Real estate company CanFirst Capital Management has started construction on its new 272,379ft² industrial building in Mississauga, Ontario, Canada.
Located on an approximately 14-acre area at the Erin Mills Parkway and Mississauga Road, the site was purchased from property management company Europro for $50m in October 2021, reported Renx.ca.
CanFirst's executive vice-president for investments and business development Mark Braun was quoted by the publication as saying: “The opportunity was attractive to CanFirst, given the opportunity to acquire a site that was already improved with 17 office buildings at a purchase price below land value at the time of acquisition.
“The site was also 74 per cent occupied, providing cash flow to support the project ahead of redevelopment and the option to not develop if market conditions changed.
“We decided to build to zero-carbon-ready and, more specifically, ensure that at the time of construction we minimised carbon in the building and reinforced the building to support solar on the roof and improvements that would be very difficult and cost-prohibitive to complete later.”
To provide room for CanFirst’s new development, the current buildings at the site will be demolished.
The new structure will measure 40ft, with 42 dock-level doors, two grade-level doors, 50ft wide by 54ft deep bays, and a 60ft staging bay.
Furthermore, it will include parking for 226 vehicles, including 12 specialised electric vehicle spots and 37 caravan parking spaces.
