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LaSalle, CalPERS JV Gears Up for 1M-SF Project

BRAMPTON, ONTARIO-The partnership acquires 47 acres here as part of a $60-million warehouse distribution development that will rise near Pearson International Airport.

By Brian K. Miller | Updated on September 28, 2004

BRAMPTON, ONTARIO-CalEast Industrial Investors LLC, a joint venture of LaSalle Investment Management and CalPERS, has kicked off a $60-million industrial development here with the purchase of a 47-acre site along Airport Road. Located five miles from Pearson International Airport, the property eventually will hold 1.1 million sf.The two planned buildings will be bulk warehouse distribution facilities with 30-feet clear height, ESFR sprinklers, concrete pre-cast walls and on-site trailer storage. Panattoni Development Co. will oversee the development. Andrew Smele and Wade Dobbin of Royal LePage, one of the largest commercial brokerage firms in Canada, will handle leasing for the project.CalEast Industrial Investors owns nearly 40 million sf of industrial real estate throughout North America. LaSalle Investment SVP Paul White tells GlobeSt.com that this will be CalEast’s first ground-up development in Canada. The project was sparked by the strength of the Toronto industrial market, the fourth largest industrial market in North America, he says. “The vacancy rate is around 5%,” says White. “There’s a lot of preleasing that typically occurs in that market and we have a healthy prospect list, but we are prepared to go fully spec on the first two buildings.” One of the buildings will be a cross-dock facility and the other will be a front-load facility. For both, White says Royal LePage will be going after tenants in the 100,000-sf to 500,000-sf range. There will be other class A industrial facilities to compete with, says White, but with the low vacancy rate “there is inherently less competition than other major markets like Chicago, Atlanta and Dallas.”

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