City's largest industrial building sold to local developers
BY SCOTT LARSON, THE STARPHOENIX APRIL 6, 2012 11:02 AM
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Photograph by: Gord Waldner , The StarPhoenix
A pair of local business people have bought Saskatoon’s largest available industrial building.
Wally Mah of North Ridge Development Corporation and Kerny Korchinski, who recently sold Frontier Peterbilt Sales Ltd., have purchased the 363,000 square foot building that once housed the Loblaw’s distribution centre (Western Grocers) at 302 Melville Street. Western Grocers shut its doors in August 2011.
The new owners intend to redevelop the building for lease to a large industrial single-user or to several smaller clients.
“Purchasing this building is a reflection in our confidence in the future of Saskatoon and Saskatchewan,” said Mah. “We envision repurposing this unique and exceptionally well-located building to meet the changing needs of Saskatoon’s existing and new businesses.”
Colliers International facilitated the sale and will handle finding a tenant (or tenants).
The 363,000 square feet, approximately the size of six football fields, can be split into spaces of as little as 30,000 square feet and can accommodate warehouse, office or retail ventures, said Gary Compton, who is leading the Colliers leasing team on the project.
“The perfect tenant would be a large distribution single tenant,” Compton said. “There would be very little to change in the building.
“But the new owners are willing to have smaller, multiple tenants with a minimum 30,000 square feet.”
He said there has been interest from the manufacturing sector, a possible large office and even a big box outlet. They have railway behind the building, the new south bridge is just down the street and Stonebridge is nearby.
The asking net rent lease price is $8.50 per square foot.
Located just west of Stonebridge, Compton said the site offers excellent access to the new south bridge and is accessible from all major highways, plus it has rail lines behind the building.
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