Real Estate News 24

Real Estate News 24

Fast-growing ClearView companies putting stamp on industrial real estate market

Beth McCandry

  1. local business
  2. commercial real estate

Doug Johannson, left, and Steve Vesuwalla have helped ClearView Commercial Realty grow at an aggressive pace.Doug Johannson, left, and Steve Vesuwalla have helped ClearView Commercial Realty grow at an aggressive pace. Photo courtesy ClearView Commercial Realty /Postmedia Network

After 22 fulfilling years at Avison Young – 17 of them as a partner in the Calgary office of the global real estate company – Steve Vesuwalla decided to start his own company in 2019.

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He still works with his former colleagues but, while continuing to specialize in industrial real estate, wanted to set up his own development fund to acquire a portfolio of real estate.

Vesuwalla purchased a three-story commercial apartment on 1st Avenue NE in Bridgeland for ClearView Commercial Realty and has done very well from the start, thanks largely to rewarding relationships with long-standing loyal clients.

His focus remains on industrial buildings, and his most recent lease is a 108,000-square-foot lease in Remington Development’s Discovery Business Park in Edmonton. The building — with 3.5 acres of fenced and paved storage space — at the intersection of Highway 2 and Highway 19 will be a new distribution center for FedEx.

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The successful transaction was initiated thanks to Vesuwalla’s collaboration with the Society of Industrial and Office Realtors. Vesuwalla, a global real estate professional association representing today’s most knowledgeable, experienced and successful real estate brokerage professionals, was contacted by a colleague in Pittsburgh to discuss the needs of their Edmonton area client FedEx.

Vesuwalla, past President of the Western Canada Chapter, is one of fewer than a dozen members in Alberta who were inducted into the Society after a rigorous review of their experience, conducted with the highest professional and ethical standards.

During his career, ClearView’s President and Broker has been involved in well over a thousand sale and lease transactions totaling over $1 billion.

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Doug Johannson, who also had extensive experience in industrial real estate and real estate, joined his former colleague from Avison Young at ClearView in 2021.

Johannson has since sold a 15,500-square-foot Tri-Mac building in the Golden Triangle industrial area on the Peigan Trail in southeast Calgary, renewed the lease on HBI’s 32,000-square-foot facility at Portland Street Depot, and subleased 10,000 square feet of eight-ounce coffee space .

He is currently helping to develop a 40 acre property he sold on behalf of a client just north of HeatherGlen Golf Course in Rocky View County. As development progresses, he will launch hard-to-find batches for small industrial users.

Another prime location he is currently marketing is a 33-acre vacant lot in Balzac, located on the south side of Highway 566.

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Vesuwalla’s Clearview Industrial Fund was formed with all investors based in Calgary except two in Toronto.

Added last week was the Champion Business Center at 401-403 33rd Street NE, which was acquired from Hungerford Properties by Michael Golightly of Colliers International.

The 260,000-square-foot building, anchored on CDI College’s north campus, brings the fund’s current portfolio to 300,000 square feet, including a 35,000-square-foot building in South Foothills that has been vacant for a year. Sean Ferguson of Cushman Wakefield, listed by Johannson, brought his glass manufacturing client to the property.

A long relationship with Garry Bobke, Senior Partner and President of NAI Advent, has led to Vesuwalla’s new development fund investing in its first residential project in partnership with NAI Advent.

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The Mission 19 property is a 67-unit luxury condominium designed by Gravity Architect and built by Triumph Construction in the trendy Mission District at 320 19th Avenue SW and will be available for rent in the second quarter of 2023.

Both ClearView companies continue to grow at an aggressive pace, which means Vesuwalla is looking for a few more experienced agents to join him and Johannson.

Remarks:

• Spiros Pizza & Pasta has served “the best pizza in town” at 17th Avenue and 33rd Street SW since 1969. This summer, the company will open its second location at Inglewood Crossing, the former Trail Appliance Store on 9th Avenue SE

• Landstar development leased by Fairfield Commercial Real Estate – Broker Michael Kehoe says only one lot remains with 11 stores that have been leased in the past 10 months.

David Parker appears regularly in the Herald. Read his columns online at calgaryherald.com/business. He can be reached at 403-830-4622 or email [email protected].

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