2021 was a dynamic year for commercial real estate. We saw deals that started two years earlier finally coming to closure following negotiation, extensions, and patience from buyers and sellers navigating the turbulent business landscape. Some of the significant transactions completed in 2021 were significant not for the size of the land or the final sale price, but for the persistent representation from our associates who completed the deal despite underperforming sectors of the market, existing lease requiring negotiation, financing negotiations, and other challenges.
Associates at RE/MAX Excellence Commercial Division work with a diverse client and asset class portfolio and are professional and knowledgeable in all aspects of client representation.
EVER Square Land
EVER Square Land
Formerly a Husky Gas Station, this 5.78 AC vacant lot is located in between Calgary Trail & Gateway Boulevard. The land is going to be the home of EVER Square, a 150,000 SF retail and professional centre.
Property Type: Commercial Land
Address: 4710 Gateway Boulevard NW, Edmonton
Property Size: 5.7 AC
Transaction Type: Sale
Date of Transaction: June 2021
Agent: Dale James & Humaira Naikyar
List Side/Buy Side: Double-end representation
Ewing Trail Plaza West
Ewing Trail Plaza West
The listing was signed in January 2019 and the deal went unconditional in the last quarter of 2019. Thereafter possessions were delayed with respect to challenging economic situations due to COVID-19. Understanding the changing market interface in the Southwest Corridor and establishing a trusting relationship amongst the parties was key to bringing this transaction to closure.
The land is now Ewing Trail Plaza West with retail units available for lease.
Property Type: Commercial Land
Address: 3307 Ewing Trail SW, Edmonton
Property Size: 10.72 AC
Transaction Type: Sale
Date of Transaction: Closed November 30, 2021
Agent: Ravi Thakur
List Side/Buy Side: List Side
Garside Industrial Building
Garside Industrial Building
Property Type: Freestanding Industrial Building
Address: 11550 154 St, Edmonton
Property Size: 23,000 SF Building on 1.52 AC
Transaction Type: Sale
Date of Transaction: September 2021
Agent: Nadia Mitchell & Judith Rimmer
List Side/Buy Side: List Side
Freestanding Industrial Building
Freestanding Industrial Building
The asset was marketed for sale or lease with a keen interest in both avenues. After thorough marketing, a purchaser came forth with an attractive offer.
Property Type: Freestanding Industrial Building
Address: 13008 151 Street, Edmonton
Property Size: 11,950 SF Building on 1.68 AC
Transaction Type: Sale
Date of Transaction: December 2021
Agent: Jeff Russell
List Side/Buy Side: List Side
First Park
First Park
Retail centre with direct exposure to Sparrow Drive in Nisku. The centre has national tenants such as Tim Horton’s, Edo Japan, Quiznos, and more.
There is currently a 966 SF end bay available for lease.
Property Type: Retail Centre
Address: 207 19 Ave, Nisku
Property Size: 10,937 SF on 1.85 AC
Transaction Type: Sale
Date of Transaction: August 2021
Agent: Dale James & Humaira Naikyar
List Side/Buy Side: Both
Industrial Building in Brooks
Industrial Building in Brooks
This industrial building was located in Brooks, Alberta – a small town with little to no demand for industrial spaces. The Class-A property had very low rent with an existing tenant that extended the lease every few years – making the property a challenge to sell. During negotiations, the seller, prospective buyer, and tenant were all involved to settle a lease extension acceptable to all parties.
Property Type: Industrial Building
Address: 505 1 Avenue, Brooks
Property Size: 12,794 SF building with 4,800 SF mezzanine space on 1.09 AC
Transaction Type: Sale
Date of Transaction: September 2021
Agent: Syamal Raha
List Side/Buy Side: List Side
Drinnan Place
Drinnan Place
Although the multi-family sector has done well during the pandemic, selling a property in a small town can be a challenge. There were no local buyers and the property was not big enough for outside investors. Additionally, due to the high ratio mortgage, the purchaser needed CMHM insurance.
The offer to close was eight months, and the sale required understanding and patience with the buyer’s agent and the vendor. The key to closing this sale was letting the buyer and seller discuss and negotiate certain conditions.
Property Type: Multi-Family
Address: 365 Drinnan Way, Hinton
Property Size: 24 Strata Title Units
Transaction Type: Sale
Date of Transaction: November 2021
Agent: Syamal Raha
List Side/Buy Side: List Side
Business with Property
Car Wash Business with Property
Car wash businesses, in general, are underperforming in Edmonton and many places in Alberta. The main reasons for the decline in business are the economy and the unfavorable weather patterns. This car wash happens to be one of the least affected businesses; meeting the expectations of the buyers and sellers was a challenge, but the listing agents went above and beyond for the sellers and buyers to make the sale.
Property Type: Business with Property
Address: 620 Manning Crossing, Edmonton
Property Size: 7,200 SF building on 0.67 Acre lot.
Transaction Type: Sale
Date of Transaction: October 2021
Agent: Syamal Raha (Listing Agent), Dean Drysdale (Buyer Agent)
List Side/Buy Side: List Side & Buy-Side