New Mixed-Use Asset Hits the Market in Edmonton
EDMONTON, Alberta, Sept. 9, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the opportunity to purchase Raymond Block, a mixed-use property with 95 apartments, 25,000 square feet of 90% leased office space and 21,200 square feet of fully leased main floor retail in Edmonton, Alberta. The property is the first LEED Platinum-certified, mixed-use, midrise asset in Canada. The price is open bid.
“Supported by a desirable tenant base of young professionals and local and national businesses, Raymond Block has redefined rental living in Edmonton,” said Bradyn Arth, IPA senior vice president. “Average age in the neighborhood is 27, the percentage of university graduates is 54, and 70% of the dwellings in the neighborhood are rentals.” Arth and IPA’s Bradley Gingerich, Paul Chaput, and Jane Woertman are representing the seller, Wexford Developments.
Located between Edmonton’s Queen Alexandra and historic Strathcona neighborhoods, the property is within walking distance of many services and amenities, including shopping and arts and entertainment facilities along Whyte Avenue. The University of Alberta and University of Alberta Hospital are also nearby. “The property’s design maintains the streetscape and heritage of Old Strathcona,” commented Chaput. “The industrial-chic-style lobby, designed by New York-based, award-winning Ryan Lawson LLC, has high ceilings, a fireplace and reclaimed brick from the historic Kelly Ramsey Building.” The property has 62 gated underground parking stalls, a bicycle storage locker, fitness center and indoor/outdoor patio and lounge. The retail tenants are 7-Eleven, Blaze Pizza, CB Resources Corp., Five Guys Burger & Fries, Lan Noodle House, Miniso, Remedy Café, Tokyo Smoke, and ZGM.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com