After an Impressive Second Quarter, ReDev Properties Ltd. Expects Even More for Q3
Morningstar reveals new data on ReDev Properties Ltd. performance in the second quarter. New commercial property sales, and bullish forecasts for the remainder of the year could make the firm one of the most active in Alberta in 2017.
During the first and second quarter of 2017, ReDev Properties Ltd. refinanced some of its retail plaza holdings, which saw funds returned to partners, and enhanced investment returns. This puts the redevelopment firm on track for more renovations, more property sales and more acquisitions throughout the second half of 2017. Together, a variety of strategies are setting the company up to help boost investor portfolios and create a very strong third quarter.
What Q3 Has in Store
The third quarter of 2017 will see the final closing of the Inglewood Town Plaza in St. Albert and Whitemud Crossing in Edmonton. Inglewood Town Plaza was purchased in 2003, and covers more than 60,000 square feet of rentable space. It includes a new pad site, which was developed and leased in 2009.
Four more plazas are also expected to be sold during Q3 and Q4. All four have already been renovated including the Daly Grove property in Edmonton. This specific property was purchased by ReDev Properties Ltd. in 2007 and currently has both national and local tenants.
Along with the two sales closing and four potential sales, renovations are progressing on Rockwood Square in Calgary. This plaza is located on one of the most popular commercial corridors in the city. It provides a home for retail and restaurants with four floors of office space. Rexall Pharmacy is found on the lower level as a major tenant for this property. ReDev Properties Ltd. purchased Rockwood Square in 2007. The building provides more than 22,500 square feet of rentable space with on-site underground parking. It’s located in the Beltline area of Calgary, which is directly to the south of the downtown core.
Pad sites are another expected addition to some of the properties currently owned by ReDev Properties Ltd. This will help to increase the value of the properties for investors and future buyers.
ReDev Properties Ltd. continues to display strong performance in 2017. The fourth quarter should bring more closings, renovations and acquisitions for the company, securing strong returns for current investors, and creating new investment opportunities.