TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Forager Real Estate Partners, a private equity real estate developer and asset manager (“Forager”), in collaboration with CBRE Canada (“CBRE”), is pleased to announce the launch of Pacific Industrial Condos, a premier, multi-occupant urban warehousing and logistics facility located at 2075 McNicoll Avenue, Toronto (the “Project”).
The Project’s launch follows the successful sell-out and substantial completion of VicPark Industrial Condos by Forager, also in Toronto’s Scarborough district, bringing Forager’s total completed and underway development inventory in this strategic urban submarket to nearly 300,000 square feet.
Located at the southeast corner of McNicoll Avenue and Milliken Boulevard, Pacific Industrial Condos will comprise 145,000 square feet across 16 brand new, Master Paul Ng Feng shui-certified units ranging from 7,455 to 9,651 square feet. The Project offers excellent connectivity to Highways 404, 407, 401, and TTC routes. Each unit features dedicated truck-level loading, two drive-in doors, 28’ clear heights for optimized storage capacity, and up to 400 amps of power—elements that collectively set a new benchmark for Class ‘A’ industrial space in Scarborough for this size category.
Commenting on Forager’s development program, Conor McBroom, President of Forager, said, “Pacific Industrial address a critical shortage of modern shallow and mid-bay industrial space in Toronto’s densely populated, fast-growing, infill industrial submarkets. Already, our track record with nearby VicPark demonstrates that business owners are prioritizing modern, flexible solutions over outdated facilities, especially as escalating leasing costs drive demand for ownership options that align with long-term business needs.”
Scarborough’s industrial market illustrates the principles of supply and demand at work. With a vacancy rate of 2.1% overall (CBRE Canada Q4 2024), supply scarcity has driven gross rental rates for smaller format accommodation above $20 per square foot, a trend likely to persist given the absence of significant new development.
Marc Oliver, Associate Vice President at CBRE, remarked, “Finding new industrial product in Scarborough in the 5,000 to 10,000 square foot range, with the option for outsized power, and 28-foot clear height is like finding a needle in a haystack.”
Forager’s development of Pacific Industrial Condos exemplifies its commitment to addressing these dynamics. By delivering high-quality spaces that align with market needs and local demand, Forager is not only delivering exceptional industrial solutions but also reinforcing its position as a forward-thinking contributor to the evolving Toronto industrial landscape.
For more information on the Project, including availability and full specifications, visit http://www.pacificindustrialcondos.com.
About Forager Real Estate Partners
Forager is a private equity real estate developer and asset manager with a nimble and opportunistic investment strategy that targets many facets of the real estate landscape, including value-add and land development projects in Canada and the United States. Forager’s capital partners include institutional and ultra-high net worth investors, and leading lending institutions, who benefit from Forager’s discipline, operational expertise, deep industry relationships, and unwavering emphasis on alignment. For more information on Forager, visit http://www.foragerrep.com.
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