Market at McGrath
Location Calgary, AB
Sq. Ft 76,376 ft²
Type Core Investment
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This property was purchased directly from Melcor, the developer of the project, for a Canadian institutional investor, with Trillium acting as advisor and asset manager.
Location Type & Specs
The project sits on a 4.94 acre site and includes the Magrath Business Centre and three stand-alone retail pads, each with drive thru accessibility.
Development
Built in 2009, the Market at Magrath in south Edmonton was one of the newest at the time and arguably the premier grocery anchored mixed-use centres in one of the city’s most affluent markets. The Magrath Business centre is a 62,589 square foot, Class A suburban office/retail project, comprised of 36,380 square feet of office space on two floors and 26,209 square feet of retail space on the main floor, which is shadow anchored by Save-On Foods, part of the Pattison Group.
The three freestanding pads total 13,787 square feet and include the Bank of Nova Scotia, Royal Bank of Canada and Dairy Queen. The office tenants include several professional, medical, dental and insurance groups. The 76,376 square foot project has an abundance of surface parking, as well as a 68 stall heated underground parkade.
The property was sold in 2019 achieving strong pricing in a challenging market and providing an unleveraged return for the investors of 8.5%.
