Last month, ReDev Properties announced the closing of Whitemud Crossing, located in a prime Edmonton shopping area, marking a strong ending to the quarter. The outdoor commercial real estate company believes it can maintain this momentum throughout the remainder of the year because of several ongoing projects.
“During the first half of 2017, we successfully refinanced a number of plazas, allowing us to return a portion of the funds to our partners, and greatly enhance their overall returns,” said Richard Crenian, President of ReDev Properties. “This positive track will continue with property sales, renovations and several acquisitions. All will boost our portfolio for investors,” he said.
About ReDev Properties Ltd.
ReDev Properties Ltd. is a commercial real estate asset manager established in 2001. ReDev Properties has purchased and managed over 30 commercial real estate properties in Canada, understanding that the key to any successful commercial real estate project is location and expert asset management. ReDev Properties carefully and diligently locates existing commercial real estate properties in various markets, providing the necessary stability and future growth to ensure assets retain and increase their value. Richard Crenian and ReDev Properties Ltd. have developed, owned and managed commercial real estate worth over Two Billion Dollars since 1981.
Rockwood Square in Calgary will continue being upgraded throughout Q3 and Q4. Located on the trendy 17th Avenue SW commercial corridor, it is home to popular restaurants and retail and currently has four floors of office space. with Rexall Pharmacy as the major tenant on the lower level.
For more information, visit redevgroup.com
On the horizon
Next quarter, ReDev Properties expects final closing deals for Whitemud Crossing in Edmonton and Inglewood Towne Plaza in St. Albert. The company is targeting four additional plazas for potential sale that have been renovated in Q3 and Q4, with Daly Grove in Edmonton at the top of the list, bought by ReDev in 2007. With a mixture of both local and national tenants, the plaza is sure to pique interest when it is listed.