Calgary-based Hopewell Development Corporation has purchased an exclusive 78.8-acre industrial site in southeast Edmonton for $31 million.

The commercial developer bought 4510-17 Street, located at 17 Street and Whitemud Drive, from Pe Ben, which had used the site as a pipe laydown yard. Jim Bijou, senior vice-president of Jones Lang LaSalle’s industrial brokerage group, finalized the sale in what he calls, an “underserved area.”

“There is a major shortage of land in the area, and almost every developer is looking,” said Bijou “The vacancy rate in the area is very low, at roughly 2.0 per cent. With such a shortage of space on the market, this was a highly coveted piece of land.”

With the land located on two major thoroughfares with high visibility, Hopewell has the opportunity to develop various retail and industrial spaces.