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
