The partnership identifies Arizona and Nevada as optimal markets to further their industrial real estate strategy.
PHOENIX, Arizona, February 24, 2021 – Nicola Wealth Real Estate (NWRE) and Hopewell Development (Hopewell) are strategically developing three industrial properties in low-tax, low-regulation Southwestern states with high migration. NWRE’s focus is growing an industrial portfolio in target markets against the backdrop of the increasing demand for industrial buildings to house e-commerce and distribution operations.
NWRE and Hopewell recently acquired the sites for North Valley Industrial Park in the Deer Valley submarket of AZ, and the South Valley Business Park in the Chandler submarket of AZ in 2019, with plans for delivering best in class mid-bay industrial developments. South Valley Industrial Park has broken ground, the project consists of two industrial buildings totalling approximately 145,000 SF completing Q2 2021. The North Valley Industrial Park is a multi-phase project with Phase 1 commencing April 2021, for the development of 131,000 SF over two buildings adjacent to the Deer Valley Airport. North Valley will complete Fall 2021. In addition, the Partnership has recently acquired an in-fill 8.5-acre site in the Airport sub-market of Las Vegas. NWRE and Hopewell are obtaining entitlements to deliver approximately 150,000 SF of new generation product in the middle of this mature submarket. Las Vegas ground-breaking is slated for Q3 2021.
Expanding NWRE’s industrial allocation within our funds involves two strategies; acquiring well located, well maintained, highly functional existing assets, and building to hold new generation product with trusted partners such as Hopewell” explains NWRE Director of Acquisitions, Matthew Schaeffers. “We remain focused on acquiring quality assets at accretive pricing within our target markets and are very excited about these three development projects.
“These projects present ideal opportunities to add much needed supply to areas hungry for multi-tenant industrial buildings,” says Justin LeMaster, Vice President – US Industrial at Hopewell Development. “We are deploying our fully-integrated and customized approach to commercial real estate development to efficiently deliver highly desirable best-in-class product to the market.”
NWRE continues to pursue opportunities in all asset types in markets across North America, with a focus on acquiring income-producing properties and development sites.
To learn more about the Nicola Wealth Real Estate funds*, visit realestate.nicolawealth.com
About Hopewell Development
Headquartered in Calgary with offices in Toronto and Phoenix, Hopewell Development LP is the commercial development division of the Hopewell Group of Companies. Hopewell has enjoyed more than 25 years in the North American real estate sector. To date, Hopewell has developed (and is developing) over 25M SF of A class industrial product in Vancouver, Edmonton, Calgary, Winnipeg, Toronto, Phoenix, Las Vegas and Dallas/Fort Worth.
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 $9.2 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 office, retail, industrial, multi-family residential, self-storage, and seniors housing. With the acquisition of Blackwood Partners, the current real estate portfolio now exceeds $6 billion gross asset value.
*This investment is generally intended for tax residents of Canada who are accredited, investors. Some residency restrictions may apply. Please read the relevant documentation for additional details and important disclosure information, including terms of redemption and limited liquidity.
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