CHILLIWACK, September 8, 2021 – The acquisition of one of the largest underutilized Highway 1 interchange properties in the Fraser Valley is set to deliver much-needed retail, commercial, and industrial space to one of the British Columbia’s fastest growing municipalities. Denciti Development Corp. of Vancouver has acquired 7985 Lickman Road and 43971 Industrial Way in Chilliwack in partnership with Kadestone Capital Corp. The strategically located properties total 12.4 acres in size. The proposed development will support increased economic activity, new employment opportunities, and address the area’s skyrocketing demand for destination retail, commercial and industrial space.
The Lickman Road site sits four minutes from downtown Chilliwack with easy highway access to the rest of Metro Vancouver, the BC Interior, and the US border. “This location truly serves as the gateway to the Trans-Canada Highway and the Fraser Valley,” says Garry Fawley, Denciti CEO and 40-year veteran of the real estate industry. “This is not your standard ‘box’ site. Its location and size affords an exciting development of mixed opportunities. From industrial to commercial to retail, we could even see a last-mile distribution facility or a national retail anchor tenant.”
An influx of new residents drawn by affordable housing and abundant recreational opportunities has prompted major national and regional retailers to invest in Chilliwack. Several new locally owned businesses have also opened, renewing Chilliwack’s historic downtown and transforming the city. Denciti’s purchase will contribute to the transformation.
“Over the last few years, demand has outpaced the supply of available industrial land and buildings in Chilliwack. Denciti will play an important role in meeting that demand, while supporting job creation and investment in our community,” said Brian Coombes, president of Chilliwack Economic Partners Corp. (CEPCO). “Denciti’s plans align with our objective of seeing underutilized industrial properties in the community redeveloped to support increased economic activity.”
The size and location of the site will represent a one-of-a-kind addition to the Chilliwack market, which has seen soaring demand for commercial and industrial space as options in Metro Vancouver have dwindled. The local industrial vacancy rate is currently less than 2%, meaning redevelopment is the only way to expand the industrial land supply given the constraints of the Fraser River and Agricultural Land Reserve.
“You’re seeing a lot of development of underused properties, including this one,” says Kyle Dodman, vice-president, industrial properties, CBRE Ltd. “It’s really going to bring a lot more opportunities for employment, and businesses and economic upturn to Chilliwack.”
Denciti plans to develop the top-tier site with highway-oriented commercial space, including light-industrial strata. A retail component will also be geared to national and regional tenants serving local residents and visitors travelling the Trans-Canada Highway. The centrally located site with excellent access and visibility will attract warehousing, distribution and logistics companies and will also benefit consumers, business owners, and end-users. A formal development proposal will be worked out in partnership with the City of Chilliwack.
This is the fourth major commercial property acquisition by Denciti in 2021. Denciti’s most recent industrial purchase was 38933 Queens Way in Squamish, an 8.5-acre site acquired in partnership with Kadestone Capital Corp. (TSX-V:KDSX) (OTCB:KDCCF), a vertically integrated property company. It is also developing the Langley Gateway Industrial Business Park with Nicola Wealth Real Estate at 19748 86 Avenue in the Township of Langley.
Denciti Development Corp. is a British Columbia-based real estate development company creating urban industrial, commercial and residential developments. The Denciti team has delivered over $2 billion of real estate across Canada. Denciti projects are designed with the end-users, business owners and potential tenants in mind, focusing on efficient quality built developments.