A major land sale at a growing industrial development in Kamloops is being hailed as a significant milestone for the region’s economy and a signal of rising demand for industrial space.

Comet Industries Ltd. announced it has completed the sale of a 24.2-acre parcel — about 22 acres of usable land — at the Iron Mask Industrial Park for approximately $22 million.

Company President and CEO Mike O’Reilly said the deal validates long-standing expectations about demand for industrial land in the area.

“This sale is a strong signal of confidence in both IMIP and the Kamloops market,” O’Reilly said in a news release, adding in an interview that the transaction confirms the company’s vision for the project. “It really validates everything that we’ve been hearing and what we thought the market wanted and needed.”

The buyer has not been disclosed, but O’Reilly confirmed it is a single user that will occupy the entire site — a development he described as “a very big win for the Kamloops region.”

Strategic location drives demand

The Iron Mask Industrial Park is a 190-acre light industrial development positioned near the intersection of major transportation routes, including the Trans-Canada Highway and the Coquihalla Highway. O’Reilly said that location makes it uniquely attractive for logistics and distribution operations in British Columbia.

“It’s a very unique product… for distribution and logistics access, there’s nothing else like it,” he said.

The project was first conceived to address a shortage of industrial land in Kamloops — an issue identified roughly two decades ago. O’Reilly noted that many existing local businesses have been looking for space to expand.

“Now they have a home where they can grow their businesses and grow the job base and the tax base,” he said.

Major milestone for development

The sale represents a substantial portion of the park’s first phase, which totals just over 50 acres. O’Reilly described it as one of the largest raw land transactions in Kamloops in nearly 20 years.

He added that securing a large “anchor tenant” is critical to attracting additional investment.

“These are the types of things that we want to see in our park — strong anchor tenants that other businesses want to be around,” he said.

Blake Gozda of Cushman & Wakefield, which is involved in marketing the development, said the deal reflects broader market confidence.

“Companies recognize the value of large, serviced industrial land in a well-connected location,” Gozda said in the release. “Deals like this demonstrate the confidence the market has in the long-term vision of the industrial park and the community of Kamloops.”

Momentum expected to accelerate

With the sale complete, Comet Industries expects development activity at Iron Mask to pick up pace. O’Reilly said transactions like this often push undecided investors to move forward.

“People that were sitting on the sidelines… this helps them go from a yellow light to a green light,” he said.

The company also anticipates that proceeds and momentum from the deal will accelerate further investment into the site, bringing more parcels to market and drawing additional businesses to the region.

Details about the buyer and the planned development have not yet been released, but O’Reilly said that announcement will come directly from the purchaser when ready.

In the meantime, the transaction is already turning heads beyond the Interior.

“It’s going to raise some eyebrows throughout the Lower Mainland and the Toronto area,” he said.