B.C.’s largest industrial developer is investing in the Kelowna Airport Business Park.
Burnaby-based Beedie has acquired the former 14.7-acre gravel site at 2050 Pier Mac Way. The deal, brokered by commercial real estate and investment company CBRE, is the largest single property industrial land transaction by dollar value in the city’s history, according to a news release from CBRE. The release also states Beedie’s future development will provide a series of new strata buildings and built-to-suit development options at the site.
“Kelowna is a key node between British Columbia and Alberta and I’m excited for Beedie to enter this highly impactful market,” said Ryan Beedie, company president.“With our roots and long-established work in B.C., and our growing expansion into Alberta, it’s truly the perfect fit for us. The Okanagan continues to see a huge amount of growth in the industrial and businesses sectors and we’re looking to support that growth with a very unique offering within the region.”
Travis Blanleil, sales associate at CBRE, said the deal is indicative of the state of the industrial market in Kelowna and the continuing rise in demand for industrial products in B.C.
“Demand for light industrial, distribution, third party logistics, and food warehousing space in Metro Vancouver have soared as a result of COVID-19, naturally forcing companies to shift their focus and consider new markets,” said Blanleil. “Kelowna has become a viable and strategic market for companies looking to expand operations or set up new ventures.”
Plans submitted to the city by TKA+D Architecture+Design on behalf of Beedie show plans for two buildings for the site, totaling 13 individual units and covering approximately 144,461 square feet. It would be located along Pier Mac Way, Quail Ridge Boulevard, and Circuit Road. An application to subdivide the property into two lots, a development permit application, and a soil deposit application have also been submitted.