ReDev Properties announce the sale of Whitemud Crossing
Filed in: Investment
21. June 2017
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, 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 dollars since 1981.
Use the button below to learn more about the latest ReDev projects.