Cochrane’s Grand Central Properties is dipping its feet into Red Deer’s commercial real estate market, forking out $40 million to purchase Stantec Executive Place.
“Executive Place is a landmark building in downtown Red Deer with great tenants,” said Randy Mabbott, general manager/secretary of Grand Central Properties. “(It’s) a great investment.”
Stantec Executive Place, located at 4900 50th Street in Red Deer, was built in 2010 and stands 12 storeys. The complex has over 100,000 square feet of leasable space, with around 4,500 on the ground floor.
“We will be seeking to fill some main floor vacancies with strong complimentary tenant(s),” said Mabbott, adding that he expects Executive Place to be another showcase property that forms part of Grand Central Properties’ portfolio.
“Last year, Red Deer came up on the radar in a couple of different ways that did not work out,” said Mabbott. “As part of this exploration, we came across Executive Place and were in the right place at the right time to put a deal together. Red Deer is an exciting and growing community.”
Executive Place’s current tenant list includes RBC Dominion Securities, Business Development Band of Canada and Stantec Consulting.
Grand Central Properties owns several buildings in Cochrane – the Emergency Services Facility, Community Health Centre, Grand Professional Building, Grand Central Place and Cochrane Town Square.
“We are always looking to grow and expand,” said Mabbott.
Visit grandcentralproperties.com for more information.
