St. Albert strip mall sold for $3.6M with an upside

One-acre property with adjacent gas station land lease has potential for increase in lease rates

By
for Western Investor
October 7, 2019





DD St Albert Fairview Boulevard strip mall Avison Young

A 1.04-acre strip mall in St. Alberta with an adjacent gas station land lease has sold for $3.6 million, and has the potential for an increase in retail lease rates, reports Avison Young's Edmonton office.

Breakdown:

Property type: Retail strip mall; land lease

Location: Fairview Boulevard

City: St. Albert, Alberta

Zoning: C1 Commercial

Building size: 10,235 square feet

Land lease: Adjacent 18,009 square feet leased to Shell Oil gas station

Capitalization rate: 5.7%

List price: $4 million

Sale price: $3.62 million

Date of sale: August 30, 2019

Brokerage: Avison Young, Edmonton

Brokers: Reed Newnham, James Robertson


Reed is an associate with Avison Young who specializes in the investment division.

Avison Young Edmonton
10104 – 103 Ave. NW
Edmonton, AB T5J 0H8
Office: 780-429-7573

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