EXCLUSIVE DEVELOPMENT OPPORTUNITY Gate Halifax
Lot lines are approximate.
± 442 Gross Acres of Industrial Land and a ± 33 Acre Waterlot Allowing up to ± 6.5M sq. ft. of Buildable Density
Table of contents
04 06 08 12 14 16 18 19 20 22
About the Offering
Location and Market Context
Halifax Gate Advantage
Investment Highlights
Development Highlights
Environmental, Remedial Work & Site Closure
Halifax Economy
Halifax Industrial
Global Logistics Overview
Offering Process
“Maritime transport carries more than 80 percent of global merchandise trade by volume”
Binyam Reya | Acting Global Practice Director | The World Bank Stuart Strachan | Senior Vice President, Maritime & Trade | IHS Markit
Exclusive opportunity
CBRE Limited, on behalf of Valero Energy (“the Owner”) is pleased to offer for sale over ± 475 acres, including ± 442 acres of strategic industrial harbour lands and a ± 33 acre waterlot (known as “Halifax Gate”, “Property” or the “Site”) in Halifax, Nova Scotia, Canada. Halifax is a major shipping hub on North America’s Eastern Seaboard connecting to more than 150 countries through the world’s largest shipping lines with quick rail access to Central Canada and U.S. Midwest markets. In addition, Halifax offers a geopolitically stable market minimizing business disruptions and risks for users and investors. The offering represents an opportunity to acquire a large industrial zoned parcel of development land with key harbour infrastructure in a major eastern seaboard destination. Halifax Gate features industrial zoned lands, of which ± 200 acres have been graded and compacted. The Property provides the opportunity to build in excess of 6,500,000 sq. ft. of density, allowing for a significant industrial development. In addition, the offering includes a rare ± 33 acre waterlot with existing wharf/pier infrastructure abutting over 13 acres of waterside industrial lands, as well as large tracts of contiguous raw lands with a mix of zoning designations with future expansion potential.
Future Mount Hope Connector Road
ROYAL CANADIAN AIR FORCE
± 442 Gross Acres
Existing CN Railhead
ASKING PRICE: $90,000,000
Existing dock & dolphin structure
Property Information
Total Size ± 475 acres (± 442 acres of industrial land and ± 33 acre waterlot)
± 33 Acres*
± 33.29 acres includes wharf infrastructure and leased waterlot from Province of Nova Scotia. ± 13.76 acres of waterside land
Waterlot
I-2 - General Industry Zone with a few areas of commercial and park designations.
Zoning
100 metre dock parallel to the channel
“T-shaped” dock with 300 metre pier perpendicular to the shoreline
Permitted uses within I-2 include: heavy industrial and refinery and service industries. The Municipality is supportive of the zoning change to I-1 (light industry zone) which allows for general manufacturing, warehousing, and transportation uses among others. Please see page 14 for more information.
Three mooring dolphins which are connected to main dock by walkways
• Concrete construction • Max. berth length of 213 metres and beam of 42.7 metres
33 - 47 feet water depths outside the wharf
Wharf
* this includes the portion leased from the Province.
Halifax Gate | pg. 4
Lot lines are approximate.
FAIRVIEW COVE TERMINAL
SOUTH END TERMINAL
4.6 KM OR 5 MIN DRIVE FROM HALIFAX GATE TO HWY 111
HWY 111
ROYAL CANADIAN AIR FORCE
Existing CN Railhead
Lot lines are approximate.
Demographics & Labour
Industrial Market
Port Performance
Halifax has a highly diversified economy driven by a wide range of specialized industries, including military, tech and healthcare, and the largest population east of Montreal.
Halifax Industrial Net Rents are $10.90 PSF (Q4 2023), an increase of 29% from Q1 2021 representing an all-time high (CBRE Research, 2023).
Halifax is the only Canadian port in Eastern Canada that can accommodate ultra-class vessels, which measure over 350 metres in length overall (The Port of Halifax, 2023).
& Market context Location
Halifax welcomed ± 21,000 people in 2022, which was nearly double the previous annual record recorded in 2021.
Rental rates for new high bay product are being recorded in the $16.00 to $18.00 PSF.
