2018 is shaping up to see some huge deals in Edmonton’s commercial real estate market.
There are clearly a healthy number of buyers in the market as a number of other sales have recently popped up:
A multi-family / assisted living portfolio with 2 properties in Edmonton, 1 in St. Albert and 1 in Morinville just sold for $297.9 million. The portfolio comprises 775 total units. In Edmonton, one property is in Griesbach and the other in Rutherford.
A 10 property portfolio of 7/11 / Esso gas stations just sold for $28.7 million. 4 properties in Edmonton, 3 in Sherwood Park, 1 in Spruce Grove, 1 in Calgary & 1 in Red Deer. Sale entails 7-Eleven stores & Esso gas bars. Same parties were involved in a sale of 11 properties across Alberta in 2017. The sale price is in $CAD, adjusted for the transaction of $22.8 in $USD.
Hawkstone Plaza in West Edmonton (4903 – 184 Street / 18348 Lessard Road) just sold for $29.2 million in a court ordered sale. The property consists of 88,955 square feet on 7.56 acres and sold for a reported 5.68% cap rate. Major tenants include Co-Op, ATB Bank, Tim Hortons & Sobeys Liquor.
Station Square in Fort Saskatchewan (10004-99 Avenue). 56,182 square feet on 4.11 acres, selling price of $16.1 million. Major tenants include Co-Op and TD Canada Trust Bank.
Toys “R” Us, the Canadian subsidiary of the bankrupt US company, has sold 3 of their Edmonton locations for over $30 million and will lease back the buildings from the new ownership group.
This includes the following locations:
3940 Gateway Boulevard – 43,750 square feet – sold for $12.1 million;
9908-170 Street – 49,200 square feet – sold for $12.1 million;
9535 – 132 Avenue – 42,460 square feet – sold for $6.4 million.
Staples also completed a sale / leaseback on it’s property at 2008 – 101 Street. 25,726 square feet on 2.3 acres. Sold for $10.2 million with Staples reportedly leasing the building on a 15 year lease.
A retail property at 5682-75 Street, comprising 36,561 square feet on 3.66 acres just sold for $13 million. Tenants include Cycle Works and Barbecue Country.
The Travelodge at 10320-45 Avenue just sold for $11 million.
Hampton Inns and Courtyard Marriott at 18304-100 Ave just sold for $33.8 million.
In Acheson, two large industrial properties also sold. At 27750 Acheson Road, a 70,229 square foot industrial building just sold for $6.1 million and at 28084 Acheson Road, a 55,609 square foot building sold for $7.4 million.
There has also been several other multi-million dollar transactions across all asset classes that we haven’t touched on. While we still have 5 months left in 2018, the year is already trending towards being the highest grossing year in transactions since we entered the recession in 2015.
Information has been obtained from sources deemed reliable but is not warranted to be so. View our full disclaimer here.
Chad GriffithsPartner, SIOR, CCIM
Chad is a partner with NAI Commercial Real Estate and focuses on the Greater Edmonton area. Chad entered the industry in 2004 and has completed over 400 commercial transactions with clients ranging from small, local companies to large institutional owners. Chad has been a top 15 producer with NAI Canada-wide since 2013.
Ryan BrownPartner, BCom, SIOR
Ryan is a partner with NAI Commercial Real Estate in Edmonton and is currently ranked nationally as one of NAI's top advisors. Having executed in excess of $100 Million worth of sales transactions and over 2 Million square feet of lease transactions, Ryan has developed a firm understanding of asset evaluation and an aptitude for building design, functionality, and long-term practicality.
Darcie is a licensed Commercial Real Estate Agent in the Province of Alberta with a focus on the Edmonton market and its surrounding areas. Darcie accomplishes custom solutions for her clients through her personable nature and results driven attitude. Darcie can help if you are looking to invest in commercial real estate or are looking for representation for a sale or lease transactions.
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