Surrey advances proposed Prologis lease for Campbell Heights site

Surrey council has authorized the city to proceed with a proposed long-term lease of 36 acres of city-owned land in Campbell Heights to logistics real-estate company Prologis.

The proposal remains subject to due diligence, final agreements and closing conditions. Prologis, a San Francisco-based company operating in Canada for more than two decades, is considering about 721,000 square feet of industrial space for logistics, warehousing, distribution, office and parking uses.

The city says the development could create hundreds of local jobs and approximately double its annual revenue from the property once completed. The proposed 62-year agreement is projected to generate more than $1 billion in combined lease and property-tax revenue.

Surrey would retain ownership of the land throughout and after the lease. Campbell Heights is one of Metro Vancouver’s major industrial and business parks and is among the region’s remaining areas for industrial growth.