Avison Young Completes Largest Industrial Sale in Chilliwack, BC

Bosa Properties acquires industrial portfolio and development site from Legacy Pacific in transaction led by Avison Young. All three firms partner on donation to benefit Chilliwack Hospital Foundation.

October 4, 2023 – Chilliwack, British Columbia – Bosa Properties Inc. (BPI) announces the successful acquisition of Legacy Pacific Industrial Park from Legacy Pacific Land Corporation (Legacy Pacific) in Chilliwack, BC. Totaling more than 460,000 square feet (sf) of buildings and future development space, this transaction, led by global commercial real estate advisor, Avison Young, represents the largest industrial sale in Chilliwack to date, highlighting the growing importance of the Fraser Valley industrial market to British Columbia’s economy.

The sale of 44500 and 44688 South Sumas Road and 6333 Unsworth Road closed on September 28, 2023, comprising 300,000 sf of existing buildings plus 160,000 sf of additional development density on 37 acres.

In recognition of the transaction and their shared commitment to supporting communities, Legacy Pacific, BPI (through the Robert Bosa Foundation) and Avison Young will jointly donate $250,000 to the Chilliwack Hospital Foundation. 

Since its establishment in 1996, Legacy Pacific has been a leading industrial developer in Chilliwack, revitalizing nearly 300,000 sf of formerly vacant buildings and developing an impressive 525,000 sf of new structures in the city. Their efforts have significantly contributed to the local economy by creating jobs and stimulating growth. 

BPI’s strategic decision to acquire a notable piece of Legacy Pacific’s industrial property portfolio, and its plans to develop adjacent lands, reflect the growth and ongoing evolution of the company within the province and its commitment to long-term investment and growth in industrial real estate.

This sale reinforces British Columbia’s position as one of North America’s strongest industrial markets. In H1 2023, per Avison Young’s latest report, industrial investment in the province remained resilient relative to other asset classes with industrial representing 72% of all investment transactions in British Columbia in H1 2023.

Bosa Properties: 

“Bosa Properties is pleased to have acquired this exceptional property and to become part of the Chilliwack community,” said Marc Ricou, Executive Vice President, Commercial, Bosa Properties. “It is challenging to acquire industrial properties of this scale and quality, and we appreciate Avison Young and Legacy Pacific’s collaborative approach to making our entry into the Chilliwack industrial market a reality. We have a strong belief in the attractiveness of doing business in Chilliwack and the vital role of the industrial market for job creation and economic growth in the Fraser Valley.”

Legacy Pacific: 

“We are pleased to introduce Bosa Properties to Chilliwack through their acquisition of our industrial property portfolio,” said Collin Rogers, CEO, Legacy Pacific. “While our company passes the torch to a new leader, my family and I look forward to remaining active participants in Chilliwack. It's gratifying that all three parties involved place such high value on community, and we are also able to announce our immediate commitment to support the Chilliwack Hospital Foundation.”

Avison Young: 

“This is Chilliwack’s largest industrial sale ever and it comes at a significant time when many investors have been in a holding pattern, waiting for the right opportunity,” said Michael Farrell, Principal, Avison Young. “This was indeed the perfect opportunity – and signals to the market that there is confidence in the Fraser Valley, and in the ability to continue to attract quality tenants at market rates.”