DAMCO Deal Showed Deft Touch
"Extremely complicated." That's how Beedie Development Group president (industrial) Todd Yuen describes the DAMCO industrial deal in New Westminster. It’s always interesting to hear behind-the-scenes details from one of the QBs. “DAMCO came to us after another site they were working on did not work out,” Todd says. They needed to be up and running within a specific time frame. But at the time, Todd says, Beedie hadn’t yet completed the land lease with Port Metro Vancouver. Given the size of the organizations (Port Metro, City of New Wesminster and DAMCO) finalizing all ends of this transaction was "challenging to say the least,” Todd tells us.
The DAMCO deal was nominated in the Industrial Lease category for the NAIOP awards. Above, Beedie pres Ryan Beedie joins city and DAMCO dignitaries at last year’s ribbon-cutting. In the end, the building was done on time—including many features that DAMCO required (a freight forwarding and supply chain management service company), not typically found on industrial buildings. And Beedie had another feather in their cap—and maybe an award May 28. Other nominees in the Industrial Lease category are CBRE’s Coca-Cola and Euro Transload/KTL deals.