Artist’s rendering: Midwestern Logistics Facility, Guelph, Ontario
TORONTO, Nov. 17 2022 (GLOBE NEWSWIRE) — Forager Real Estate Partners, a Toronto-based private equity real estate developer and asset manager (“Forager”), announced today that 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 meter), 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 at 426 Clairweg West, Guelph, in the third quarter of 2022. Forager assembled a best-in-class delivery team to guide the project through design development, approvals and construction.
Conor McBroom, president of Forager, said:
“We are excited about the opportunity to carry out this high-value industrial project with our partners. From the outset, this property exemplified all the hallmarks of an institutional-quality logistics offering, including proximity to the Hanlon Expressway and Highway 401. Forager is pleased to join numerous other notable real estate investors, developers and tenants who are already taking advantage of the growth prospects in this strategic market.”
Sherway CEO Paul Rockett said:
“We are absolutely delighted to be working with the Forager team to expand both our distribution network and modern warehouse capabilities. This new facility, and its strategic location, strengthens 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 speed flow of goods. Construction is expected to begin in 2023.
CBRE Canada facilitated the transaction to acquire the development lands.
About Sherway Group
Founded 45 years ago, Sherway Group is a leading provider of full-service, customized logistics and supply chain solutions, and one of Canada’s most trusted third-party logistics (3PL) companies. Sherway prides itself on its array of adaptable 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 addition 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, industry 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
CONTACT: For more information: Sherway Group of Companies Kevin Leggett (905) 362-9055 Forager Real Estate Partners Inc. Conor McBroom (416) 580-9700