Port-wide cargo saw an annual increase of 8.7% in 2022, up to 9.74 M metric tonnes.
Halifax has continued to see significant economic growth with real GDP growth of 6.5% and 3.3% in 2021 and 2022 respectively, both rates were well above national averages. Forecasted GDP growth for 2023 is 1.8%
The availability rate has dropped to 2.4%, with zero availabilities in the Dartmouth market currently above 30,000 sq. ft. (CBRE Research, 2023). Industrial inventory in Halifax is approximately 14,300,000 sq. ft., representing an increase of 9% increase from 2021 (CBRE Research, 2024).
Halifax offers a 20%-50% average time advantage to market for imports from Europeans ports over comparable North American ports.
Halifax had the fastest growing urban core of any Canadian city between 2016 and 2021, growing 26.1% (StatsCanada, 2022).
Halifax Gate | pg. 7
Time is money Significant Time Advantage Through Halifax
Halifax Gate advantage Halifax provides a strategic time advantage when moving goods through various major ports worldwide. Offering efficiency and volume by sea, air, and road, Halifax offers immense time advantages in the transit of goods to and from North America making it an ideal transload hub for imports and exports destined to and from Central Canada, the US Midwest, Europe, and Asia. For imports destined for Toronto from Antwerp, transit via Halifax offers a time advantage of 0.9 days (6%) over Montreal, and an advantage of 4.8 days (33%) over New York/New Jersey. A similar advantage exists for goods destined to Chicago from Antwerp, as transit via Halifax is 12% quicker than Montreal, and 26% quicker than New York/New Jersey. This substantial boost in efficiency for imports destined to Central Canada and the Midwest via Halifax is consistent across virtually all European ports of origin, and many Asian and Central American ports as well. Halifax also offers an advantage on North American exports destined to the majority of major global ports, especially European port destinations. For exports destined for Hamburg from Toronto, Halifax saves 8.7 days (67%) from Montreal, and 13 days (100%) compared with New York/New Jersey. For exports to Liverpool, England, goods from Halifax will arrive in 9 days, which is 170% faster than Montreal, and 144% faster than New York/New Jersey.
With transportation costs rising at a drastic rate globally, time is money in the current landscape of global supply chain logistics. Halifax offers a geopolitically stable market minimizing business disruptions and risks for users and investors. Halifax’s position as the first inbound, last outbound port of North America creates a strategic time advantage for the transportation of goods in and out of the continent via Halifax. Although the challenges caused by the COVID-19 pandemic have began to soften to ports globally, Halifax’s significant time advantage over other ports has further widened in 2023. The table below demonstrates the difference in time of imports and exports destined to and from Toronto transferring through Halifax with various Global destinations/ports of origin.
ANTWERP to TORONTO SOUTHHAMPTON to TORONTO SINGAPORE to TORONTO
Imports to North America
HALIFAX MONTREAL NEW YORK HALIFAX MONTREAL NEW YORK HALIFAX MONTREAL NEW YORK
14.4 days
15.3 days
32 days
Total Transit Time (days)
15.3 days
19.2 days
23.5 days
19.8 days
N/A
34.5 days
Variance from Halifax (Days)
-
0.9 days
+4.8 days
-
+8.2 days
+4.5 days
-
N/A
+2.5 days
Variance from Halifax (%)
-
+6%
+33%
+54%
+29%
-
-
+8%
The deepest natural harbour in North America
144% Quicker Transport of exports destined to Liverpool than New York.
TORONTO to ANTWERP TORONTO to SOUTHHAMPTON TORONTO to SINGAPORE
Exports from North America
HALIFAX MONTREAL NEW YORK HALIFAX MONTREAL NEW YORK HALIFAX MONTREAL NEW YORK
15.7
10.7
31.5 days
Total Transit Time (days)
15.4 days
23.2 days
15.8 days
23.5 days
N/A
37.5 days
Variance from Halifax (Days)
-
+0.30 days
+7.5 days
-
+5.1 days
+12.8 days
-
N/A
+6 days
Variance from Halifax (%)
-
-2%
48%
48%
120%
-
-
19%
40% - 70% Transportation costs share of a company’s logistics spend (CBRE’s Supply Chain Advisory).
