ReDev Properties Ltd., has sold Trail South Corners, a 29,024-square-foot retail plaza in Edmonton, Alberta, and says its actively looking to sell and re-acquire similar assets in its portfolio.
Located at 10417 51 Avenue NW on 3.77 acres in one of the city’s prime retail districts, the property is fully leased with ground floor retail. The listing attracted strong interest until it was sold to an established private development firm through a deal brokered by CBRE Edmonton.
“We are extremely happy to have sold this plaza and achieve such excellent results for our investors in these challenging economic times in Alberta,” said Richard Crenian, president of ReDev Properties. “This reaffirms our commitment to purchase and manage excellent properties in prime locations that continue to create long term value for our investors, based on the level of interest from the market for this asset.”
Trail South Corners is the 11th property that ReDev has acquired, operated and sold since 2001. ReDev purchased Trail South Corners in 2004.