Nicola Wealth Real Estate (NWRE) and Hopewell Development (Hopewell) are strategically developing three industrial properties in low-tax, low-regulation Southwestern states with high migration. NWRE’s focus is growing an industrial portfolio in target markets against the backdrop of the increasing demand for industrial buildings to house e-commerce and distribution operations.
NWRE and Hopewell recently acquired the sites for North Valley Industrial Park in the Deer Valley submarket of AZ, and the South Valley Business Park in the Chandler submarket of AZ in 2019, with plans for delivering best in class mid-bay industrial developments. South Valley Industrial Park has broken ground, the project consists of two industrial buildings totaling approximately 145,000 SF completing Q2 2021. The North Valley Industrial Park is a multi-phase project with Phase 1 commencing April 2021, for development of 131,000 SF over two buildings adjacent to the Deer Valley Airport. North Valley will complete Fall 2021. In addition, the Partnership has recently acquired an in-fill 8.5-acre site in the Airport sub-market of Las Vegas. NWRE and Hopewell are obtaining entitlements to deliver approximately 150,000 SF of new generation product in the middle of this mature submarket. Las Vegas ground-breaking is slated for Q3 2021.
“Expanding NWRE’s industrial allocation within our funds involves two strategies; acquiring well located, well maintained, highly functional existing assets, and building to hold new generation product with trusted partners such as Hopewell” explains NWRE Director of Acquisitions, Matthew Schaeffers. “We remain focused on acquiring quality assets at accretive pricing within our target markets and are very excited about these three development projects.”
“These projects present ideal opportunities to add much needed supply to areas hungry for multi-tenant industrial buildings,” says Justin LeMaster, Vice President – US Industrial at Hopewell Development. “We are deploying our fully-integrated and customized approach to commercial real estate development to efficiently deliver highly desirable best-in-class product to the market.”
NWRE continues to pursue opportunities in all asset types in markets across North America, with a focus on acquiring income-producing properties and development sites.