20% - 50% Average time advantage to market for imports from European ports through Halifax.
*These transit times show inland transit by rail (not trucking)
Halifax Gate | pg. 9
Halifax Gate | pg. 8
Baie-Comeau
Matane
Hearst
Winnipeg
Moncton
Thunder Bay
Sept-Îles
Quebec
Montreal MONTREAL: 1.7 DAYS MONTREAL: 1.4 DAYS
Saint John
Baie-Comeau
Matane
Sault Ste. Marie
Duluth
Stevens Point
Moncton
Chippewa Falls
Green Bay
Toronto TORONTO: 1.9 DAYS TORONTO: 1.8 DAYS
Minneapolis/St. Paul
Milton
ec
Sarnia
Bu alo
Arcadia
Fond du Lac
Saint John
Conneaut
DETROIT: 3.2 DAYS DETROIT: 3.0 DAYS
Sioux City
Toledo
Joliet
Pittsburgh
Omaha
East Peoria
CHICAGO: 3.1 DAYS CHICAGO: 2.9 DAYS
O: 1.9 DAYS
Indianapolis
Spring eld
Decatur
East St. Louis
Memphis
Source: cn.ca
North American rail connectivity
CN main lines Secondary and feeder lines
Jackson
Shortline partners Ports served by CN
Mobile
Gulfport
Baton Rouge
Pascagoula
Abutting the Autoport which is owned by CN Rail, the offering allows for direct access to CN Rail’s 19,600 mile rail network with connections across the Continent. As such, Halifax Gate provides a significant opportunity for imports to be sent to last mile destinations expeditiously.
New Orleans
CN main lines Secondary and feeder lines
Shortline partners Ports served by CN
Halifax Gate | pg. 11
Investment highlights
Time Advantage Halifax is Ideally Positioned to Provide a Significant Time Advantage for the Import and Export of Goods.
Optimal Configuration Ideal for Large-Scale Industrial & Logistics Park.
Industrial Demand
Key Market Fundamentals Including Low Vacancy, Increasing Rents and Low Availability Rates.
Proximity to Railway
To Highway Connections and CN Rail at Autoport.
Harbour Infrastructure ± 33 Acre Waterlot Allows for Direct Shipping to the Site.
Significant Density
Prime Opportunity to Develop ± 6,500,000 sq. ft. On-Site.
Halifax Gate | pg. 12
Source: unsplash.com
Development details The Halifax Gate lands offer an opportunity unique to the East Coast to acquire a large, industrial zoned parcel of development land with key harbour infrastructure and direct access in a major eastern seaboard destination. Proximity to rail and highway connections will support the development of a new distribution and warehousing industrial park. The conceptual site plan shown here, only an example, has 15 lots with potential density of 6.55 million square feet of space (assuming 50% lot coverage). This assumes no additional infilling on the harbour waterlot but does assume partial infilling of wetlands in the north-east corner of the Site. While we have assumed the watercourses and the bulk of the wetlands are retained, limited infilling of wetlands is typically permitted with various compensation options approved by Nova Scotia Environment. The lands are currently zoned I-2 General Industry which allows for a mix of heavy industrial, refinery and service industries. The I-1 Light Industry zone allows for general manufacturing, warehousing and transportation uses among other commercial uses. The Municipality is supportive of the zoning change to I-1. The process to accomplish a rezoning would typically require ± 12 months.
