TORONTO, Dec. 1, 2015 /CNW/ - Richard Crenian, President of ReDev Properties Ltd., is pleased to announce the sale of Belmont Town Centre, a retail shopping plaza located at 13508 Victoria Trail, Edmonton, Alberta. Colliers was engaged as broker for the vendor.
Purchased in 2006, Belmont Town Centre is a 56,416 square foot shopping plaza, located at the corner of two arterial roadways in northeast Edmonton. The property includes national tenants such as the Bank of Nova Scotia, Tim Horton's, and Rexall, and is shadow anchored by a Sobeys grocery store. Due to its excellent location and well diversified tenant mix, Belmont Town Centre attracted significant interest on the market, and was sold to a sophisticated institutional purchaser from Western Canada at a very favourable price.
ReDev Properties Ltd. acted as the asset manager for the property. Richard Crenian, President of ReDev Properties Ltd., offers the following thoughts: "When we purchased Belmont Town Centre in 2006, it fit our investment criteria perfectly – it was shadow anchored by a large grocery store and offered additional development potential. In 2008, we constructed a 4,808 square foot building for the Bank of Nova Scotia, which greatly enhanced both the appeal and value of the centre. The sophistication of the purchaser confirms the validity of both our investment selection criteria as well as our long-term approach to managing assets, as they only purchase stabilized high grade properties."
Belmont Town Centre is the ninth property ReDev Properties Ltd. has owned, operated and sold since 2001. It is the third property the group has sold in 2015.
ReDev Properties Ltd. is actively looking to sell the remainder of 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 2 billion dollars since 1981.
SOURCE ReDev Properties Ltd
Image with caption: "ReDev Properties Ltd (CNW Group/ReDev Properties Ltd)". Image available at: http://photos.newswire.ca/images/download/20151201_C7363_PHOTO_EN_555974.jpg
For further information: Richard Crenian, President, firstname.lastname@example.org, 416-225-5700