Richmond Industrial Centre

What Richmond Industrial Centre does

Richmond Industrial Centre is a master-planned 170-acre industrial real estate estate in Richmond, British Columbia, developed and retained under single ownership by Montrose Properties (a privately held Vancouver-based company spun off from mining and industrial group Graymont in 2015). The estate will deliver over 3 million square feet of leasable space across 12 buildings, marketed as the largest business park campus in Metro Vancouver history to be developed and held by a single owner. As of the most recent disclosure, four buildings totaling 1,364,400 SF are completed and 100% leased, one 187,020 SF building (8080 Zylmans Way) is under construction and actively leasing, and up to seven future phases totaling 1.5 million SF remain in the pipeline.

The product offering consists of industrial warehouse and distribution buildings ranging from approximately 48,820 SF to 504,400 SF, configured for manufacturing, processing, and distribution uses under Industrial (I) zoning with permitted yard areas for materials, containers, and equipment. Market-leading sustainable building specifications are standardized across the portfolio, including LED lighting with motion sensors, ASHRAE-compliant HVAC, Big Ass high-volume destratification fans, clerestory windows for natural light, EV charging infrastructure, and TPO roofing systems. Strategic advantages include proximity to Vanterm/Centerm and Deltaport container terminals, Vancouver International Airport, Highway 91 (East/West Connector), and a co-located 27-acre container yard, supported by 40 acres of green space within the estate.

Revenue is generated through industrial real estate leasing on a quote-based, triple-net basis. Distribution is handled exclusively through Colliers International, with dedicated Executive Vice Presidents Stuart Morrison and John Boer managing enterprise leasing from the Vancouver office. Anchor tenants include Coca-Cola, Canadian Tire, Wayfair, ADI, and Worldpac, spanning beverage, retail, e-commerce, electronics distribution, and auto parts. The development has been a collaborative effort with Omicron (now a wholly owned subsidiary of Nexii Solutions Inc.) since 2010, covering design, engineering, permitting, and construction management. The project won the 25th Brownie Awards 2024 for Best Overall Project, recognizing its brownfield remediation and environmental stewardship.

Name

Richmond Industrial Centre

Legal name

Montrose Properties

Website

https://ricindustrial.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Richmond Industrial Centre is a 170-acre master-planned industrial estate in Richmond, BC, owned by Montrose Properties, delivering over 3 million SF across 12 buildings to enterprise distribution, manufacturing, and logistics tenants.

Ownership category

akta.pro rank

Product category

Industrial Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Operators Of Nonresidential Buildings (6512)

akta.pro industry

PRIMARYBPAJALAC

Industrial & Logistics Tenant Representation

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Leasing Services (Tenant Representation)

SECONDARYBPAJACAB

Manufacturing & Heavy Industrial Facilities Brokerage

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Industrial Real Estate Brokerage

SECONDARYBPAJACAC

Flex / R&D Industrial Space Brokerage

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Industrial Real Estate Brokerage

Keywords

• Industrial real estate leasing
• Warehouse distribution space
• Industrial business park
• Commercial property development
• Logistics facilities

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Marketing or Sales, Personnel

Revenue model

1. Industrial Real Estate Leasing: Revenue generated from leasing industrial warehouse and distribution center space to tenants. Multiple building sizes available ranging from approximately 48,820 SF to 504,400 SF. Tenants include major brands in distribution, retail, and manufacturing sectors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Richmond Industrial Centre develops, owns, and leases industrial warehouse and distribution buildings within a 170-acre master-planned estate in Richmond, BC, offering over 3 million square feet of leasable space across 12 buildings. The current portfolio includes four completed and 100%-leased buildings totalling 1,364,400 SF (8011, 8020, 8031, and 8040 Zylmans Way), one building now leasing (8080 Zylmans Way, 187,020 SF), and up to seven future phases totalling 1.5 million SF. Spaces are leased to large industrial users, manufacturers, and e-commerce/distribution companies on long-term agreements, marketed exclusively through Colliers International.

Product overview

Richmond Industrial Centre is a single, unified industrial real estate development offering rather than a software platform. The product portfolio consists of multiple industrial warehouse/distribution buildings at various phases: completed buildings (8011, 8020, 8031, 8040 Zylmans Way) totaling 1,364,400 SF, one building under construction (8080 Zylmans Way, 187,020 SF), and future phases totaling 1.5 million SF planned. Buildings range from 48,820 SF to 504,400 SF and can be configured for manufacturing, processing, and distribution uses. The offering includes energy-efficient building specifications as standard features across all properties.

Differentiator

Problem solved

Functional benefit

Products and services

• Richmond Industrial Centre - Industrial Estate Leasing

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• Montrose PropertiescoreOthers · 1 January 2015Montrose Properties is a privately held Vancouver-based business that was spun-off from mining and industrial giant Graymont in 2015. The company leverages expertise and more than 477 acres of land assets in Metro Vancouver to build and own high-quality, long-term, sustainable real estate. Richmond Industrial Centre is Montrose Properties' flagship project.
• Omicron (now Nexii Solutions Inc.)coreStrategic or Co-development Partner · 1 January 2010Omicron has been collaborating with Montrose Properties since the beginnings of Richmond Industrial Centre in 2010, offering development, design, engineering and construction management services. Omicron's integrated team of design, construction and project management professionals have been involved in the permitting, design and construction of site preparation, bridge, road network, buildings and tenant improvements. As of July 8, 2021, Omicron Canada Inc. became a wholly owned subsidiary of Nexii Solutions Inc., focused on supporting a better, greener construction industry.
• Colliers InternationalcoreChannel Partner/ Reseller/ DistributorColliers International serves as the exclusive leasing agent for Richmond Industrial Centre. The brokerage handles all leasing inquiries and transactions through their Vancouver office, with dedicated Executive Vice Presidents Stuart Morrison and John Boer managing the account.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Dream Industrial REIT: Canadian unincorporated, open-ended REIT focused on owning, operating, and developing light industrial properties across Canada and the U.S. Comparable as a Canadian institutional-grade industrial landlord and developer serving distribution tenants.
• Panattoni Development Company: Largest privately held industrial real estate developer in North America, building master-planned distribution and manufacturing parks for major corporate tenants. Closely comparable in build-to-suit, master-planned industrial model serving enterprise logistics users.
• Summit Industrial Income REIT: Canadian REIT acquiring and developing light-industrial real estate, with significant Metro Vancouver exposure and a focus on distribution and logistics facilities. Highly comparable geography, tenant mix, and asset-class focus.
• Beedie Industrial: British Columbia-based industrial real estate developer and owner building large-scale Class A industrial campuses in Metro Vancouver and Western Canada. Directly comparable as a regional industrial owner-developer in the same geography targeting large distribution and logistics tenants.

Broad incumbents

• BentallGreenOak: Global real estate investment platform with significant Canadian industrial and logistics exposure, actively developing and acquiring industrial assets. Comparable in institutional industrial investment and development mandate.
• Oxford Properties Group: Canadian institutional real estate investor and developer with industrial and logistics assets across major Canadian markets. Comparable as a diversified incumbent with industrial-development capability and national tenant relationships.
• Prologis: Global logistics real estate operator and developer with a major Canadian portfolio of Class A distribution centers. Comparable as the dominant incumbent in modern industrial/logistics REIT space serving the same end-customers.
• Brookfield Industrial Properties: Industrial real estate platform within Brookfield Asset Management operating large distribution and logistics portfolios across Canada and globally. Comparable as a broad-scope institutional industrial landlord.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Richmond Industrial Centre