Anthem has completed the full cycle on its first large-scale Calgary industrial development, selling the 687K-SF Hub Logistics Centre after taking the two-building project from a $12M land purchase to full occupancy.

A big part of that lease-up came from Article. The furniture retailer initially took 222K SF at 292031 Wagon Wheel Blvd. in Rocky View County, then expanded to 316K SF last year as it grew its distribution footprint at the property. HVAC distributor Master, meanwhile, was Hub’s first major tenant with 148K SF.

The project reached full occupancy shortly before the sale closed in late August. Anthem disclosed the transaction last week but did not identify the buyer or sale price.

Hub was born out of a difficult acquisition market. Anthem executive Jordan Carlson has said the company turned to development after being repeatedly outbid for existing Calgary industrial assets, eventually acquiring the 37-acre site and building from the ground up.

Anthem developed Hub with KV Capital, which invested through its KV RE Equity Partners Fund I. Construction costs were estimated at $66M across the two buildings.

CBRE’s Tyler Allen, Duncan MacLean and Geoff Mar advised Anthem on the sale.