in North America, he says. “The vacancy rate is around 5%,” says White. “There’s a lot of preleasing that typically occurs in that market and we have a healthy prospect list, but we are prepared to go fully spec on the first two buildings.” One of the buildings will be a cross-dock facility and the other will be a front-load facility. For both, White says Royal LePage will be going after tenants in the 100,000-sf to 500,000-sf range. There will be other class A industrial facilities to compete with, says White, but with the low vacancy rate “there is inherently less competition than other major markets like Chicago, Atlanta and Dallas.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.