EDMONTON, Alberta, March 4, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the opportunity to acquire The Mayfair on Jasper, a 10-story mixed-use tower with 238 luxury residential units and 24,901 square feet of commercial space in downtown Edmonton, Alberta. The price is open bid.
“Completed in December 2016, the property has a strong tenant base and a fully stabilized revenue stream,” said Bradley Gingerich, IPA senior managing director. “The commercial tenants benefit from abundant foot traffic and significant exposure on one of Central Edmonton’s most active intersections.”
Gingerich, Paul Chaput, senior vice president, and Bradyn Arth, senior vice president are representing the seller, a renowned western Canadian real estate developer.
Situated on the southeast corner of 109th Street and Jasper Avenue, the property provides residents with immediate access to dining, entertainment and retailers on Jasper Avenue, Edmonton’s main street. The Government District, Central Business District, and the new ICE District, a $2.5 billion sports and entertainment area, are within walking distance. The Corona light rail transit station is within steps of the property, and the University of Alberta and MacEwan University are just a few stops away.
The Mayfair on Jasper’s environmentally conscious design includes solar and cogeneration power, which converts efficient, low-cost natural gas to electricity, creating enough electricity for tenant consumption to sell power back to the grid. Apartments have open-concept suite layouts with expansive, triple-pane windows and luxury, condo-quality interior finishes. The unit mix is composed of 118 one-bedroom and 120 two-bedroom apartments. The commercial tenants are Orange Theory, Kanu Café, Splash Poke, Freshii, ZenQ, Cinnaholic, Edible Arrangements, Curry Vibes, and La Carraia.
For more information regarding this listing, contact Paul Chaput: 780-982-5947.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.