- What Alberta Park has traded for $15.1m
- Why The property is another Prairie acquisition for Winnipeg’s LS Properties
- What next The property has room for rents to grow
A fully occupied industrial property in Edmonton has changed hands for $15.1m, Green Street News can reveal.
Manulife Investment Management sold Alberta Park, a three-building complex totalling 120,000 sq ft, to Winnipeg-based LS Properties. The price works out to $125/sq ft. JLL brokered the deal, which closed on Oct. 18.
The small-bay property is leased to 14 tenants, including Mailhot Industries, Canada Mat and land-surveying company Explore. The weighted average lease term is three years, and rents are 7.4% below market rates, providing the ability to raise rents upon rollover.
The complex is at 16204-16240 116 Avenue NW, in the northwest part of the city, 9 km from the downtown core and near Yellowhead Trail with a CN terminal nearby. It has 162 parking stalls and a clear height of 22 feet.
LS Properties owns two dozen retail and industrial assets across the Prairies, including in Winnipeg, Edmonton and Regina.
Manulife is an insurance and financial services firm headquartered in Toronto. As of 2024, the company has more than $1.35tn in assets under management or administration.