CULVERT
REMAINING LAND 38.4 Ha / 94.9 Acres Remaining Wetlands 38.4 Ha/94.9 Acres
CULVERT
LOT 14 7.0 Ha / 17.3 Acres AREA EXISTING WETLAND WITHIN LOT 5.5 Ha / 13.5 Acres
LOT 6 13.2 Ha / 32.6 Acres
Autoport
LOT 8 10.2 Ha / 25.3 Acres
LOT 4 8.3 Ha / 20.4 Acres
LOT 15 5.8 Ha / 14.2 Acres AREA EXISTING WETLAND WITHIN LOT 2.7 Ha / 6.8 Acres
LOT 12 7.0 Ha / 17.4 Acres AREA EXISTING WETLAND WITHIN LOT 3.3 Ha / 8.2 Acres
Culvert
LOT 2 8.1 Ha / 20.1 Acres
LOT 10 8.4 Ha / 20.7 Acres
LOT 13 5.8 Ha / 14.3 Acres AREA EXISTING WETLAND WITHIN LOT 1.9 Ha / 4.8 Acres
LOT 5 8.3 Ha / 20.5 Acres
REMAINING LAND 1.4 Ha / 3.5 Acres
Concept The site la purposes o consultant Wetlands Subject to Scotia Dep achievable
LOT 1 5.3 Ha / 13.2 Acres
REMAINING LAND 10.7 Ha / 26.3 Acres
LOT 3 8.5 Ha / 21.0 Acres
LOT 7 8.4 Ha / 20.7 Acres AREA EXISTING WETLAND WITHIN LOT 0.48 Ha / 1.2 Acres
LOT 9 8.1 Ha / 20.0 Acres AREA EXISTING WETLAND WITHIN LOT 1.6 Ha / 3.9 Acres
LOT 11 10.5 Ha / 26.1 Acres AREA EXISTING WETLAND WITHIN LOT 1.9 Ha / 4.8 Acres
WATER LOT 12.0 Ha / 29.56 Acres
C-2
C-2
Legend
Site Boundary Adjacent Property Boundary Existing Internal Boundary Existing Zoning Boundary Waterland (20m Wetland / Watercourse Buffer) Areas to be Infilled 32m Wide Right of Way (±1,960m length)
HALIFAX HARBOUR
CLIENT
PROJECT
DRAWING
VALERO PROPERTIES DEVELOPMENT Eastern Passage, Nova Scotia
SITE PLAN
+ architecture planning
1 Canal St, Dartmouth NS B2Y 2W1 zzap.ca
Halifax Gate | pg. 15
Halifax Gate | pg. 14
remedial work & site closure Environmental
The Owner has retained Arcadis Canada Inc. to undertake a decommissioning and environmental remediation of the Halifax Gate Site. The Owner, through their consultant, is completing the remediation and Site closure under an Industrial Approval issued on January 12, 2022, by Nova Scotia Environment and Climate Change (NSECC). Remedial activities are expected to be completed in June 2023 with ground-water monitoring scheduled for a 24-month period post site closure. The following assets are intended to be conveyed “as is” with the Property, unless otherwise specified by prospective purchasers within their offer/LOI: 1. Harborside tank farm and related piping/infrastructure. 2. Closed Asbestos Disposal Cell (ADC). (Note that the Owner has an approval from NSE to operate the ACM (Asbestos Containing Materials) cell until November 25, 2025). Information regarding both the Harbourside assets and the ADC are detailed in the CBRE data room. The described workplan includes preliminary cost and timeline estimates. Potential Purchasers are advised that transfer of the Harbourside assets, ADC, or any work required under the Industrial Approval will require approval by NSECC, as well as financial assurance acceptable to Valero Energy. The Owner will complete remedial work to meet the Industrial standards (non-potable groundwater) as defined by NSE, and meet the requirements of the stormwater management plan, as part of obtaining a Record of Site Condition from its environmental consultant and acknowledged by NSECC. The Site will be subject to certain Restrictive Covenants, which will be consistent with Industrial use. It is anticipated, as part of the Agreement Purchase and Sale (APS), that the Owner will be granted Site access post-closing of the Property to continue all works required to complete the obligations under the Industrial Approval, including execution of the storm water management plan and any ongoing testing required by NSECC.
Available environmental information and reports contained in the CBRE data room include, but are not limited to, the following:
• Phase I Environmental Site Assessment (Phase I ESA) (dated July 19, 2019) • Multiple Phase II ESA reports addressing eleven (11) specific areas of remedial activity at the Site (various reports issued May 2022) • A summary of site reclamation plan (June 24, 2022) • The Nova Scotia Environment Asbestos Deposal Facility approval (December 7, 2015) • As well as a variety of historical reports.
