Greater Edmonton sees largest industrial deal this year with 23-acre trade

Upfield Capital has purchased an industrial property in Greater Edmonton for $56m, the largest industrial deal in the region this year, Green Street News can reveal.

At 9671 279 Street in the suburb of Acheson, the 23-acre site comprises a tenanted Class-A industrial building on almost 16 acres and an adjacent nearly

8-acre development parcel. Seller Qualico Properties off-loaded the site for roughly $2.4m/acre. The Winnipeg-based developer completed construction of the building last year.

The 206,000 sq ft facility serves as a Home Depot lumber distribution centre with a 20-year lease in place. JLL Capital Markets brokered the deal, which marked the first acquisition in Alberta for Vancouver-based Upfield.

The asset management firm is seeking to lease out the development parcel, which has been stripped and upgraded. It is 18km west of downtown Edmonton, close to Highways 60, 16 and 16A.

The deal marks the largest industrial trade in Metro Edmonton in over two years, according to Green Street’s Sales Comps Database. In February 2023, Mars Inc. sold a warehouse at 26615 92 Avenue in Acheson to Champion Petfoods for $154.3m.

That same month, Dream Summit Industrial – a joint venture between GIC and Dream Industrial REIT – picked up 27048 96 Avenue in Acheson from Summit Industrial Income REIT for $71m. The transaction came as the JV acquired the REIT.