ReDev PROPERTIES LTD Announces the Sale of Century Park Plaza
ReDev PROPERTIES LTD is pleased to announce the sale of Century Park Plaza, which closed this week.
Century Park Plaza is a high quality strip plaza located on Macleod Trail in Calgary, Alberta, the main retail destination in the city.
The plaza was purchased in 2006. It contains numerous well established national tenants, including Tim Hortons, Goodwill, Penningtons and Taco Time. The combination of its excellent location and tenant mix allowed the investors to realize steady annual income and an appreciation of their original equity.
ReDev PROPERTIES LTD was engaged as the asset manager for the property. Their President, Richard Crenian offered the following thoughts on the sale: "We are very pleased with the outcome of Century Park Plaza. The centre was one of our strongest performers in terms of cash flow, with a satisfactory final return to investors."
Century Park Plaza is another successful project managed by the General Partner and ReDev PROPERTIES LTD.