Leben REIT announces acquisition of Westview Building - 2816 11th Street N.E - Calgary, Alberta



    CALGARY, Aug. 29 /CNW/ - Leben REIT is proud to announce their eighth
acquisition. The Westview property is a three-storey office building in the
northeast of Calgary, in close proximity to the Calgary International Airport.
The property was purchased for $5,800,000. The Westview Building is fully
leased to a variety of regional tenants including Expedia Logistics, Precision
Geomatics and NC Britton Holdings. This property has several tenants whose
leases roll over in the coming years, which provides the opportunity to bring
these leases to market rates and increase the income and value of the
building. The Westview Building contains 57 surface parking stalls, a ratio of
one stall per 581 square feet of leasable area.

    
    PROPERTY DETAILS
    ----------------

    -----------------------------------
    Year Built                    1980
    -----------------------------------
    Net Rentable Area    33,137 sq. ft
    -----------------------------------
    Existing Income       $ 424,620.00
    -----------------------------------
    CAP Rate                     7.32%
    -----------------------------------

    CONSTRUCTION DETAILS
    --------------------

    Exterior: Brick Veneer and tinted insulated glazing units
    Roof:     Flat roof with built up tar and gravel
    HVAC:     Heating is provided by two boilers. Cooling is provided via
              rooftop units

    ----------------------------------------------------------
    Property              Square Footage    Purchase Cap Rate
    ----------------------------------------------------------
    Panorama Crossing         22,897               7.09%
    ----------------------------------------------------------
    Ship & Anchor             23,087               7.07%
    ----------------------------------------------------------
    Palisades Square          54,472               7.04%
    ----------------------------------------------------------
    441 5th Ave               54,846               6.47%
    ----------------------------------------------------------
    Fratello Building         44,491               7.60%
    ----------------------------------------------------------
    Corab I                   12,700               7.25%
    ----------------------------------------------------------
    Corab II                  46,500               8.54%
    ----------------------------------------------------------
    Westview                  33,137               7.32%
    ----------------------------------------------------------
    ----------------------------------------------------------
    Totals                   292,130
    ----------------------------------------------------------
    





For further information:

For further information: visit www.lebenreit.com

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