After diversifying our portfolio in the US and Alberta over the last several years, RCG resumed its growth in BC’s Lower Mainland, finalizing an early 2024 purchase of 21720 Fraserwood Way. Metro Vancouver is one of North America’s tightest industrial markets but we were drawn to the property’s immaculate condition, build quality, riverfront location and established prominent tenant. So we aimed high!
Fraserwood Business Park is an attractive industrial conglomerate with prolific tenant businesses, established transportation and logistics network with easy truck access, nearby multi-directional highways and service amenities.
Our newest IB1 zoned Richmond property is an impressive 138,058 SF industrial distribution centre including 116,291 SF of warehouse on 7166 acres. Built in 2002, it boasts 32’ clear ceilings with heavy floor load capacity, 100 parking stalls, 20 dock and 4 grade loading doors, 1200 amps and office/mezzanine space with river views.
The sole tenant, Volkswagen Canada, has operated there since 2003 as Western Canada’s main warehousing and wholesale distribution of motor vehicle parts and equipment plus additionally houses an authorized training facility for its mechanical and sales staff.
The Lower Mainland market is a challenge–quality properties like Fraserwood are rarely available and difficult to acquire. The Richmond submarket benefits from strong demand, high impact industrial buildings and a consistent labour market with 45 million SF of inventory. Vacancy has been at sub 3% since 2014 with an anticipated future sub 1% due to demand and lack of developable land.
Despite the challenges, RCG Group is still on the hunt. Gordon Walker, SVP of Acquisitions & Development, comments “the Lower Mainland market remains a key market for us and as part of our portfolio growth strategy, RCG will continue to seek high quality industrial investment opportunities including land acquisition for future development”.
For more on the property, visit our PORTFOLIO.
