ReDev Properties Ltd. Announces the Sale and Closing of Parkdale Square in Edmonton
TORONTO, Oct. 26, 2016 /CNW/ - Richard Crenian, President of ReDev Properties Ltd., is pleased to announce the sale of Parkdale Square located at 8004 - 8036 118th Avenue, Edmonton, Alberta.
The property is fully leased with ground floor retail including major tenants such as Canadian Imperial Bank of Commerce, Kentucky Fried Chicken/Taco Bell, Parkdale Liquor Store, and Subway.
Parkdale Square purchased by ReDev Properties Ltd. in 2005, is a 23,464 square foot retail plaza on 2.38 acres of land in one of Edmonton's prime retail districts. This offering attracted significant interest, and was sold to a long established private development firm, currently active in the Canadian western market place. CBRE Group Inc. in Edmonton was engaged as the Broker for the sale.
"The sale of Parkdale Square is a prime example of our ability to create long term value for our investors," said Richard Crenian, President of ReDev Properties Ltd.
"Even though the economy in Alberta is in a downturn, an asset such as Parkdale Square is still very sought after, gaining significant interest in the market place. The sale resulted in a respectable return and very satisfied investors."
Parkdale Square is the 12th property that ReDev Properties Ltd. has acquired, operated and sold since 2001. This is the third property the group has sold in 2016.
ReDev is actively looking to sell and re-acquire similar assets in its portfolio, and welcomes any inquiries. The company's short-term acquisition goals for 2017 and 2018 are to invest, purchase and manage a further $250,000 million and $500,000 million in properties respectively.
About ReDev Properties Ltd.
ReDev Properties Ltd. is a Canadian commercial real estate asset manager. Since 2001, ReDev Properties has purchased and managed over 30 commercial real estate properties in Canada. ReDev understands the key to any successful commercial real estate project is location and expert asset management. ReDev Properties carefully and diligently locates existing commercial real estate properties in markets, providing the necessary stability and future growth to ensure our assets retain and increase their value.
Richard Crenian and ReDev Properties Ltd. has developed, owned and managed commercial real estate worth over Two Billion Dollars since 1981.