ONE Properties and Vestcor are moving ahead with construction and leasing of a spec-build industrial building at the partners’ new 41 Business Park in southeast Edmonton.
The 366,900-square-foot building will be the first of two assets to be built at the 41 Business Park property, which is located on the former Ledcor Fabrication and Module Yard. When complete, the two buildings proposed for the site will comprise approximately 670,000 square feet of leasable space.
“This development marks a continuation of our company’s strategy to expand our industrial footprint across Canada,” ONE Properties president and CEO Darren Durstling said in today’s announcement. “We are excited to be collaborating with our esteemed partner, Vestcor, to develop this state-of-the-art industrial real estate opportunity.”
The partners bought the site in October 2022.
ONE and Vestcor in Edmonton
While it is the first investment for Vestcor in the Edmonton market, ONE Properties has been very active in the region, where it owns interests in a half-dozen other industrial properties.
“Vestcor’s first acquisition in Edmonton marks a pivotal step in our strategic investment plan, providing access to Edmonton’s diverse market,” Dwayne Doolan, head of real estate investments at Vestcor, said in the announcement.
“This partnership brings together our shared vision and expertise, creating opportunities for innovation and long-term growth.”
41 Business Park is located on the border of the City of Edmonton and the County of Leduc, directly north of Nisku.
The interchange at the intersection of QE II highway and 41st Avenue provides access to Anthony Henday Drive and the Yellowhead Trail/Trans-Canada Highway.
With construction underway, the building is to be available for occupancy during Q4 2024.
Building 1 will feature 40-foot high warehouse ceilings.
The park’s zoning can accommodate medium- and large-bay tenants from a broad base of industries, including the energy, manufacturing and distribution sectors.
Phase 2 at the park is planned to add one additional building with 302,200 square feet of leasable space upon completion.
Both buildings will target LEED Silver certification and incorporate “highly efficient design and construction practices, including solar PV arrays and electric vehicle charging stations,” the announcement states.
About ONE Properties and Vestcor
ONE Properties is a privately owned, integrated real estate investment firm that develops and manages assets across Canada.
Founded in 1987 and now with offices in Edmonton, Calgary and Toronto, ONE leverages its expertise across a range of asset classes — multifamily residential, retail, office, industrial and mixed-use. oneproperties.com
Formed in 2016, Vestcor is a Fredericton, N.B.-based organization which provides global investment management and pension and employee benefits administration services for approximately 99,000 public sector pension plan and benefit program members and more than 130 employer groups.
The organization is jointly owned by the New Brunswick Public Service Pension Plan and the New Brunswick Teachers Pension Plan.