May 17, 2022
Panattoni Development Canada and Manulife Investment Management announce lease deal with MTE Logistix for Apex Business Park in Edmonton, Alberta
Manulife Investment Management is pleased to announce on behalf of Manulife Canadian Property Portfolio Fund (“MCPP”) and Panattoni Development Canada (“Panattoni”), that we have pre-leased 100% of Apex Business Park Building 3, a 548,124 square foot industrial facility and Edmonton’s largest speculative industrial development to date.
We are thrilled to welcome MTE Logistix, an Alberta based 3PL Logistics & Supply Chain Management Company, to our LEED certified industrial facility. This best-in-class building was designed with large-scale logistics and warehouse tenants in mind and has garnered strong interest across Canada and we are pleased that MTE has decided to use this space to support their growing needs.
This is the largest speculative building of its type in the Edmonton market and this transaction demonstrates the strong demand for industrial space while reinforcing that users are identifying Edmonton as a premier logistics and warehouse hub.
“Apex Business Park was envisioned to be the premier industrial park in Edmonton’s Northwest submarket incorporating design elements to exceed market demand and meet the sustainability objectives of MCPP and its stakeholders. The business park is well positioned not only as a sound, long term investment for MCPP, but also to help MTE Logistix expand the growth of their business.” – Bryan Siekierko, Managing Director, Portfolio Manager, Manulife Investment Management.
Panattoni and Manulife Investment Management would like to thank those involved in this major transaction in the Edmonton market, including Thomas Ashcroft and Rob Iwaschuk of Avison Young, who represented the tenant in the transaction. We are grateful for your dedication and hard work to achieve this deal and look forward to future opportunities to work together.
The Edmonton market continues to show demand for industrial development, and we will be continuing to deliver Class A developments through our current projects at Fulton Creek with two buildings starting construction this year (148,000 and 265,000 square feet) and Phase 2 of our Apex Business Park with up to 1.4 million square feet delivering in 2024.
“The Edmonton market has sustained strong growth in large bay leasing over the past 5 years and this transaction reinforces the growing demand for high quality, well located warehouse space in the Edmonton market.” – Mark Edwards, Development Manager, Panattoni Canada.
Manulife Investment Management develops and manages commercial real estate around the globe as part of its comprehensive private markets’ capabilities. As of March 31, 2022, the real estate portfolio totals over 63 million square feet of office, industrial, retail, and multifamily space strategically located in markets across Canada, the U.S., and Asia Pacific. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners.