EDMONTON, July 3, 2014 /CNW/ - Imperial Equities Inc. (TSX-V:IEI) today has announced it has completed the purchase of a newly constructed industrial building and residual lands in Fort McMurray, Alberta. The purchase price of $19,400,000.00 represents the largest priced single acquisition for the Company to date.
The property consists of a total of 6 acres of industrial land and a new 25,000 square foot building located in the coveted Mackenzie Industrial Park which is located on the southern limits of the city of Fort McMurray. The building, completed in May 2014 was developed for Strongco GP Inc./Societe Strongco GP Inc. Both Imperial Equities and Strongco agreed to a 15 year lease arrangement on the building and 4 acres. The residual 2 acres will be subdivided and developed by Imperial Equities at a later date.
"Industrial real estate properties in Fort McMurray continue to command prices unprecedented with any city its size in Canada. Lease rates are extraordinarily high and commensurate with demand which in turn drives prices upward.
This latest acquisition now brings Imperial's real estate holdings in Fort McMurray to over $40 million and once the residual lands are fully developed and leased, it is anticipated that our holdings there will likely reach $50 million" said Sine Chadi, President and CEO of Imperial Equities.
About Imperial Equities Inc.:
Imperial Equities Inc. Is based in Edmonton, Alberta. A diversified company anchored by commercial and industrial real estate properties in its targeted Edmonton and Alberta markets. Imperial also distributes pharmaceutical products to the institutional and retail customers through its wholly owned subsidiary, Imperial Distributors Canada Inc. Additional information is available at: www.imperialequities.com
Imperial's common shares are listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Imperial Equities Inc.
For further information: Editorial Contact: Sine Chadi, CEO, Imperial Equities Inc., Phone: 780 424-7227, Email: email@example.com