Halifax Gate | pg. 16
Halifax industrial
Halifax economy
Benefiting from a strong underlying infrastructure network and connectivity to major airports, ports and highways, the Halifax Industrial Market has recorded impressive performance over the past few years. Burnside Business Park is the dominant business park in Halifax and is the largest in Atlantic Canada, being home to 2,000 businesses and 30,000 employees, representing 12% of Halifax’s workforce. Halifax Gate offers a strategic location close to both the Woodside Industrial Park, which is Dartmouth’s second largest industrial park, and is a 10-minute drive to the Burnside Business Park. The strong fundamentals outlined above, in addition to accelerating e-commerce trends and limited land availabilities has resulted in tightening market conditions with a current availability rate of 2.4%. Although we have seen some headwinds to the overall investment market in Canada, these headwinds have been offset by all-time high market fundamentals for industrial assets in Halifax, and across the country. Industrial rents in Halifax have hit an all time high of $10.90 PSF. Additionally, rents on new high-bay supply are being recorded between $16.00 PSF and $18.00 PSF. Market conditions are expected to continue to tighten as demand for industrial space continues to outpace new supply with limited industrial development land opportunities of scale available in Halifax. Investment activity in the Halifax Industrial market has been highlighted by ProREIT and Crestpoint’s partnership in purchasing +3,000,000 SF across 40+ buildings in the Burnside Industrial Park. ProREIT is experiencing over 40% increase to industrial rents on renewals nationally, and their holdings in Halifax are no exception. Additionally, industrial land has seen significant increases to values, as land trades are approaching $1,000,000 per acre, which is up ± 100% over the past three years.
Source: nationalgeographic.co.uk
Halifax is home to a strong, well-diversified economy with a combination of the highest concentration of health care facilities in Atlantic Canada, large seafood harvesting, ocean and transportation industries, a growing technology sector, Canada’s largest military infrastructure cluster, the post-secondary hub of the region, and the regional base for most major finance, insurance, and real estate companies. The City’s entrenched position as Atlantic Canada’s economic focal point attracts regional talent and elevates local industries to grow beyond the region. Between, 2016 and 2021, Halifax had the fastest growing urban core in Canada growing 26.1%, and it was the second fastest growing city in Canada in 2022, posting a 4.5% growth rate. Halifax’s population is 480,000, accounting for ± 48% of the provincial population of just over 1,000,000 people. Halifax’s economic forecasts are strong, far outpacing national averages for population growth, GDP growth, and immigration totals. In recent years, Nova Scotia has experienced rapid economic growth, outperforming provincial averages, and this economic growth has been fueled by investment and immigration. There has been substantial public and private investment into the Halifax market in recent years, including the Federal Government investing $47.5 million into the port of Halifax to improve the systems in place for the transportation of goods. The Federal Government also invested $36 million into the Halifax Stanfield Airport air cargo facility. These investments highlight Halifax’s position as a future global transit hub. Additionally, the Irving Shipyard in Halifax is the most advanced shipyard in North America and the combined Canadian Navy contract is the largest public outsourcing contract in Canadian History, with an estimated 30-year life span for as many as 15 combat vessels with a value exceeding $60 billion.
