CBRE Arranges Sale of Former Schneiders Site

27.6-acre property is the largest infill development site in the Waterloo Region

Kitchener, ON – October 3, 2017 – CBRE announces that it has successfully brokered the sale of the former Schneiders meat processing plant in central Kitchener to London-based Auburn Developments. The 27.6-acre property, located on Courtland Avenue at Borden Avenue, which has been vacant for almost three years, is set to be significantly transformed in what will be the largest central infill development in the region.

“As one of the largest-scale redevelopment opportunities in the region, where there is a rapidly shrinking pool of infill opportunities, we received a wide scale level of interest from investors and developers from across Canada. The site offers its new owners the opportunity to create an entire mixed-use community with residential, commercial and office uses that have the potential to rejuvenate the entire neighbourhood. The new owner brings its own expertise in this area, having successfully created the landmark Arrow Lofts on Benton Street,” commented Peter Whatmore, Senior Vice President of CBRE’s Southwestern Ontario operations​.

The site currently features over 750,000 sq. ft. of vacant industrial and office buildings. The preliminary redevelopment studies indicate the site can yield approximately 150,000 sq. ft. of converted commercial space and over 2,000 residential units. The site also benefits from its close proximity to transport links and is located within 800 metres of two future LRT stations.

Whatmore added, “the strong demand not only speaks to the potential for the site, but also to the strength of investor demand for Kitchener-Waterloo as a whole. At CBRE’s Waterloo Region Market Outlook event at the start of 2017, we forecast that the Waterloo Region would increasingly emerge from under the shadow of the GTA as a destination for capital. Today’s transaction is further evidence of this trend, which is being backed by Waterloo Region’s continued economic growth, declining unemployment and emergence as an internationally renowned tech market.”

The new owner of the former Schneiders site is Auburn Developments, a London-based developer which has extensive experience in the Waterloo Region. Auburn has received accolades for its transformation of the Arrow Shirt factory into the Arrow Lofts in downtown Kitchener and The Barrel Yards community in Uptown Waterloo on the site of the former Canada Barrel factory.

“We are thrilled to have purchased the 27.6-acre former Schneiders plant on Courtland Avenue and are excited to be planning and creating a wonderful new mixed use neighbourhood. We are working on development concepts and have a vision for a range of housing forms and densities on the site along with some office, commercial space and parks. The site is adjacent to the ION LRT line and close to downtown Kitchener, and we think there are a lot of great development opportunities here. We will create a vibrant neighbourhood and do our best to pay tribute to the history and legacy of the Schneiders operation on Courtland” said Jamie Crich, President of Auburn.

“The former Schneiders site is arguably the most significant piece of urban land available for development in our region, and it represents a major opportunity to add to our community. Auburn has a strong track record with local experience and we look forward to seeing their vision for developing this land. I have no doubt that their vision for this site will align with our desire to build complete communities where people and businesses thrive. We look forward to seeing this exciting development come to life in a modern way while still giving a nod to this site’s history,” said Mayor Berry Vrbanovic.

More details about the vision and plan for the site will be prepared in the coming year. Clean up and initial steps to prepare the site for future development will begin in 2018.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

In Canada, CBRE Limited employs over 2,000 people in 22 locations from coast to coast. Please visit our website at www.cbre.ca​.