Vancouver-based Hungerford Properties has sold the Icon Business Park in Calgary to an undisclosed buyer and for an undisclosed amount.

The property on 46 acres of land includes a 762,000-square-foot industrial facility in southeast Calgary. Hungerford bought it in 2013 from manufacturer Haworth. It redeveloped the single-use building and turned it into a 98 per cent occupied multi-tenant business centre.

The redevelopment includes new building systems, new exterior access points, improved landscaping, more than 60 new loading doors, building fitness amenities, new office storefronts and interior tenant improvements.

“The success of Icon is attributed to the hard work and values of our people,” Michael Hungerford, said in a statement. “We had a plan and are proud of how we executed. Our vision was to transform this underutilized industrial space in Calgary into a bustling industrial park, and we are thrilled to see this vision come of life.”

National and international tenants now include CHEP, a global supply-chain logistics services group, Robert Thibert Inc., an international automotive parts distributor; ABB Inc., a Fortune Global 500 robotics, power, heavy electrical equipment, and automation technology provider; Rolf C. Hagen Inc, the world’s largest privately owned pet products manufacturer and distributor; and The Data Group, one of Alberta’s largest single graphics communications companies.

Recently, it leased 42,700 square feet of office space to Energy Safety Canada, Canada’s oil and gas safety association, which brought the building to 98 per cent occupancy and represented one of the top 10 suburban relocation deals in the Calgary office market since 2015 according to Colliers International.

“Hungerford brought their expertise, creativity, commitment and vision to Icon and as a result, it has performed well,” said Paul Marsden, Executive VP and Partner at Colliers. “Icon is a quality asset in a great location and, in addition to providing quality service to its tenants, Hungerford has brought new life to the area through these additional businesses, their employees and clients.”

Mario Toneguzzi is a business reporter in Calgary.

© Calgary’s Business


business centreThe views, opinions and positions expressed by columnists and contributors are the author’s alone. They do not inherently or expressly reflect the views, opinions and/or positions of our publication.