ReDev Properties has sold the Daly Grove Centre for, the second Edmonton retail property it has unloaded this year.
Daly Grove Centre has 33,311 square feet of retail and office space in the residential Mill Woods area. The property is fully leased to a mix of local and national tenants, ranging from medical care facilities to convenience food stores, including a KFC outlet.
The property sold for $13.8 million with a current capitalization rate of 5.58 per cent.
“Daly Grove Centre has been a valuable product for us,” ReDev president Richard Crenian said in a release announcing the sale. “We’re sad to part ways with the centre, but believe our group has maximized the potential of the property.”
CBRE Edmonton brokered the deal for ReDev. The name of the buyer was not released
Daly Grove Centre had been purchased by ReDev in 2007. It is the 14th asset of ReDev Properties’ portfolio to have been acquired, owned, operated and sold since 2001.
ReDev sold Edmonton’s 93,353-square-foot Whitemud Crossing shopping centre in June.