ReDev Properties Ltd. secured the sale of a notable Edmonton shopping plaza. The industry coverage of the sale of Parkdale Square revealed a realistic and bullish outlook on the current condition of commercial real estate in Edmonton.
As the third property exit for ReDev Properties Ltd. this year, Parkdale Square provided its new owners with a prime location strong yields. Tenants of the 23,000 plus square foot retail shopping plaza include; Subway, Taco Bell, KFC, and CIB.
ReDev President Richard Crenian says that he expects the firm to acquire up to half a billion dollars of additional commercial real estate assets within the next 24 months, with a specific focus on Alberta and Western Canada.
This group could be joined by many others as a new surge in population, investment, and economic growth is expected in the wake of the US presidential election. Large numbers of residents in the US had vowed to migrate to Canada should Donald Trump gain the Whitehouse. However, one prominent Canadian immigration lawyer, and former president of the bar association’s immigration division warned ‘refugees’ and asylum seekers from the USA that it may not be as easy as they expect. Still, over the last year we have already seen a 46% increase in Americans migrating to Canada, and a 21% rise in US visitors to the Canadian Immigration Department website.
While the chief economist of the Canadian Real Estate Association says it is too early to tell what the impact will be on our housing market, a survey by the Star revealed a variety of factors which could propel more foreign nationals and Canadians to sell their American real estate assets, and head north.
Via the Edmonton Journal, Gary Lamphier made it clear he was confident that the Trump victory changes everything for Western Canada. In a good way. This includes; putting fossil fuels back in “vogue,” a higher likelihood of the Keystone XL pipeline finally being approved, and the ensuing thousands of jobs to be created in British Columbia and Alberta. However, you stand on the environment, the positive economic benefit should be huge.
ReDev Properties’ latest sale is a testament to the strength and appeal of the commercial real estate market in Western Canada. Even before the US presidential election vote, Richard Crenian had declared it a good time to buy with a sound value adding strategy. Now the vote could continue to spur more global investors to this region, and in turn create new opportunities for sophisticated investors.