- What Bosa Properties adds another industrial property to its growing commercial portfolio
- Why The seven-acre site is close to major traffic arteries as well as the U.S. border
- What’s next Market watchers expect continued interest in Surrey’s industrial market
Bosa Properties has scooped up an industrial property in Surrey, B.C., for $93m, Green Street News can reveal.
The Vancouver-based real estate developer and asset management company bought Fama Business Park, at 15050 54a Avenue, for $295/ sq ft. Colliers represented the seller, CanFirst Capital Management. The deal closed in May.
Marketing materials highlighted amenities in the surrounding area such as shops and restaurants, as well as access to major routes through Metro Vancouver, including Highway 10, the Pacific Highway and 152nd Street. The property is 30 km from Vancouver and 18 km from the U.S. border.
The 315,000 sq ft site comprises eight freestanding buildings, occupied by various tenants. The largest building houses the operations of a drinks manufacturer, while the other buildings are leased by an aerospace company producing water treatment systems for commercial aircraft, and a door supplier among others.
Bosa specializes in developing and managing residential real estate in the Metro Vancouver area but recently has expanded its portfolio to include retail, industrial and office properties.
Last September, the company bought a 300,000 sq ft. site in Chilliwack, comprising three industrial buildings and an adjoining 160,000 sq ft. land parcel for an estimated $100m. According to media reports, that was the priciest industrial land sale in the municipality’s history.
In 2022, Bosa purchased a 179,000 sq ft. warehouse in Surrey for $29m according to Green Street’s Sales Comps database.
CanFirst, based in Toronto, manages a $1.2bn portfolio of Canadian commercial real estate properties. The investment firm, which specializes in co-investment opportunities with institutional and private partners through a series of funds, bought the Fama Business Park in 2019 from Hydro Quebec for a reported $66m.
The availability of large bay industrial buildings in Metro Vancouver has grown consistently over the past 18 months, following years of supply constraints caused by high land values and other factors. Surrey has 42m sq ft. of industrial space – the most in Metro Vancouver, according to CBRE.
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