Morguard Begins Development of World-Class Multi-Tenant Industrial Facilities at the Global Transportation Hub in Regina, SK
REGINA, Nov. 5, 2013 /CNW/ - The Global Transportation Hub (GTH) and Morguard Investments Limited (Morguard) finalized an agreement in the spring of 2013 for Morguard to build and lease world-class facilities for the transportation and distribution sector. Today, an official ground breaking ceremony signaled the beginning of the initial development - and the beginning of a new era of growth in Saskatchewan.
The Agreement confirmed the purchase of 50 acres of land, another 50 acres in 2014, with an option for additional land in future years in the GTH. Morguard made the purchase on behalf of its pension fund client, Healthcare of Ontario Pension Plan (HOOPP), and will lead the build lease development project.
The official name of the initial development phase is TransLink Logistics Centre. The name reflects the different modes of transportation such as road and rail that connect local, national and international export and import activities with the region.
"Our collective goal is to transform this greenfield development into a world-class multi-tenant industrial premises specifically designed to meet LEED Silver standards," said Stephen Taylor, President and COO, Morguard Investments Limited. "We are committed to developing sustainable buildings that will enable high volume and efficient low-cost operations for new tenants entering the TransLink Logistics Centre."
Morguard has completed the detailed design of four new buildings. Construction is now underway by PCL for two of the four buildings targeted for completion in May 2014. Floor plates range from 60,000 SF to 82,000 SF with a build to suit option of up to one million SF. Morguard has partnered with Avison Young to manage leasing opportunities in the new facilities.
"Regina's industrial market has needed this type of initiative for years. We're so proud to be part of a team that understands the importance of long range planning and execution. This market needs options for existing tenants, and more importantly for market entrants," said Dale Griesser, Broker for Avison Young's Regina office. "Our priority is to work with our industry contacts, placing an emphasis on business attraction, expansion, repositioning, and relocation."
"From a marketing perspective, likely no other product can compete with this development in terms of total cost of doing business," said Jeff Sackville, Associate at Avison Young Regina. "Building design, site access, speed to market and site functionality are all essential elements of our clients' considerations. Clearly, Morguard has hit a home run in this regard."
"Morguard is another prime example of Saskatchewan's Growth Plan in action," Minister Responsible for the Global Transportation Hub, the Hon. Bill Boyd said. "Morguard's presence at the GTH is the most recent demonstration that Saskatchewan is the place to be in Canada. We have the strongest job growth and lowest unemployment in the country, and we have a great quality of life in this province," he said.
Finalizing this agreement makes Morguard the third company to join the GTH in 2013 following the Emterra Group and a new Saskatchewan Liquor and Gaming warehouse. They join Loblaw, Canadian Pacific Rail and Consolidated Fastfrate at the 1,700 acre transportation and logistics hub in west Regina. Since its legislation was proclaimed in August of this year, the GTH is now an unparalleled self-governing Inland Port Authority.
Morguard Corporation (TSX: MRC) is a major North American real estate and property management company. It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN). Morguard also provides real estate management services to institutional and other investors.
Created in 1960, HOOPP is the pension plan of choice for Ontario's hospital and community-based healthcare sector with over 440 participating healthcare organizations. HOOPP's 274,000 members include nurses, medical technicians, food services staff and laundry workers, and many other people who work hard to provide valued Ontario healthcare services.
About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
The Global Transportation Hub is Canada's only autonomous self-governing Inland Port Authority. The GTH is Saskatchewan's "'Gateway with the World", with the fastest speed to market, logistically superior and best-priced solution in western Canada. Saskatchewan's exceptional economic growth has created new demand for supply chain solutions. As a result the GTH has quickly become an unprecedented business and investment opportunity providing clients the chance to own and develop customized green-field solutions through a single point of contact.
SOURCE Morguard Corporation