TORONTO, ONTARIO: Blackwood Partners and Nicola Wealth Real Estate (NWRE) acquired a 34-acre industrial development site located in Grimsby, southwest of Toronto.
The acquisition, which closed July 26, 2021, marks the second co-venture deal by the partnership since Nicola Wealth acquired Blackwood Partners in late 2020.
“This property is well-positioned with prominent frontage and exposure along the QEW at an attractive cost base,” explains Blackwood Partners Managing Director, John Hayes, “the proposed development will be suitable for both single and multi-tenant buildings providing good optionality.”
This transaction leveraged the strengths of both sides of the strategic partnership between Blackwood Partners and Nicola Wealth Real Estate. The project marks the second venture between Nicola Value Add Real Estate LP (NVARE LP), one of Nicola Wealth’s proprietary real estate funds, and Blackwood Partners.
The first joint project, an acquisition of 105-acres of industrial land located in the township of King, North of Toronto, closed in January 2021.
“The strategy of developing modern industrial projects creates great alignment between Blackwood and NWRE,” Nicola Wealth Real Estate, Managing Director Mark Hannah confirmed, “and our partnership with Blackwood will continue to grow as NWRE expands its footprint in the Ontario market.”
Blackwood Partners provides real estate investment advisory services, asset management services, and transaction management services to Canadian pension funds, foreign investors, private investors, and both public and private sector companies to assist them in achieving their investment and corporate real estate objectives.
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with over $10 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset-manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include office, retail, industrial, multi-family residential, self-storage, and seniors housing.
The current real estate portfolio exceeds $5.0 billion gross asset value.