TORONTO, Nov. 17, 2022 (GLOBE NEWSWIRE) — Forager Real Estate Partners, a Toronto-based private equity real estate developer and asset manager (“Forager”), today announced it has entered into a development management agreement with a partnership (the “Partnership”) formed between Forager and principals of Sherway Group (“Sherway”), to plan and construct an approximate 165,000 square foot (15,329 square metre), state-of-the-art, Class ‘A’ industrial logistics facility in Guelph, Ontario (the “Facility”).
In addition, an affiliate of Sherway has entered into a long-term, fully net lease with the Partnership to occupy 100 percent of the Facility upon completion.
The Partnership acquired the development lands located at 426 Clair Road West, Guelph, in the third quarter of 2022. Forager has assembled a best-in-class delivery team to lead the project through design development, approvals and construction.
Conor McBroom, President of Forager, said:
“We are excited for the opportunity to execute, together with our partners, on this high-value industrial project. From the outset this property exemplified all the hallmarks of an institutional-quality logistics offering, including its proximity to the Hanlon Expressway, and Highway 401. Forager is pleased to join numerous other notable property investors, developers and tenants already capitalizing on the growth prospects in this strategic market.”
Paul Rockett, CEO of Sherway, said:
“We are absolutely thrilled to be working with the Forager team to expand both our distribution network, and modern warehousing capabilities. This new facility, and its strategic location, bolsters our existing and growing warehousing and transportation footprint within Ontario.”
When completed, the Facility will provide a range of in-demand food grade storage solutions, while being equipped with the technology to facilitate high-velocity flow of goods. Construction is expected to commence in 2023.
CBRE Canada facilitated the transaction to acquire the development lands.
About Sherway Group
Established 45 years ago, Sherway Group is a leading full service, customized logistics and supply chain solutions provider, and one of Canada’s most trusted third-party logistics (3PL) companies. Sherway takes pride in its host of flexible and creative logistics solutions that “drive the wins” for its customers.
About Forager Real Estate Partners
Forager is a private equity real estate developer and asset manager with a nimble and opportunistic investment strategy that targets many facets of the real estate landscape, including value-add and land development projects. Forager’s capital partners include institutional and ultra-high net worth investors, and leading lending institutions, who benefit from Forager’s discipline, operational expertise, deep industry relationships, and unwavering emphasis on alignment.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d235540-6419-4572-8a2c-0aff6aa51daa