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ReDev Properties Ltd., has sold its second Edmonton retail property in the past three months, announcing Wednesday it has an unconditional agreement to sell the Daly Grove Centre.
The Daly Grove shopping centre in Edmonton. (Google Maps image)
Located at 4205-4259 23rd Avenue, Daly Grove Centre has 33,311 square feet of rentable retail and office space in the residential Mill Woods area. The property is fully leased to a mix of local and national tenants, ranging from medical care facilities to convenience food stores.
Among the major tenants are a Kentucky Fried Chicken, Mini Mart food and convenience store, a pharmacy and a liquor outlet.
“Daly Grove Centre has been a valuable product for us,” ReDev president Richard Crenian said in a release announcing the sale.
“Secure and stable tenants”
“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.”
CBRE Edmonton was the broker for the vendor. No financial details were released, nor was the name of the buyer.
Daly Grove Centre had been purchased by ReDev in 2007. It is the 14th asset of ReDev Properties’ portfolio to have been acquired, owned, operated and sold since 2001.
ReDev closed on the sale of Edmonton’s Whitemud Crossing in June. Whitemud is a larger property at 93,353 square feet and contains 34 tenants including an Edmonton Public Library, a bank, restaurants and other businesses.
In the release the company said it continues to “actively search for similar assets to acquire and manage for its portfolio.”
About ReDev
ReDev is a Canadian commercial real estate asset manager. According to its website, the company currently operates 24 retail-based properties in Alberta, Ontario and Saskatchewan.
Since 2001, ReDev has purchased, owned and managed numerous commercial real estate properties in Canada. ReDev’s strategy is to locate existing commercial real estate properties in markets that will ensure assets retain and increase in value for necessary stability and future growth.
Crenian, the company’s founder and president, has managed more than two billion dollars in real estate assets since 1981.
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