TORONTO, March 16, 2015 /PRNewswire/ -- Richard Crenian, President of ReDev Properties Ltd. is pleased to announce the sale of Castleridge II, a commercial shopping plaza located at 55 & 33 Castleridge Boulevard, Calgary AB, shadow-anchored by Safeway Grocery.
Purchased in 2006, Castleridge II is in a prime location that receives excellent exposure from the Calgary International Airport and access to Castleridge Boulevard. With 8,022 square feet of rentable space, Castleridge II is anchored by TD Bank Group, the plaza's first tenant, which occupies approximately 69 percent of the rentable space.
ReDev Properties Ltd. was engaged as the asset manager for the property. Their president, Richard Crenian says "We're sad to see this asset go. It's been a wonderful property, allowing us to build a strong and long-term relationship with TD Bank. This plaza will be irreplaceable, but a really motivated purchaser offered the asking price. In the end, we are excited to be able to offer our investors such fair returns."
The shopping centre made headlines when it first opened, as the first shopping centre in Calgary to offer a drive-through banking service with the TD Bank. It has now been bought by Avenue Commercial.
Castleridge II will be the 9th successful property project ReDev Properties Ltd and Richard Crenian has owned, operated and sold. It will also be the second property the group has sold in 2015.
About ReDev Properties Ltd.
ReDev Properties Ltd. is a Canadian owned and operated commercial real estate asset management company. Since 2001, ReDev Properties has purchased and managed over 25 commercial real estate properties in Canada on behalf of our investors.
ReDev Properties understands that the key to any successful commercial real estate project is location. ReDev Properties carefully and diligently locates existing commercial real estate properties in markets which provide the necessary stability and future growth to ensure our assets retain and increase their value. Western Canada, specifically Alberta and Saskatchewan, are the economic engines of the country and ReDev has placed a high priority on properties located in these provinces.
ReDev Properties utilizes a long term approach to managing our investors' assets. It generally takes considerable time and expertise to maximize the value of a commercial real estate property. ReDev has the requisite experience and knowledge to capitalize on the lucrative commercial real estate market and maximize the value of our assets.
For more information on ReDev Properties Ltd please contact:
Richard Crenian, President
SOURCE ReDev Properties Ltd