Our Story

David Kent incorporates Nearctic and is the founder and sole shareholder. The aspiration for Nearctic is to be an entity to undertake joint ventures in new ground-up developments, reposition existing properties, and to build an income-producing property portfolio. Hermitage Centre, 50,000 sqft retail shopping centre in NE is developed – the first of many joint ventures, with partners First Quebec Corp, Vinsteve Corp, and others.

During challenging economic times, high-interest rates and amidst the significant impact of the national energy program on Alberta's oil and gas industry, David, and Nearctic, build the brand and the first of many valuable industry relationships as a consulting services business specializing in problem loan/real estate workouts for financial institution clients including RB, Manulife, Principal Group, and Barclays Bank.

Nearctic acquires the first of many multi-tenant commercial properties, the building named Nearctic Plaza. Nearctic executes its long-term vision, remedies landscaping, deferred maintenance, and structural issues, taking rents from $2.72 to $4 per square foot. Nearctic builds its brand on integrity, honesty, relationships, and results.

Grand Park Plaza is acquired from Manulife from its portfolio of foreclosed properties and the property is stabilized and added to the recurring revenue portfolio. The first Klondike Days Barbeque is held, which would eventually host over 700 guests. Nearctic secures the Nexus Business Centre, and management executes a $3.5 million redevelopment project, driving net rents from $3.50 to $12.50 per square foot, stabilizing the property for long term recurring revenue.

Inglewood Centre, Nearctic's first ground-up development, was undertaken. Raw land was acquired from a large US developer and Nearctic designed and constructed a new energy-efficient building. Nearctic acquires an interest in Strathearn Development, a 504 unit 52 building rental development on 24 acres on Edmonton, and stabilizes the investment.

Nearctic acquires Compton Court from Royal Trust's foreclosure portfolio, at 55% vacancy. Nearctic executes at $1.5million, 18-month redevelopment strategy and drives occupancy to over 95%. Compton was acquired at $12,800/suite, and with Nearctic's in-house construction, leasing, and property management strategies, suites at the Compton are now valued in excess of $100,000/suite.

Nearctic ventures into the US market acquiring a 125-acre residential housing subdivision in Austin, Texas in partnership with a German firm. The land is permitted to develop 68 acreages and 350 multi-residential units. A US subsidiary is created called Nearco Properties Inc. Success in obtaining zoning, subdivision, and design precipitated a profitable sale to a large US home builder.

Nearctic and its joint venture partners acquires an existing shopping centre, demolishes it, and captures the interest of new retailers with its development of a set of attractive new format retail buildings. Crestwood Shopping Centre attracted major tenants such as TD Bank, Urban Faire, and Cobbs Bread. Nearctic's share in this high-quality retail redevelopment was then sold to the Wheaton family for long term holding in the Wheaton family real estate investment portfolio.

Nearctic completes McKinnon Estates, it's first luxury residential condo project located on the McKinnon Ravine in Edmonton. Obsolete single family homes were acquired and then demolished, zoning and permits were obtained, and a mix of new main floor townhomes and apartment-style residences were constructed and sold to happy residents. This proof of concept leads Nearctic to develop Grosvenor Manor – another luxury condo residence along a vibrant active street in inner city Edmonton. Nearctic wins the Mayor's Award of Accessibility.

While redevelopment was on the minds of shareholders for a number of years prior, the new strategy for Strathearn, an aspiration to demolish and build a new mixed-use development with over 2000 residential rental units, over 100,000 square feet of retail space, was launched. Today a development permit to entitle the investors to new direct control zoning is in progress and will conclude by the end of 2020. Thereafter Nearctic will be the development manager and employ its core competencies to undertake the development, marketing, leasing, and financing to ensure the shareholders realize its opportunity and vision.

Nearctic obtains the zoning and permitting to develop its first new format Industrial Flex building on land under a demolished, end of life, cross-dock building site. Vantage business park, a new multi-tenant building is erected and in 2019 wins BOMA TOBY – Building of the Year award for its type and class. Nearctic acquires 3 acres of multi-unit residential development land and later designs, constructs, and leases its first purpose-built residential called the Nautical Luxury Suites at Summerside, incorporating Pelham Master Builder to build the suites.

Nearctic acquires an 8-acre mobile home park to develop its second successful ground up multi-tenant commercial flex building called Commerce West. Nearctic develops its first commercial business park to be sold as parcels of land, utilizing the core competency of the team to acquire 50 acres of development land, creates the design, and constructs the roads to accommodate the sale of development land – now over 50% sold. David, his contribution and career in business in Edmonton, is recognized by Business in Edmonton in 2015.

Nearctic develops a new head office and sets a new standard of design as well as a new direction and foundation for its team. The new 9,000 square foot office is designed and built with a timber frame structure to accommodate more than 25 people. The use of timber frame design has architectural significance believed to inspire creativity and innovation.

Nearctic Property Group hosts a barbecue with 700 of its closest friends to celebrate 40 years in business.

Nearctic's first ground up, modern, multi tenant, flex industrial development, Vantage Business Park, wins BOMA Canada National TOBY Award and confirms our design, development & operational vision & leadership.

Nearctic Launches Nearctic Industrial REIT

David Kent Inducted into the JA Northern Alberta – Business Hall Of Fame