ReDev Properties Ltd. recently announced the sale of Whitemud Crossing. This prime retail and shopping plaza is located in Edmonton, Alberta in one of the major areas of the city. It offers approximately 93,300 square feet of retail space, and it was fully leased at the time of the sale.
Whitemud Crossing was the first property sold in 2017 by ReDev Properties, and it marks the 13th property acquired, operated and sold by ReDev Properties Ltd. since 2001.
About Whitemud Crossing
Whitemud Crossing was purchased by ReDev Properties Ltd. in 2005. Since this time, ReDev have improved, leased up, and managed the retail center. At the time of the sale, all 34 tenant spaces within Whitemud Crossing 93,300 square feet was leased by both local and national tenants.
Whitemud Crossing is situated at a major intersection and enjoys high exposures to both 106th Street and Whitemud Drive. Whitemud Drive is a major east-west freeway in southern Edmonton, Alberta that offers direct access to Calgary Trail / Gateway Boulevard. This high traffic location was an added benefit to the buyer of Whitemud Crossing, and for Whitemud Crossing tenants, as it provides great exposure to many of their potential customers.
The retail center location, great management, and the quality of the improvements made to Whitemud Crossing, all contributed to the 100% occupancy of the Center at the time of sale.
About ReDev Properties Ltd.
ReDev Properties Ltd. is a commercial real estate asset manager in Canada and has been in business since 2001. The company purchases, operates and sells retail space throughout Canada including Edmonton, Calgary, Regina and St. Albert. Over 30 commercial properties have been acquired and managed by the company. Currently, ReDev Properties Ltd. is seeking to sell and acquire more assets like Whitemud Crossing.
The goal of the company is to take properties they have acquired and ensure they become higher in value and more stable for future growth. Richard Crenian founded the company and has been managing real estate assets since 1981.
Whitemud Crossing is just one of the many properties ReDev Properties Ltd. managed. The company also managed Quance Plaza in Regina, Rockwood Square in Calgary, Sturgeon Plaza in St. Albert and Kensington Commons in Edmonton. Many other properties have been purchased, managed and sold by the company, as well.
ReDev Properties Ltd. announcement of the closing on the sale of Whitemud Crossing was the first sale transaction in 2017. Whitemud Crossing is another success for the company. As the company has grown, so has the reputation for taking properties and improving upon them. ReDev Properties Ltd. is seeking more properties of this nature and currently is open to any inquiries on current assets in their portfolio.