Vancouver, BC, Canada – In keeping with its strategy to expand its income-producing portfolio, Concert is pleased to announce that it has acquired a 9.8-acre property in Edmonton.
Located at 1104 – 70th Avenue in Edmonton’s Southeast Industrial region at the eastern terminus of 70th Avenue, the property is in close proximity to the intersection of two major thoroughfares, Highway 14 and Sherwood Park Freeway. Zoned medium industrial, the property currently houses one 25,000-square-foot industrial building, which is 100 per cent occupied. The area caters to predominately heavy industrial users that provide goods and services to the oil and gas industry. Typical property requirements include minimal site coverage and maximum yards for storage and assembly.
“The acquisition of 1104-70th Avenue will allow the company to capitalize on the continued strength of the Edmonton industrial market and further diversify geographically,” said Alan Whitchelo, Senior Vice President, Industrial & Commercial, Concert Properties Ltd. “Additionally, this acquisition will add depth to Concert’s growing industrial income portfolio, as well as provide a new development opportunity in the future.”
This latest acquisition in Alberta bring Concert's income-producing properties in British Columbia, Alberta and Ontario to more than 5.2 million square feet, continuing the company's strategy of carefully expanding and geographically diversifying its portfolio.