TORONTO, Oct. 21, 2015 /CNW/ - Richard Crenian, President of ReDev Properties Ltd., is pleased to announce the completion of leases with Dollarama at Kensington Commons, located at 12504-137th Avenue, Edmonton, AB and Inglewood Towne Centre, a shopping plaza located at 11 Bellerose Drive, St. Albert, AB.
ReDev Properties Ltd. negotiated the leases directly with the tenant, who will be occupying 9,727 square feet at Kensington Commons and approximately 9,000 square feet at Inglewood Towne Centre.
Established in 1992, Dollarama has grown to become Canada's largest dollar store operator, with over 900 retail locations across the country.
Richard Crenian, President of ReDev Properties Ltd., offers the following thoughts on the leases: "We are thrilled to have Dollarama returning as a tenant in Kensington Commons, and as a new tenant in our Inglewood Towne Centre project. It took considerable time and expertise to execute the lease agreements due to the complications arising as a result of the fire at Kensington Crossing and the overall complexities of the deals, but we worked diligently with the tenant's real estate team and agreed to leases which are beneficial for each party. The leases are a win-win, and we have developed a great working relationship with a significant nation-wide tenant."
Kensington is a 54,665 square foot commercial property conveniently located in the 137th Avenue shopping node in Edmonton, AB. The property is shadow-anchored by both a Real Canadian Super Store and Lucky Supermarket, a specialty retailer specializing in products from Asia. Major tenants include Cora Restaurant, Kentucky Fried Chicken, and World Health Club. ReDev Properties Ltd. is in the planning process for the construction of an additional 7,000 square foot pad building at the property. There remains approximately 10,100 square feet available for lease. We are currently working with a number of potential tenants to occupy these spaces.
More information regarding Kensington can be found using the following URL: http://www.collierscanada.com/13424#.ViAGbn6rSM8. Interested tenants are encouraged to contact Gary Hudson, ReDev Properties' Director of Asset Management, at 416-225-5700 ext. 215.
Inglewood Towne Centre is a 60,052 square foot shopping centre located in the retail heart of St. Albert, AB, just north of Edmonton, AB. The centre is shadow-anchored by a Safeway Superstore, and includes excellent retail units in a high traffic location. National tenants at the centre include Royal Bank of Canada, Starbucks, Reitmans, Mr. Sub, and Famoso Neapolitan Pizzeria.
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/20151021_C8493_PHOTO_EN_526488.jpg
For further information: Richard Crenian, President, [email protected], 416-225-5700