Another ReDev Canadian shopping plaza sold creating value for investors
ReDev Properties Ltd. and its President Richard Crenian Announces the sale of Whitemud Crossing
TORONTO, /CNW/ – Richard Crenian, President of ReDev Properties Ltd., is pleased to announce the closing of the sale of Whitemud Crossing located at 4211 106th Street, Edmonton Alberta. A national real estate brokerage firm was used as the broker for the vendor.
Whitemud Crossing, purchased in 2005, has over 93,300 square feet of rentable retail space in one of Edmonton’s major areas. The property is currently fully leased with an excellent mixture of local and national tenants.
“I am very pleased we have sold the shopping centre and achieved value for ReDev and our partners,” said ReDev Properties Founder and President Richard Crenian. “We believe in the Alberta market and will continue to work diligently and appropriately to acquire more quality, well-placed assets. Our goal is to optimize and increase the future value of all our properties.”
Whitemud Crossing will be the 13th property ReDev Properties has acquired, operated and sold since 2001. This the first property closed in 2017.
ReDev continues to actively look to sell and acquire similar assets for its portfolio and welcomes any inquires.
On the horizon
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.
About ReDev Properties
ReDev Properties Ltd. is a Canadian commercial real estate asset manager.
Since 2001, the company has purchased and managed over 30 commercial real estate properties in Canada.
ReDev Properties locates existing commercial real estate properties in markets that will ensure assets retain, and increase, in value for necessary stability and future growth.
The company’s founder and President, Richard Crenian has managed over two billion dollars in real estate assets since 1981.
Learn more about ReDev investment opportunities and the passive income they create.