Kelowna industrial land for sale part of five-piece portfolio on market for $46M

Photo: Contributed

The building at 1505 Hardy Ave. in Kelowna.

A top-quality piece of Kelowna industrial real estate is for sale as part of a larger portfolio throughout the province.

There are five properties in all for sale by MCL Real Estate Group-Re/Max Kelowna, and it has an asking price of $46 million. The Kelowna property is located at 1505 Hardy Ave.

“This is an outstanding opportunity for an industrial investor to acquire a series of fully tenanted industrial properties throughout B.C.,” MCL senior commercial specialist Kris McLaughlin said in a press release.

“There is significant upside to the portfolio as an industrial investment. Each property, although fully leased and providing strong cash flow, also contains significant residual land that will allow for further densification through redevelopment.”

The Hardy Avenue property is more than 3.1 acres and features a 21,540 square-foot, single-storey commercial building.

The other four properties are located in the Lower Mainland, Kootenays and northern part of the province. Combined they total 12.02 acres and contain nearly 79,000 square feet of industrial space.

McLaughlin pointed out that the industrial property market in B.C. remains the strongest asset class, in which shortages of inventory and high demand continue.