- What Hazelview and BretonGale have bought an industrial property in Ontario
- Why The warehouse and distribution facility is fully leased to a boot manufacturer
- What next The 9-acre site has potential for expansion
Hazelview Investments and BretonGale Properties have teamed up to buy an industrial building in Cambridge, Ont., for $26m, Green Street News can reveal.
The joint venture paid $184/sq ft for the 140,000 sq ft warehouse and distribution facility at 415 Thompson Drive. Marcus & Millichap’s IPA division represented seller GWL Realty Advisors, which acted on behalf of an unnamed institutional client.
Toronto-based Hazelview, led by Ugo Bizzarri, owns and manages real estate globally. BretonGale, also of Toronto, is a private investment shop focused on the industrial sector. It was founded by former CBRE Canada president and chief executive Werner Dietl.
“Hazelview is known predominantly for residential properties, so partnering with a company that has an industrial focus makes sense,” a Toronto commercial real estate analyst told Green Street News.
The Cambridge building is leased until 2027 to Kodiak Group, maker of Kodiak and Terra work boots. The company operates a factory at the facility as well as a retail store, Work Authority.
The 17-year-old building has a 28-foot clear height with 10 dock-level doors, plus two at street level. According to the listing, the 9-acre site has potential for expansion.
The property is 9 km from Kitchener/Waterloo Airport and 1 km from the nearest Highway 401 on-ramp.
Also in Cambridge, Dream Summit Industrial, a joint venture between GIC and Dream Industrial REIT, in December purchased a 122,000 sq ft warehouse at 500 Pinebush Road from Gateway Business Campus GP for $27.2m, or $222/sq ft, according to Green Street’s Sales Comps Database.
