Strategic Group Announces Distressed Property Acquisition
CALGARY, Jan. 22, 2013 /CNW/ - Strategic Group is proud to announce the recent acquisition of two properties in the Calgary market. The properties are located at 808 & 816 - 55th Avenue N.E. and 1111 Olympic Way S.E. (Arriva Podium).
About the Properties:
808 - 816 55th Avenue N.E
Comprised of two adjoining buildings with a combined square footage of over 81,000 sq. ft., the property is located minutes from the airport, overlooking Deerfoot Trail. The former owner and the current primary tenant in this building is Unity Builders Group which entered creditor protection in May of 2012 and continues to be in a court supervised restructuring under the Companies' Creditors Arrangement Act (CCAA).
The three-story Arriva Podium along with the adjoining 36-story, 164-unit residential high-rise has brought renewed vitality to the Victoria Park community in the city's historic Calgary Beltline neighborhood. Built in 2005, the Arriva Podium offers office and retail opportunities with street level restaurants and shops. The property was subject to a recent foreclosure action and was acquired in partnership by Strategic Group and Torode Realty.
A significant portion of Strategic Group's business model has been based on the acquisition and repositioning of distressed real estate. Strategic Group continues to grow its portfolio through the development, redevelopment and acquisition of real estate including distressed assets.
Riaz Mamdani, CEO of Strategic Group, explains: "We are confident about the long term prospects in each of the US and Canadian markets in which we are currently invested. The Alberta commercial real estate market continues to provide very good growth potential for our Real Estate Division. The business plan of acquiring and repositioning troubled real estate assets continues to provide strong rates of return for us. Our planned double digit growth in 2013 will be a function of acquisition, repositioning, development and redevelopment of our existing and new commercial real-estate".
About Strategic Group
With over $1 billion in Real Estate assets and over 300 employees, Strategic Group's Real Estate division is a fully integrated property owner, manager and developer of real estate. In addition to real estate, Strategic Group is an investment organization with investments and subsidiaries spanning numerous major industries in North America.
Strategic Group prides itself on fostering a culture of creativity and unconventional approaches in all of its areas of business.
SOURCE: Strategic GroupFor further information:
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