Form Retail Advisors is pleased to announce the sale of 357 Liberty Avenue located in Red Deer, AB (the “Subject Site”). The Subject Site is a carefree, triple-net investment opportunity consisting of a stand-alone building occupied by Cineplex Entertainment (dba Galaxy Cinemas), secured on a long-term lease, with additional land and density for future development.
- 40,000 sq/ft, large format single-tenant NNN retail asset servicing the City of Red Deer and Red Deer County.
- Of the total 5.43 acre site, roughly 2.19 acres on the southern parcel fronting Lantern Street remains available for future development and may be able to accommodate approximately 11,500 sq/ft of future pad buildings on-site.
- Designated as Hamlet Centre Mixed Use (C1), which supports mixed-use residential, retail and office.
- 100% occupied by Cineplex Entertainment (dba Galaxy Cinemas) since 2008 on a fully net lease with approximately 10 years remaining and 3×5 year options to renew thereafter. Significant upside with built-in minimum rent-escalations every 5 years.
- Subject Site benefits from exposure just west of the Queen Elizabeth II Highways, Alberta’s busiest highway, which sees approximately 38,680 VPD (2017).
- Red Deer has a very affluent and growing population with an average household income of $152,643 (2017) and has experienced an 11% population growth rate between 2012-2017.