Nicola Wealth Real Estate (NWRE) and PC Urban Properties have acquired 3.4 acres of industrial land at 2660 Barnet Highway in Coquitlam for well over its assessment.
Valued at $17.6 million by BC Assessment, it sold for $24 million in a deal brokered by Avison Young, Vancouver commercial agents Ryan Kerr, Ben Lutes and Garth White.
The site is currently improved with 37,000 square feet of industrial warehouse space in buildings that were constructed in 1972.
Plans are to nearly triple that space into 100,000 square feet of strata industrial units for owner-users and investors.
"We are excited to continue working with PC Urban to develop strata industrial projects in Metro Vancouver," stated NWRE spokesperson Mark Hannah.
The sale price, at more than $7 million per acre, is one of the more expensive industrial land deals in Metro Vancouver this year.
Continued demand for industrial strata developments, including in the Tri-Cities, is behind the recent acquisition.
"The Tri-Cities of Coquitlam, Port Coquitlam, and Port Moody are starved for new industrial product," noted Brent Sawchyn, CEO of PC Urban.