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After a fulfilling 22 years with 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 collaborates with his former colleagues but, while continuing to specialize in industrial real estate, wanted to launch his own development fund to purchase a portfolio of properties.
Vesuwalla bought a three-storey business condo along 1 st Avenue N.E. in Bridgeland for ClearView Commercial Realty and, thanks largely to rewarding relationships with long-standing loyal clients, performed very well from the get-go.
Industrial buildings continue to be his focus and his latest is the lease of a 108,000-square-foot building in Remington Development’s Discovery Business Park in Edmonton. The building — with 1.12 acres of fenced and paved yard storage — at the intersection of Highway 2 and Highway 19 will be a new distribution centre for FedEx.
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The successful transaction was initiated thanks to Vesuwalla’s association with the Society of Industrial and Office Realtors. A global professional real estate association representing today’s most knowledgeable, experienced and successful real estate brokerage specialists, Vesuwalla was contacted by a fellow member in Pittsburgh to discuss the needs of his client, FedEx, in the Edmonton area.
A past-president of the Western Canada chapter, Vesuwalla is one of fewer than a dozen members in Alberta who have been admitted to the society following strict examination into their experience conducted with the highest of professional and ethical standards.
During his career, the president and broker of ClearView has been involved with well over a thousand sale and lease transactions with an aggregate total exceeding $1 billion.
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Doug Johannson, who also had many years of experience in industrial real estate and land, joined his former Avison Young co-worker at ClearView in 2021.
Johannson has since sold a 15,500-square-foot Tri-Mac building in the Golden Triangle industrial district off Peigan Trail in southeast Calgary, renewed the lease for HBI’s 32,000-square-foot facility in Portland Street Depot, and subleased 10,000 square feet of that space to Eight Ounce Coffee.
Currently, he is helping to develop a 40-acre parcel of land he sold on behalf of a client north of HeatherGlen Golf Course in Rocky View County. As the development progresses, he will bring hard-to-find lots to market for small industrial users.
Another prime location he is currently marketing is a 33-acre vacant site in Balzac fronting onto the south side of Highway 566.
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Vesuwalla’s Clearview Industrial Fund was established with all of its investors based in Calgary, apart from two in Toronto.
Last week it added the Champion Business Centre at 401-403 33 rd Street N.E., purchased from Hungerford Properties through Michael Golightly of Colliers International.
The 260,000-square-foot building anchored by the north campus of CDI College brings the fund’s current portfolio to 300,000 square feet, which includes a 35,000-square-foot building in South Foothills that had been vacant for a year. Listed by Johannson, Sean Ferguson of Cushman Wakefield brought his glass manufacturer client to the property.
A long relationship with Garry Bobke, senior partner and president of NAI Advent, has resulted in 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 luxury 67-unit apartment block, designed by Gravity Architect and being built by Triumph Construction, in the trendy Mission District at 320 19 th Avenue S.W. that 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 couple more experienced agents to join him and Johannson.
Notes:
• Spiros Pizza & Pasta has served the “best pizza in town” at the corner of 17 th Avenue and 33 rd Street S.W. since 1969. This summer it will open its second location in Inglewood Crossing, the former Trail Appliance store on 9 th Avenue S.E.
• The Landstar Development is being leased by Fairfield Commercial Real Estate — broker Michael Kehoe says only one space is left with 11 stores being 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 by email at info@davidparker.ca .
Fast-growing ClearView companies putting stamp on industrial real estate market - Calgary Herald
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