Source: halifax.ca
$16-$18 Net Rents Achieved on new industrial supply
$10.90PSF All Time High Average Rents
1.1M SF Of new supply under construction
Zero Availabilities over 30,000 SF available in the Dartmouth market
Halifax Gate | pg. 18
Source: halifaxstanfield.ca
logistics overview Global
Following a record level of cargo volume in 2022 (±5.4M metric tonnes), the Halifax Port Authority is tracking for decreased container throughput in 2023, with container throughput through Q3 down roughly 12.7% YTD. These headwinds were experienced across the entire sector, with all major North American Ports recording decreased container activity of 20.3%, higher than the Halifax decrease. Trade and supply chain activity began to stabilize in Q4 2023, and is expected to recover in 2024, particularly in hard-hit non-AI electronics. According to S&P Global’s Q1 2024 Supply Chain Outlook Report, physical operations present the biggest challenges for supply chains early in 2024, with climate change and conflict in the Middle East disrupting shipping networks. Further potential challenges include labour strikes, political uncertainty thanks to widespread elections, the rise of protectionism and retaliation, and more. Decision-makers can prepare for future problems by investing in resilience and agility, and the prospect of continued policy uncertainty in 2024 and into 2025 should mean reshoring strategies will remain attractive for the foreseeable future. Halifax offers a politically stable location for ocean logistics and distribution. Although transportation cost increase have settled somewhat since the pandemic, costs are still rising, and consistent and efficient supply chains are more important than ever. The top emerging markets globally are those with growing populations, superior hub connectivity, and the potential for onshore manufacturing to reduce shipping and freight costs. Maritime transport forms the most cost effective, energy-efficient, and dependable foundation of global trade. More than 80 percent of global merchandise is transported via sea transit. According to CBRE’s Supply Chain Advisory, Transportation costs make up 45%-70% of a company’s total logistics spend, while fixed facility costs account for only 3-6% of spend. Halifax Gate’s position as a hub for ocean, rail, and road transit as well as its size and scale to allow for nearshore manufacturing and large- scale industrial uses is why this is truly a one-of-a-kind opportunity.
Source: CBRE Research, S&P Global – Market Intelligence
Halifax Gate | pg. 20
Offering process
SALES PROCESS
The Property is to be purchased on an “as is, where is” basis and there is no warranty, express or implied, as to title, description, condition, size, developability, quantity or quality thereof and without limiting the foregoing, any and all conditions or warranties expressed or implied will not apply and are to be waived by the Purchaser.
A selection of property and building reports are available for viewing at our ShareFile dataroom. For access assistance, please contact one of our advisors.
Any information related to the Property which has been or will be obtained from the Owner or CBRE or any other person, by a prospective Purchaser, has been prepared and provided solely for the convenience of the prospective Purchaser and will not be warranted to be accurate or complete and will not form part of the terms of an APS and sale unless expressly agreed to in the binding APS between the Owner and the Purchaser.
Notwithstanding the above, the Owner reserves the right to remove the Offering from the market and to alter the offering process described above and timing thereof, at its sole and absolute discretion.
MEMORANDUM CONTENTS
This Confidential Information Memorandum is being delivered to prospective purchasers to assist them in deciding whether they wish to acquire the Property. This Confidential Information Memorandum does not purport to be all inclusive nor to contain all the information that a prospective purchaser may require in deciding whether or not to purchase the Property. This Confidential Information Memorandum is for information and discussion purposes only and does not constitute an offer to sell nor the solicitation of any offer to buy the Property. The Confidential Information Memorandum provides selective information relating to certain physical, locational and financial characteristics of the Property. The information on which this Confidential Information Memorandum is based has been obtained from various sources considered reliable. Neither the Owner nor CBRE make any representations, declarations nor warranties, express or implied, as to the accuracy or completeness of the information or statements contained herein or otherwise and such information or statements should not be relied upon by prospective purchasers without independent investigation and verification. The Owner and CBRE expressly disclaim any and all liability for any errors or omissions in the Confidential Information Memorandum or any other written or oral communication transmitted or made available to prospective purchasers. Prospective purchasers should conduct their own independent investigation and verification of the information provided herein, and should seek legal, accounting, tax, engineering or any other advice as necessary. If any information relating to the Property, in addition to the information provided in this Confidential Information Memorandum, is provided at any time, orally or otherwise, by the Owner or CBRE or anyone acting on their behalf, such information is provided as a convenience only without representation or warranty as to its accuracy or completeness and such information should not be relied upon by prospective purchasers without independent investigation and verification. By accepting this Confidential Information Memorandum, prospective purchasers agree to hold and treat this Confidential Information Memorandum and its contents in the strictest confidence. Prospective purchasers will not, directly or indirectly, disclose nor communicate nor permit anyone else to disclose nor communicate this Confidential Information Memorandum or any of its contents or any part thereof to any person, firm or entity without the prior written consent of the Owner and CBRE. Prospective purchasers will not use nor permit this Confidential Information Memorandum to be used in any manner detrimental to the interests of the Owner, CBRE or their affiliates nor for any other purpose than a proposed purchase of the Property. The recipient of this Confidential Information Memorandum agrees to provide CBRE with a list of those persons to whom this Confidential Information Memorandum or any information contained herein is provided upon receipt. The terms and conditions in this Section with respect to confidentiality and the disclaimer contained under the heading “Memorandum Contents” will relate to all Sections of the Confidential Information Memorandum as if stated independently therein. The Owner has engaged CBRE to offer for sale the Halifax Gate Opportunity (the “Property”). The Property will be conveyed free and clear of debt on Closing but subject to permitted encumbrances as well as certain post-closing obligations as detailed herein. No contractual or other legal obligations arise on the part of the Owner or CBRE to any prospective Purchaser by the submission of a Letter of Intent (LOI), nor is any legal relationship created between the Owner and any prospective Purchaser until such time as an Agreement of Purchase and Sale (APS), if any, is subsequently signed with a Purchaser. The Property is being offered for sale on an “as-is, where-is” basis.
