Vancouver, BC, Canada – Concert is pleased to announce that it has bolstered its industrial portfolio with the acquisition of a new property at 871 and 903 76th Avenue NW and 7420 8th Street NW in Edmonton, Alberta.
The 45.65-acre site is located adjacent to 1104 – 70th Avenue, a property acquired by the company in 2006, in Edmonton’s Southeast Industrial region. The location benefits from excellent access to the Sherwood Park and Whitemud Freeways as well as the new Anthony Henday Ring Road.
“This acquisition represents an opportunity to acquire a strategic position immediately adjacent to currently owned assets,” said Alan Whitchelo, Senior Vice President, Industrial & Commercial, Concert Properties Ltd. “With frontage on 76th Avenue and access to major transportation thoroughfares, the property is well positioned to capitalize on the continued strength in the Edmonton industrial market where industrially zoned land prices have escalated due to the shortage of serviced land in the area.”
The property is comprised of three lots, a 17,214-square-foot warehouse facility and a series of smaller out buildings. Currently, 38.93 acres (85 per cent) of the property is leased to Builders Energy Trust, an income trust that provides oilfield services to oil and gas producers in the Western Canadian Sedimentary Basin.
The Edmonton acquisition is another step toward further diversifying the Concert portfolio from an asset as well as a geographic perspective, providing the company with long-term flexibility and a growing inventory of land for future development. Concert’s income producing portfolio now exceeds 7.5 million square feet and is located in British Columbia, Alberta and Ontario.