Large deal gives Alberta's commercial market its last push of 2019

A major commercial acquisition in Alberta’s Nisku Industrial Park in late December capped off a year largely characterized by recovery from the worst effects of the oil price crashes.

Imperial Equities Inc. has announced its purchase of the Wajax Building in Nisku Industrial Park, with a value of $6.67 million.

The transaction involving the 37,200-square-foot industrial building closed on December 30, 2019.

“Imperial first secured Wajax as a tenant in Fort McMurray in 2018 and we are pleased to have the opportunity to both extend our business with this leading, national company, and bring another quality property into our portfolio,” Imperial Equities CEO Sine Chadi said.

“This is exactly the type of transaction that has ensured our stable and sustainable growth, and that will provide a foundation for our continued expansion as a preferred landlord to Canada's industrial sector.”

However, as a whole, Western Canada’s commercial market proved to be weaker in the final part of 2019, according to a recent analysis by RE/MAX.

“While we anticipated the legalization of cannabis to drive prices and sales up in the commercial real  estate market this year, a variety of factors including overall supply, stigmas, approval times and licensing restrictions have impeded commercial property growth across Western Canada – particularly in British Columbia,” RE/MAX of Western Canada regional executive VP Elton Ash said.

“As a result, regions like Greater Vancouver, poised to become a cannabis hot spot in 2019, has experienced a year-over-year decrease in total dollar value of 69% across all commercial property types.”