- What Prologis bought a 289,000 sq ft building in Delta, B.C.
- Why Prologis called Vancouver a “must-have logistics hub”
- What next The firm wants to build a significant and best-in-class portfolio
Prologis doubled down on Canada by entering the British Columbia market with a $128m acquisition of an industrial building in the Vancouver suburb of Delta, Green Street News can reveal.
It’s the second-largest industrial deal in B.C. so far this year, trailing only Wesbild’s $143m sale on Jan. 31. The San Francisco-headquartered company closed on the fully leased, Class-A property on March 5. Colliers had the assignment.
Acquired from Hydro-Québec Pension Fund, the 289,000 sq ft building, at 9410 River Road, was built in 2017 and is leased to two tenants. It is less than 20 km to the Port of Vancouver and Vancouver International Airport.
As part of Prologis’ expansion in B.C., the company plans to open an office in Vancouver and will appoint someone to oversee capital deployment and customer support. Those plans are still in the works.
Prologis called Vancouver a “must-have logistics hub,” citing the city’s port, strategic location near key U.S. markets and limited industrial supply.
“It’s the perfect place for Prologis to expand its portfolio of modern logistics facilities,” said Patrick Gemma, head of capital deployment for Prologis. “Our expansion into Vancouver is driven by our commitment to helping customers strengthen their supply chains with well-located, sustainable logistics solutions that meet growing demand in Canada.”
The company has a well-established presence in Eastern Canada, where it operates 14.5 m sq ft of logistics space in the Greater Toronto Area. Prologis is also building or planning another 6m sq ft of warehouse space in the GTA.
Prologis said its Canadian portfolio has a 98% occupancy rate and serves customers across industry, including automotive, household goods and technology.
“We want to build a significant and best-in-class portfolio that supports our customers and contributes to Vancouver’s and Canada’s economy,” Gemma said in a statement.
“Our core focus at first will be development. Initial conversations with our customers about our expansion plans have been met with enthusiasm as this market is highly attractive for several reasons.”
