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Hungerford Properties has taken advantage of Sears Canada’s real estate selloff and acquired its first Saskatchewan asset, a 33-acre site in Regina that includes a 176,000-square-foot warehouse.
“It’s located within the Ring Road and not only is it a great quality building, but it has over 22 acres of excess land which we’ll also be offering to the market in smaller chunks of one to 10 acres,” said Hungerford partner Michael Hungerford of the property at 855 Park St. that’s been renamed Titan Business Park.
“That will eventually bring a lot more employment and business to the area. Sears has been in downsizing mode in recent years and we’ll be invigorating the site with a lot more business activity and investment.”
The warehouse that’s the centrepiece of the property — which was acquired for a reported $28 million, according to the CBC — features skylights, 26-foot clear ceiling heights, extensive glazing and a high capacity floor load. Additional dock doors are being added. Flexible bay sizes will start at 12,000 square feet, with space available up to 176,000 square feet, each with multiple dock loading doors and office components.
Warehouse improvements will be made
“That will involve significant capital expenditures on new offices, separate metering and various improvements that will be required by tenants,” said Hungerford of the warehouse built and occupied by Sears since the mid-1970s. “That will allow us to be flexible in addressing the needs of businesses that are in Regina currently and those that are looking to locate in Regina.”
Large, quality warehouse space in a prime location with easy access and high visibility has traditionally been hard to come by in Regina, so Titan Business Park is being marketed nationally. Lease rates will be in line with the Regina market and offer “great value” to tenants, while the land lots are available for sale, lease and build to suit opportunities, according to Hungerford.
“We’ve had strong interest and we’re looking at making some announcements in the near future,” he said.
Comparisons to Icon Business Park
Hungerford compares Titan Business Park to a near vacant property it acquired in Calgary and transformed into the 706,000-square-foot Icon Business Park, which is now more than 80 per cent leased after major improvements were made.
Vancouver-based Hungerford has been investing in, managing and developing multi-family residential, industrial, office and retail real estate across Western Canada for more than 40 years. The company has been interested in Regina for a while and Hungerford said this initial investment shows its long-term commitment to the city.
“Our strategy is to continue to diversify across Western Canada, and we’re looking to buy great, well-located assets that we can reposition. This is a perfect example of a continuation of that strategy.”
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