Belmont Town Centre

ReDev Properties sells Belmont Town Centre

Tuesday, December 1, 2015

The Belmont Town Centre in Edmonton, Alberta, has been sold to an institutional purchaser from Western Canada in deal brokered by Colliers.

 

ReDev Properties Ltd. has owned, operated and sold the 56,416-square-foot retail shopping plaza since 2001, acting as the property’s asset manager.

 

Located at 13508 Victoria Trail, at the corner of two arterial roadways in northeast Edmonton, the space includes a diversified national tenant mix, such as the Bank of Nova Scotia, Tim Horton’s and Rexall, and is shadow anchored by Sobeys.

 

“When we purchased Belmont Town Centre in 2006, it fit our investment criteria perfectly – it was shadow anchored by a large grocery store and offered additional development potential,” says Richard Crenian, president of ReDev Properties. “In 2008, we constructed a 4,808 square-foot-building for the Bank of Nova Scotia, which greatly enhanced both the appeal and value of the centre. The sophistication of the purchaser confirms the validity of both our investment selection criteria as well as our long-term approach to managing assets, as they only purchase stabilized high grade properties.”

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