Transaction Management
NEW DISTRIBUTION CENTER IN A HIGHLY SOUGHT-AFTER MARKET
 

The Challenge

  • Landmark was tasked to find a 60,000 square foot location in the Port Kells Industrial Park, British Columbia, a highly sought-after market with historically low vacancy rates (under 1%). There were no options available on the market at that time.

The Solution

  • Landmark deployed a multi-pronged approach through local relationships and contacts. Landmark conducted field visits to the area in an effort to identify off-market opportunities and were eventually successful in identifying an unlisted building that had had recently been acquired by an institutional investor.

  • The owner was willing to terminate the lease of an existing tenant in exchange for a long-term lease agreement with our client.

The Result

  • Landmark negotiated a 10-year lease starting at $9.50 per square foot which included a $250,000 tenant improvement allowance.

  • The property was identified and secured in time to deliver possession to our client by their required date.