ReDev Properties Ltd. Announces the Sale and Closing of Trail South Corners in Edmonton, Alberta
TORONTO, Sept. 8, 2016 /CNW/ – Richard Crenian, President of ReDev Properties Ltd., is pleased to announce the sale of Trail South Corners located at 10417 51st Avenue NW, Edmonton, Alberta, Canada. CBRE Edmonton was engaged as the Broker for the Vendor.
Trail South Corners, purchased in 2004, is a 29,024 square foot retail plaza on 3.77 acres of land in one ofEdmonton’s prime retail districts. The property is fully leased with ground floor retail. This offering attracted significant interest when marketed, and was sold to a long established private development firm, currently active in the Western market place.
Richard Crenian, President of ReDev Properties Ltd., offered the following thoughts: “We are extremely happy to have sold this Plaza and achieve such excellent results for our investors in these challenging economic times in Alberta. This reaffirms our commitment to purchase and manage excellent properties in prime locations that continue to create long term value for our investors, based on the level of interest from the market for this asset.”
Trail South Corners is the 11th property that ReDev Properties Ltd. has acquired, operated and sold since 2001. This is the second 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.
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 Properties understands that the key to any successful commercial real estate project is location. ReDev Properties carefully and diligently locates existing commercial real estate properties in markets which provide the necessary stability and future growth to ensure our assets retain and increase their value.
Richard Crenian has personally developed, owned, and managed real estate worth over Two Billion Dollarssince 1981.