A new five-building, 750,000 square-foot industrial complex is being built in Brampton, Ontario, on the northwest edge of the Greater Toronto Area.
Fiera Real Estate and Berkshire Axis Development broke ground on the Heart Lake Business Park, which will be marketed to prospective tenants by Cushman & Wakefield. The leasing team will target e-commerce, general distribution, light manufacturing, life sciences and pharma sectors for the first phase.
The project is site-plan approved, with building permit, and all of the major structural construction materials have been secured.
According to Leslie Marlowe, president and managing partner of Berkshire Axis, the site is one of the last greenfield opportunities in the Brampton area. The site is located along the north-south Highway 410 corridor, and provides access to main highway arteries. It is 17 minutes from Toronto Pearson International Airport, 16 minutes from CN’s Brampton Intermodal site and 18 minutes from CP’s Vaughan Intermodal site.
Phase one construction is underway at 10 Newkirk Court with a building totaling 316,452 square feet, and 15 Newkirk Court, with a structure totaling 105,896 square feet. Phase one is slated to be completed in the first quarter of 2023.
“This is an extraordinary location to address historic industrial demand in Brampton and Toronto,” said Kathy Black, Fiera senior vice-president, development, core and opportunistic.
“GTA industrial vacancy is less than one percent, making the region the second tightest industrial market in the Americas.”
The developers also suggest the location will be able to attract labour from the Brampton area.