These are exhilarating times in Alberta’s business community. Most successful executives are so busy keeping pace with a hot provincial economy, they barely have time to stop and pause for breath, let alone allow themselves a backward glance over travelled roads.

It’s no different for David Kent, the upbeat president of the Nearctic Group, a privately owned real estate investment company. With commercial, industrial and residential markets enjoying remarkable strength, Kent and his Edmonton-based team spend each day moving full speed ahead.

Nevertheless, he believes the 25th anniversary of this successful Canadian company represents a timely opportunity to look back, to appreciate and to celebrate.

He also feels there’s no better moment to extend an appreciative hand to those who made the celebration possible.

The Nearctic Group team includes, back row from left, Sabina Schulz, Amanda Fedor and Scott Brinsmead, and front row from left, Guy St. Germain and David Kent.

“We think it’s time to publicly thank our tenants and our suppliers, whether they’ve supplied us with materials, knowledge or funding. They’ve all been extremely important to our growth through 25 years,” Kent said.

When he considers that this once-tiny company now boasts a portfolio of more than 1,100,000 square feet of commercial, industrial and apartment properties, Kent almost feels like pinching himself.

“It’s been a lot of fun.

I don’t think I’d trade my experiences with this company for any other,” he said. Nearctic Group VP Guy St. Germain added: “We have survived and we have thrived.”

As Kent tells it, the rise of Nearctic is a unique and fascinating Alberta success story, which seems eerily foreshadowed by the founder’s choice of a corporate brand.

His newborn company was named in honour of the bloodlines coursing through one of Canada’s greatest athletes – Northern Dancer, the magnificent thoroughbred stallion.

“Nearctic was the father of Northern Dancer, owned by the famous industrialist, E. P. Taylor,” Kent explained. “I asked Mr. Taylor’s permission to use the name. He said: ‘Sure – it’s been lucky for me. Run with it, kid.’ ” David Kent did. And the name has turned out to be a talisman for him as well.

Nearctic Development Corporation sprang to life in April, 1979, after Kent, a recent grad from the University of New Brunswick, found himself in the booming Northern Alberta town of Fort McMurray.

“I needed to pay my bills and repay my student loans,” laughed Kent, who got his first taste of the North working on pipelines for the company now known as TransCanada Corporation.

Then as now, Fort McMurray was an ideal launching pad for an enterprising young entrepreneur. As a self-employed contractor in those early days, Kent rapidly found himself in charge of 35 employees. Meanwhile, he enhanced his construction skills via evening classes at Keyano College.

Shortly thereafter, Nearctic was incorporated. And after relocating to Edmonton, Nearctic successfully broke ground on its first major development in 1981.

Since those early days, Nearctic has gone from triumph to triumph – with a few inevitable setbacks along the way, as Kent concedes with a smile.

Among the company’s significant early milestones was the successful renovation/upgrade and sale of the 300,000-sq.-ft. Duggan Mall in Camrose during the mid-1980s.

“That gave us some of the capital which enabled us to move forward later,” he reminisced.

Then, in 1986, Nearctic made an extremely significant purchase, buying the large parcel of land where the corporate headquarters have remained to this day.

Along the way, the company made a number of key strategic moves. One which generates fond memories was the purchase of the Cavell Court Apartments, a 220-suite apartment complex in Jasper, which Kent acquired “in a state of disrepair.”

After extensive renovations, the complex was sold for a significant profit. It represents a strategic thrust that has served the corporation well on numerous occasions.

Presently, the company is in the process of a multi-million-dollar renovation of the Nexus Business Park (formerly Coronation Business Centre) in Edmonton’s westend. The 14-acre, 225,000-sq.-ft. complex, with a planned sixth new building, will be a modern 275,000-sq.-ft. multi-use facility.

“Perseverance and stubborness. Those are the qualities you need to succeed in this business,” Kent said. “We’ve taken the bad times with the good.”

Along the way, Kent reinforced his resolve by remembering the advice of an early corporate mentor.

“Treat people’s rental spaces like their homes and they will return the favour. We’ve found this to be true, a philosophy which has helped keep our apartments and buildings full,” said Kent. “Also, on the commercial/ industrial side, we’re in the business of helping our tenants succeed. That’s in their best interest – as well as ours.”

Web watch:
www.neartic.com