The largest sale of industrial land in Chilliwack’s history went through on Sept. 28.
Vancouver-based Bosa Properties Inc. announced it purchased Legacy Pacific Industrial Park from Legacy Pacific Land Corporation, in a deal led by commercial real-estate advisors Avison Young, according to an Oct. 4 release.
The “successful acquisition” included the sale of three Chilliwack properties at 44500 and 44688 South Sumas Road and 6333 Unsworth Road, which together were most recently valuated at more than $100 million by BC Assessment. It’s 300,000 square feet of existing buildings, plus 160,000 square feet of development density on a sprawling site of 37 acres.
A Bosa rep notes how hard it is to secure industrial sites like this one, which he describes as “exceptional.”
“It is challenging to acquire industrial properties of this scale and quality, and we appreciate Avison Young and Legacy Pacific’s collaborative approach to making our entry into the Chilliwack industrial market a reality,” said Bosa vice-president Marc Ricou. “We have a strong belief in the attractiveness of doing business in Chilliwack, and the vital role of the industrial market for job creation and economic growth in the Fraser Valley.”
The deal will cement the Fraser Valley’s role as a key industrial market, crucial to the B.C. economy.
“It comes at a significant time when many investors have been in a holding pattern, waiting for the right opportunity,” said Michael Farrell, spokesperson for Avison Young. “This was indeed the perfect opportunity and signals to the market that there is confidence in the Fraser Valley, and in the ability to continue to attract high quality tenants at market rates.”
The acquisition was a timely one.
B.C. has become one of the strongest industrial players in North America, according to Avison Young’s latest report, as industrial investment remained resilient compared to other asset classes with industrial representing 72 per cent of all investment transactions in the province in H1 2023.
Legacy Pacific Land Corporation has carved out a niche as a leading developer of industrial land in Chilliwack since its inception in 1996, revitalizing vacant buildings and developing 525,000 square feet of new structures in Chilliwack. Legacy efforts have been recognized for contributing to the local economy, creating jobs and stimulating growth.
Legacy Pacific CEO Collin Rogers, son of Legacy founder Stan Rogers, sees the monumental sale as the passing of the torch.
“While our company passes the torch to a new leader, my family and I look forward to remaining active participants in Chilliwack,” Rogers said. “It’s gratifying that all three parties involved place such high value on community, and we are also able to announce our immediate commitment to support the Chilliwack Hospital Foundation.”
To recognize the major sale, and their shared commitment to supporting community, Legacy Pacific, Bosa Properties, and Avison Young will be donating $250,000 to the Chilliwack Hospital Foundation.
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