NEW DISTRIBUTION CENTER IN A HIGHLY SOUGHT-AFTER MARKET
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.
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.
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.