ReDev Properties Ltd. announces impressive second quarter, expects a strong Q3
TORONTO, July 10, 2017 /CNW/ – Last month, ReDev Properties announced the closing of Whitemud Crossing, located in a prime Edmonton shopping area, marking a strong ending to the quarter. The outdoor commercial real estate company believes it can maintain this momentum throughout the remainder of the year because of several ongoing projects.
“During the first half of 2017, we successfully refinanced a number of plazas, allowing us to return a portion of the funds to our partners, and greatly enhance their overall returns,” said Richard Crenian, President of ReDev Properties. “This positive track will continue with property sales, renovations and several acquisitions. All will boost our portfolio for investors,” he said.
On the horizon
Next quarter, ReDev Properties expects final closing deals for both Whitemud Crossing in Edmonton and Inglewood Towne Plaza, located on a main thoroughfare in St. Albert. In Q3 and Q4, the company is targeting four additional plazas for potential sale that have been renovated.
Top of the list is Daly Grove in Edmonton, which ReDev Properties bought in 2007. With a mixture of both local and national tenants, the plaza is sure to pique interest when it is listed.
Upgrades to Rockwood Square in Calgary will continue throughout Q3 and Q4. Located on the popular 17th Avenue SW commercial corridor, it is home to trendy restaurants and retail and currently has four floors of office space with Rexall Pharmacy as the major tenant on the lower level.
Pad sites will also be added to certain ReDev properties in order to significantly increase property values.
For more information, visit redevgroup.com
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.