- What Two retail properties in a portfolio were sold to separate purchasers in Alberta
- Why Both properties are 100% occupied
- What next West Oak Investments purchased one of the properties
Two properties in an Alberta retail portfolio traded for $27.9m to two separate purchasers in early April, Green Street News can reveal.
Prime Real Estate Group was the vendor of the Grande Plaza Retail Centre in Cochrane, purchased by West Oak Investments for $10.1m, and South Centre Common in Lethbridge, purchased by an unknown buyer for $17.8m.
JLL had the marketing assignment, with both properties trading at a cap rate in the high-6% range.
South Centre Common, at 60 Southgate Boulevard South in Lethbridge, is on a 4-acre lot with a 47,000 sq ft gross leasable area. Built in 2015, the centre is 100% occupied with 14 tenants and an average in-place rent of $26.96/sq ft. Tenants include CIBC, Dollar Tree and Party City.
The Grande Plaza Retail Centre, at 216 Grande Boulevard in Cochrane, is on a 2-acre lot with 22,000 sq ft of gross leasable area. It is 100% occupied with an average in-place rent of $32.45/sq ft. Tenants include Mayfair Diagnostics and Montana’s BBQ & Bar.
The two properties were initially part of a four-property portfolio. According to Green Street’s Sales Comps Database, South Centre Common is the third-largest retail sale in Lethbridge in five years after the 2022 sale of 3195 26 Avenue North for $27.6m and the 2023 sale of 1700 Mayor Magrath Drive South for $20.2m.
West Oak Investments, based in Regina, was founded in 1989 and has a slate of residential and retail assets in Saskatchewan.
Lethbridge is a city of more than 100,000 people in southern Alberta, 170 km southeast of Calgary. Cochrane is a city of about 35,000, 30 km northwest of downtown Calgary.
