ReDev Properties Ltd. Announces Unconditional Sale of Daly Grove Centre, Edmonton Alberta

TORONTO, Aug. 23, 2017 /CNW/ - Richard Crenian, President of ReDev Properties Ltd., is pleased to announce the unconditional agreement to sell Daly Grove Centre located at 4205-4259 23rd Avenue, Edmonton, Alberta, Canada. CBRE, Edmonton was engaged as the broker for the vendor.

Daly Grove Centre, purchased in 2007 has over 33,000 square feet of rentable retail and office space in Edmonton's residential and family-friendly Mill Woods area. The property is currently fully leased with a dynamic mix of local and national tenants, ranging from medical care facilities to convenience food stores.

"Daly Grove Centre has been a valuable product for us," said ReDev Properties Founder and President Richard Crenian. "The centre hosts secure and stable tenants making the property a strong cash yielding asset. We're sad to part ways with the centre, but believe our group has maximized the potential of the property."

Daly Grove Centre is the 14th asset of ReDev Properties' portfolio to have been acquired, owned, operated and sold since 2001. This the second property to close in 2017.

ReDev continues to actively search for similar assets to acquire and manage for its portfolio and welcomes any inquires.

About ReDev Properties Ltd.

ReDev Properties Ltd. is a Canadian commercial real estate asset manager. Since 2001, the company has purchased, owned and managed numerous commercial real estate properties in Canada. ReDev Properties locates existing commercial real estate properties in markets that will ensure assets retain, and increase in value for necessary stability and future growth. The company's founder and President, Richard Crenian has managed over two billion dollars in real estate assets since 1981.

SOURCE ReDev Properties Ltd

For further information: Richard Crenian, President, ReDev Properties Ltd., richardc@redevgroup.ca, 416-225-5700; Laura Casselman, Brown & Cohen, laura@brown-cohen.com, 416-484-1132 ext 5; Wendy Kauffman, Brown & Cohen, wendy@brown-cohen.com, 416-484-1132 ext 3

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