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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.
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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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