Epic acquires London’s NewBold Business Park
Epic Investment Services announced on August 31 that is has acquired the NewBold Business Park in London on behalf of an unidentified institutional client
The park is one of only two high-quality industrial parks in the London market. It comprises 17, small and mid-bay, multi-tenant buildings on a combined 22.80 acres ideally located in close proximity of two Hwy 401 interchanges with access to public transit and nearby amenities.
Epic has been retained as asset and property manager of the 365,423-square foot industrial portfolio.
The previous owner of the site was Skyline Commercial REIT.
“NewBold is a great addition to our institutionally-owned industrial portfolio and the first asset for us in London,” said Aaron Moore, Vice President, Investments at Epic Investment Services. “The London industrial market is one of the largest in Southwestern Ontario with a strong trade corridor. Ultra-low vacancy, the high cost of new construction and our active management approach will position NewBold well to generate a superior risk-adjusted return for our client.”
The properties on the site were built mostly during the 1970s and feature mid-height ceilings, and a mix of loading on brand and via docking.
In an interview with Real Estate magazine RENX, Epic’s vice president, investments, Aaron Moore explained that the site has strong potential.
“It’s very much one of these opportunities where, for a lot of institutional investors it’s tough to own that kind of real estate unless they have a very big management arm,” he said. “The advantage for us is that we have quite a substantial management program, so we can be quite active, have boots on the ground, and senior people on the ground.”
Industrial vacancy rates in London are especially low at the moment. The latest CBRE report suggests they are less than one percent. The city also benefits from proximity to the Greater Toronto Area and regional markets.
Featured image: Aerial view of London’s NewBold Industrial Park. (Epic)