Melcor REIT acquires an office building in Lethbridge, AB
- Single tenant office building with total gross leasable area of 33,196 square feet on 1.97 acres
- Purchased for $6.25 million ($188.28/sf) on December 3, 2018
- Recently renovated and expanded with a 13,000 sf phase addition in August 2018
- Strategically located near Crowsnest Highway and two shopping centres
EDMONTON, Alberta, Dec. 03, 2018 (GLOBE NEWSWIRE) — Melcor Real Estate Investment Trust (Melcor REIT – TSX: MR.UN) today announced that it has acquired an office building in Lethbridge, Alberta for $6.25 million (excluding closing costs).
Andrew Melton, President and Chief Executive Officer of Melcor REIT commented: “This acquisition represents the execution of the second phase of our asset recycling program. In May of 2017, we sold LC Industrial in Lethbridge for a meaningful premium after adding significant value to the property. We are now beginning to redeploy these proceeds with this acquisition of a quality building in an emerging area that we are very familiar with. Being an all cash transaction, this acquisition will be accretive both on a cash flow and net asset value per unit basis.”
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in western Canada. Its portfolio is currently made up of interests in 36 properties representing approximately 2.84 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.