Location Edmonton, AB
Sq. Ft 250,000 ft²
Type Development Property
The quality of the design and construction of the project was evident, which in turn attracted high quality tenants at premium rental rates.
Location Type & Specs
This project is situated in southeast Edmonton and consists of a 250,000 square foot, office and industrial complex in three buildings. The 16-acre site was acquired in 2005 and development was commenced in early 2006.
We retained value for our investors by ensuring it was a strong concept and well executed. The quality of the design and construction of the project was evident, which in turn attracted high quality tenants at premium rental rates, despite the challenges and limitations presented by market conditions and intense competition from an adjacent development by Oxford Properties.
The project was sold in two transactions; the first in January 2010 to Standard Life, who bought the north office building and the small bay warehouse. The south warehouse was sold in mid 2011 to Pure Industrial REIT. Upon sale the total project value was $51.5 million, generating a leveraged IRR return to our partner investors of 18%.