Fiera Real Estate and Berkshire Axis Development Launch Heart Lake Business Park
Fiera Real Estate Core Fund and Berkshire Axis Development broke ground last week on Heart Lake Business Park, a 730,000-square foot, a multi-phase, five-building industrial development located in the key Brampton, Ontario market in the west Greater Toronto Area (“GTA”).
Phase one construction is underway at 10 Newkirk Court with a building totaling 316,400 square feet, and 15 Newkirk Court, with a structure totaling 105,900 square feet. Phase one is slated to be completed in the first two quarters of 2023.
In addition to industry-leading design and construction features, Heart Lake Business Park is situated in an attractive location along the Highway 410 corridor with access to all major 400-Series highways. The building at 10 Newkirk Court offers signage and visibility opportunities directly on Highway 410. Additionally, this development is 17 minutes from Toronto Pearson International Airport, 16 minutes from the CN Brampton Intermodal site, and 18 minutes from the CP Vaughan Intermodal site.
“This is an extraordinary location to address historic industrial demand in Brampton and Toronto,” said Kathy Black, Senior Vice President, Development, Core & Opportunistic. “GTA industrial vacancy is less than 1%, making the region the second tightest industrial market in the Americas. What’s more, Heart Lake Business Park’s modern design and construction makes it ideal for a number of uses and types of tenants.”
“Fiera is pleased to undertake a significant investment in this strategic location and develop a premier industrial asset which can draw upon the region’s strong labour pool and high-quality infrastructure/amenities. This development will add nicely to the Fund’s diverse mix of approximately 12.5M square feet of industrial, office and retail space located in key Canadian markets”, stated William Secnik, SVP & Fund Manager for the Fiera Real Estate Core Fund.