Based on information contained in this CIM and other information that may be made available by CBRE, prospective Purchasers are invited to submit offers using the Owner’s form of Letter of Intent (LOI). The LOI should outline the terms for the purchase of the Property, including the following information:
OFFER FORM & GUIDELINES
1. Financial and Transaction Terms, including: • Purchase Price; • Deposits and date to be delivered;
• Due Diligence and Closing Timelines; and, • Any other conditions to be included.
2. Description of the prospective Purchaser including details in case of a consortium offer, including: • Organizational structure;
• Contact person; and • Controlling interests.
3. Description of the prospective Purchaser’s financial capacity, including: • Evidence of ability to complete the transaction; and, • Relevant experience in securing financing.
4. In addition to the above, prospective Purchasers should acknowledge receipt of the form of APS. Any proposed changes to the form of APS should be submitted along with the LOI in a red-line version for the Owner’s review.
CONFIDENTIALITY
5. The Owner, through their consultant Arcadis Canada Inc., are expected to be completed remedial activities in June 2023 with ground-water monitoring scheduled for a 24-month period post site closure. Purchasers must specify in their offer/LOI if they require any additional work to be carried out by the Owner, specifically: a) Removal of the Harbourside tank farm and related piping/infrastructure b) Removal of the Closed Asbestos Disposal Cell (ADC)
Details of any remedial work component can be found in CBRE Dataroom.
ASKING PRICE: $90,000,000
All offers must be submitted to the attention of: Bob Mussett (robert.mussett@cbre.com) | Andrew Cranmer (andrew.cranmer@cbre.com) Mike Czestochowski (mike.czestochowski@cbre.com) | Lauren White (lauren.white@cbre.com)
SALES PROCESS
Prospective purchasers should note that the Owner is under no obligation to select any of the offers.
CLICK HERE TO SIGN THE CA
Halifax Gate | pg. 23
Halifax Gate | pg. 22
our team: Contact
NATIONAL INVESTMENT TEAM, HALIFAX
BOB MUSSETT** Executive Vice President +1 (902) 492 2077 robert.mussett@cbre.com
ANDREW CRANMER* Vice President +1 (902) 492 2065 andrew.cranmer@cbre.com
CBRE Limited, Brokerage 5855 Spring Garden Road, Suite 300 Halifax, Nova Scotia B3H 4S2
LAND SERVICES GROUP, TORONTO
MIKE CZESTOCHOWSKI** Vice Chairman +1 (416) 495 6257 mike.czestochowski@cbre.com
LAUREN WHITE* Executive Vice President +1 (416) 495 6223 lauren.white@cbre.com
EMELIE ROWE* Senior Sales Associate +1 (416) 495 6306 emelie.rowe@cbre.com
EVAN STEWART* Sales Associate +1 (416) 495 6205 evan.stewart@cbre.com
CBRE Limited, Brokerage 2005 Sheppard Avenue East, Suite 800 Toronto, Ontario M2J 5B4
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*Sales Representative **Broker | All outlines are approximate
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping Sources: Canadian Mapping Services canadamapping@cbre.com; MapPoint, DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth.
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