CALGARY, ALBERTA--(Marketwired - March 26, 2014) - Redev PROPERTIES LTD. is pleased to announce the sale of Century Park Plaza.
Century Park Plaza is a high quality strip plaza located on Macleod Trail in Calgary, Alberta, the main retail destination in the city.
The plaza was purchased in 2006. It contains numerous well established national tenants, including Tim Hortons, Goodwill, Penningtons and Taco Time. The combination of its excellent location and tenant mix allowed the investors to realize steady annual income and an appreciation of their original equity.
Redev PROPERTIES LTD. was engaged as the asset manager for the property. Their President, Richard Crenian offered the following thoughts on the sale: "We are very pleased with the outcome of Century Park Plaza. The centre was one of our strongest performers in terms of cash flow, with a satisfactory final return to investors."
Century Park Plaza is another successful project managed by the General Partner and Redev PROPERTIES LTD.
About Redev Properties
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.