Fiera Real Estate CORE Fund acquires 470 Hardy Road
Fiera Real Estate CORE Fund (the “Fund”) has just closed on a 290,000-square foot multi-tenant industrial asset in Brantford, Ontario. Comprised of two buildings constructed in 2005 and 2022, the property occupies a 14.2-acre site in the Northwest Business Park. This acquisition increases the Fund’s exposure to this growing and strategic market as well as complimenting an existing portfolio purchase made in 2021.
The first phase, built in 2004, is a 160,000-square-foot building comprised of traditional warehousing that is fully occupied by a logistics solutions provider across fulfillment, co-packaging, and merchandizing. This building features 28-foot clear heights, 14 truck-level doors, and one drive-in door. The second phase is a 130,000-square-foot new generation cold storage building completed in Q1 2022. It features 40 feet clear heights, 15 truck-level doors, and is fully occupied by a third-party logistics and distribution company.
“The recent purchase of 470 Hardy Road adds a high-quality building with below market rents to the Fund’s position in this key Ontario market,” stated William Secnik, Fund Manager and SVP of the Fiera Real Estate CORE Fund. “With this transaction, the Fund increases its portfolio to over 1.2 million square feet in the immediate market and nicely adds to its already strong weighting in the robust industrial sector,” William further added.