Ontario Construction News staff writer
Intermarket Properties says iPort Properties (iPort), has acquired Phase 3 of IP Park in Cambridge, Ontario to develop iPort Cambridge.
iPort is owned by the Healthcare of Ontario Pension Plan (HOOPP) and is one of the largest owners of large scale industrial business parks in Canada. The sale of the 300 acres in Phase 3 will allow large scale industrial users to locate in Cambridge and benefit from the close proximity to the recently widened Highway 401 and the Waterloo International Airport.
The original vision for IP Park, a 425 acre master-planned business campus, was conceived by Intermarket and provides for more than 5 million sq. ft. of commercial development including large scale industrial uses, advanced manufacturing, office and data center space.
The project extends from Highway 8 to Middle Block Road and is the largest industrial development in Waterloo Region.
iPort will now develop the lands south of Middle Block Road to Allendale Road; and Intermarket will continue to develop the Phase I and Phase II lands south of Allendale Road.
IP Park, formerly named Creekside, also integrates over 200 acres of additional green space that provides a network of parks, woodlots and wetlands. A trail system is also proposed that will create an environment where employees can walk or bike through the entire area.
“IP Park and iPort Cambridge will provide much needed industrial space in Waterloo Region and there will be over 3,000 jobs created with this overall development,” Intermarket Properties president Mark Kindrachuk said in a statement. “We have been working to ensure that the required infrastructure is available for new development in this area, and now that the construction of the roads and sanitary pumping station has started; we are seeing substantial new investment in this region.”
With the capacity to accommodate a wide range of industrial and commercial uses, IP Park was developed in collaboration with community and government stake holders and establishes Cambridge as a key driver of economic growth and competitiveness for Waterloo Region.
“HOOPP is very pleased to be acquiring the lands south of Middle Block Road to develop iPort Cambridge” said Chris Holtved, senior portfolio manager HOOPP Real Estate. “HOOPP has previously developed industrial and flex office buildings in Cambridge, but this acquisition allows us to develop at a bigger scale, in keeping with our other first class business parks across Canada. It also gives us the ability to attract a wide variety of larger scale uses to the area”.
Tony LaMantia, president of the Waterloo Region Economic Development Corporation (Waterloo EDC) indicated he is excited about the opportunities for IP Park and iPort Cambridge: “Our industrial roots in Waterloo Region have laid a foundation for innovation and manufacturing excellence,” he said.
“We have more than a century of manufacturing experience driven by some great anchor companies and the expertise to disrupt and innovate in robotics, aerospace and automotive. Waterloo’s emergence as a global technology hub has positioned us to play a leading role in advanced manufacturing and we look forward to marketing IP Park and iPort for high quality, strategic investment.”