Upfield Capital acquires Alberta distribution centre for over $55M

ACHESON, ALTA. — Upfield Capital, a Vancouver-based privately held real estate investment and asset management firm, has officially acquired a Home Depot-leased distribution centre in Acheson, Alta. for more than $55.1 million, marking its entry into the Alberta market.

“We’ve been closely tracking Alberta for stable, long-duration income and growth opportunities,” said Rob Greer, Upfield co-founder and principal, in a statement. “This deal offers a 20-year lease with Home Depot and an additional 7.5 acres of zoned industrial land for which we are actively pursuing new tenants.”   

The Home Depot distribution hub acquisition, a partnership with Arrowleaf Real Estate Holdings, is a 206,000-square-foot industrial facility with 7.5 acres of surplus industrial land that could support future buildings, the release adds.