Every quarter, the NAIOP Developing Leaders Committee looks to feature recent, significant real estate deals or projects in which NAIOP Developing Leaders have had the opportunity to contribute.
In December 2022, Crestpoint acquired 190 Summerlea Rd., an industrial property located in Brampton, Ontario. The ~324,000 square foot Property is situated on a 24.8 acre site located in Bramalea Business Park in Brampton, Ontario, which includes 10 acres of excess land. The excess lands are currently unutilized and will be converted to industrial outdoor storage. The asset benefits from close proximity to a number of major highways and streets and provides excellent connectivity to Pearson Airport, CN Rail’s Brampton Intermodal, and the rest of the GTA.
While a full redevelopment of the Property was economically viable, the deal team, consisting of Matt Muldoon, Ume Kanga, Andrew Johnson and Yarin Sekler, underwrote retaining the existing building and constructing an outdoor yard. This business plan will benefit from a shorter construction period and less exposure to cost and timing overruns, while capitalizing on the attractive industrial outdoor storage market fundamentals.