Nicola Wealth Real Estate partners with First Gulf and Challenger Motor Freight to expand their real estate portfolio in the Ontario Industrial Market

The partnership acquired the Cambridge Industrial Lands comprised of 52 acres slated to develop new generation industrial distribution buildings suitable for tenants and owner/users

Toronto, ON, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Nicola Wealth Real Estate (NWRE) announces the acquisition of the Cambridge Industrial Lands in partnership with First Gulf and Challenger Motor Freight, the existing landowner. This acquisition, brokered by Mark Cascagnette and his team at Lee-Associates, expands NWRE’s industrial footprint and growing Ontario portfolio comprised of industrial properties and other asset classes.

The partnership will co-venture on the 52-acre property situated on Allendale Road between Riverbank Drive and Highway 17 in Cambridge.  The property is well located providing quick access to Highway 401 enabling users to access Kitchener (20 mins northwest), Guelph (25 mins northeast), Pearson International Airport (60 mins east), and Downtown Toronto (90 mins east).

“We are excited to further expand our industrial presence in Ontario with First Gulf, a trusted and reputable partner” says Mark Hannah, Managing Director of Nicola Wealth Real Estate.  “The property is situated in a strong industrial node of Cambridge, characterized by small/mid/large bay industrial product, experiencing a remarkably low vacancy rate of 1.2%”.

“Our strategy is to develop five large bay industrial distribution buildings over two phases totaling over 1,000,000 square feet, pending the required approvals," says David Carreiro, President of First Gulf.  “This project will appeal to tenants seeking to lease new, quality industrial product in a marketplace starving for new inventory.”

Nicola Wealth Real Estate has collaborated with First Gulf on several other projects in the GTA including an office development at 1335 North Service Road in Oakville, an industrial development at 880 Avonhead Road in Mississauga, and 50-acres of industrial land at 10538 Coleraine Drive in Brampton, a Burlington/Hamilton Industrial Portfolio, and a large industrial development property at 2485 Speers Road in Oakville.

NWRE continues to concentrate its growth in major Canadian markets such as the Greater Toronto Area, Greater Vancouver, Winnipeg, Vancouver Island, the Okanagan region, and expanding into Ottawa and Montreal, focusing on acquiring income-producing properties and value-add opportunities.

To learn more about the Nicola Wealth Real Estate funds, visit  

About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $10.0 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail, and seniors housing. With the acquisition of Blackwood Partners, the current NWRE portfolio now exceeds $6 billion gross asset value.

About First Gulf
First Gulf is an award-winning leader in the development of office, industrial, mixed-use and retail properties with developed assets of over $4 billion completed since the company’s inception in 1987. First Gulf is a fully integrated development company and is involved in all aspects of real estate development, from land acquisition and planning approvals to design-build, construction, leasing, financing, and property management. To date, First Gulf has developed and constructed over 30 million SF of office, retail, and industrial real estate. First Gulf is part of the Great Gulf Group, one of North America’s premier real estate organizations. Established in 1975, with major projects in Canada and the United States, the Group’s fully integrated activities span the entire real estate spectrum.


Cambridge Industrial Lands and surrounding tenants.

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