Plaza Retail REIT sells Alberta properties for $12.15M

The eight standalone retail properties are located in Airdrie, Calgary and Sherwood Park

Western Investor
July 3, 2018

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A Maritime real estate investment trust has sold eight Alberta properties for $12.15 million. 

Plaza Retail REIT announced today (July 3) it has sold its single-tenant portfolio of properties located in Calgary, Airdrie and Sherwood Park. The portfolio totals 18,275-square-feet and has a capitalization rate of 5.3 per cent. 

"The sale of these assets is another example of Plaza extracting value," said Michael Zakuta, president and CEO of Plaza. "We have worked to stabilize these assets and maximize value, and with this sale we can redeploy this capital into our healthy pipeline of other value-add opportunities."

Plaza acquired the eight properties when it purchased KeyREIT in 2013. 

Plaza is a retail property owner and developer based in New Brunswick, with offices in Ontario and Quebec. Their complete portfolio as of March 2018 includes interest in 297 properties totaling 8.1-million square feet. 


Tanya is a recent graduate of Langara College's journalism program and spent a summer freelancing for The Burnaby NOW and The Record, following a reporting internship with the publications. She joins Western Investor as an editorial assistant. Very much a millennial, she sees the irony in writing about real estate she will likely never be able to afford.
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