Hungerford Properties Hungry for More

January 26, 2017

An unoccupied building from the Southern Alberta Institute of Technology is joining the portfolio of Hungerford Properties, who will turn it into Mayland Heights Industrial Park.

The massive building has been around since 1966, when it was constructed by the Alberta Liquor Control Board, who made us of it to store and distribute liquor. Then, SAIT made use of it for classrooms for three decades.

The property is only a few miles from downtown, and close to Calgary International Airport, light rail transit, highways and a host of amenities.

The expansive, six-acre property includes a warehouse with eight drive-indoors and two loading dock doors under 23-foot clear ceilings. The parking lot includes 180 parking spaces and a trailer parking area. Nearly two acres of it is undeveloped, leaving room for expansion.

An undisclosed-price transaction landed the property in Hungerford’s portfolio. Hungerford is familiar with the area, as it already owns the Nexus Business Centre and the Champion Business Centre, which is a few blocks from Mayland Heights.

The listing agent, JLL, will be marketing Mayland Heights. Hungerford has begun dialoguing with hopeful tenants with plans to start leasing deals in the near future. His expectation is a mixture of manufacturing and distribution tenants, taking up spaces starting at 4,000 square feet. Renovations to accommodate new lighting, dock loading door, mechanical and electrical systems has already started.

Plans are in motion to dedicate substantial capital to redevelopment, moving forward with the expectation that tenants will start moving in during the first quarter of 2017.

Hungerford Properties has made a name for itself by transforming and refurbishing industrial developments all over Western Canada. In 2013, it bought the old Haworth Building and re-imagined it as Icon Business Park.

Undeterred by the drop in Alberta’s economy in recent years, Hungerford’s CEO is still assured that the business will come as he manages, develops, and invests in retail, office, multi-family, and industrial real estate.

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