Nov 01, 2017, 06:00 ET
TORONTO, Nov. 1, 2017 /CNW/ - Spurred by the upcoming cooler weather, ReDev Properties charged through the transaction process for the sale of Daly Grove Centre in Edmonton, Alberta during the third quarter.
The centre with 33,000 square feet of rental retail and office space, was purchased by ReDev Properties in 2007. ReDev says the sale at this time offered the best return for its partners.
"I was happy at how quickly we were able to complete the transaction," said ReDev Properties Founder and President, Richard Crenian. "Closing it so quickly is a testament to the expertise on our team and the knowledge acquired from completing a number of complicated deals."
ReDev also closed the deal on the sale of Whitemud Crossing in Edmonton, Alberta. The 93,300 square feet of retail space was bought by ReDev in 2005 and fully leased at the time of the sale.
"With its high traffic location, it was the right time to sell the plaza and provide the maximum return to our partners," said Mr. Crenian. "We hope to complete a similar deal on another property during the fourth quarter."
The third quarter also provided ReDev with the opportunity to refinance many of the plazas at rates lower than maturing mortgages. This is expected to be a springboard towards acquiring new plazas and future development deals during the rest of 2017 and into 2018.
This week, ReDev relocated its Toronto, Canada office to the highly-desirable corner of Bloor and Yonge. The new address will be 2602 - 2 Bloor Street West. The company's telephone, fax and emails will all remain the same.
About ReDev Properties Ltd.
ReDev Properties Ltd. is a Canadian commercial real estate asset manager. Since 2001, ReDev Properties has purchased and asset managed numerous commercial real estate properties in Canada.
ReDev understands the key to any successful commercial real estate project is location and expert asset management. ReDev Properties carefully and diligently locates existing commercial real estate properties in markets, providing the necessary stability and future growth to ensure our assets retain and increase their value.
The Company works to closely partner with high net worth individuals, family offices and institutions for joint venture opportunities, and is always looking for future projects to assist with developers and acquisitions on equity, financing and business expertise.
Richard Crenian and ReDev Properties Ltd. has developed, owned and managed commercial real estate worth over Two Billion Dollars since 1981.
SOURCE ReDev Properties Ltd
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