Descripción del activo
JLL Capital Markets, Calgary (“JLL” or the “Advisor”) is pleased to offer for sale a 100% freehold interest in Village Square (the “Property”) located at 2640 - 52 Street NE in Calgary, Alberta.
Village Square is a 63,950 square foot ("SF") neighbourhood retail centre situated on 5.55 acres of land in northeast Calgary. The Property is comprised of two buildings: a multi-tenant, enclosed shopping centre and a single-tenant, freestanding retail pad.
Village Square is 91.3% leased to a diverse mix of needs-based and service-oriented tenancies. The Property offers the investor secure future cash flow with a weighted average lease term of 4.60 years and attractive rental growth due to contractual rental escalations. The Property also has practical value-add potential, through adding existing density to the site and/or repositioning the existing retail to further enhance cash flow.
Village Square is being offered for sale with a list price of $18,100,000. Offers will be reviewed as they are received. For more information, please execute and return the Confidentiality Agreement (CA) to one of the Advisors for access to the Deal Room.
Atributos
Medios
Aspectos destacados de la inversión
Strategic Northeast Location - Adjacent to Village Square Leisure Centre and Calgary Public Library, and immediately south of Lester B. Pearson High School, home to over 1,600 high school students (2023).
Secure Cash Flow - 57.0% of base rent is generated from national tenants, with the average tenancy occupancy over ten years.
Income Growth - Contractual lease escalations and lease-up of the 8.7% currently vacant will improve income growth over the hold period.
Redevelopment Potential - All tenants, except RBC, McDonalds, and CC Modernails have demolition or redevelopment clauses in their leases, ensuring a seamless redevelopment program.
Development Density - Current land-use permits a Floor Area Ratio (FAR) of 2.0, allowing for ± 480,000 SF of total buildable density.
New National Retailers - Three new national tenants are secured in the former grocery store space in the adjacent retail complex, which will surely drive additional foot traffic and demand.
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