On December 20, 2019, the Skyline Retail REIT, a privately-owned and managed portfolio of retail properties across Canada, announced the acquisition of Red Deer Village located in the City of Red Deer, AB. The total purchase price for the property was $65.63 million.
Located at 6320 and 6380 50th Avenue, the multi-tenant retail plaza is located in the north end of Red Deer and is across the street from the well-frequented Parkland Mall. Red Deer Village’s location is a dominant shopping centre for the Red Deer area.
Anchor tenants for the property include Canadian Tire, Sobeys, and Shoppers Drug Mart. The plaza comprises a total of 243,903 square feet of retail space.
“We’re pleased to announce the acquisition of Skyline Retail REIT’s first property in the City of Red Deer,” said Gordon Driedger, President, Skyline Retail Asset Management Inc. (“Skyline Retail”).
“Red Deer Village is situated in a prime retail location within the city, and the plaza is anchored with national name-brand tenants with whom Skyline Retail has developed strong working relationships.”
The Skyline Group of Companies has enjoyed a presence in Red Deer since 2016 with the acquisition of Vanier Woods at 39 Van Slyke Way, a condo-style apartment complex owned by the Skyline Apartment REIT.
“We’re happy to be expanding our presence further in Red Deer with a retail property, offering great places to shop and do business,” said Driedger.
Post-acquisition, the Skyline Retail REIT comprises 108 properties in 66 communities in five Canadian provinces, with a total of 4.28 million square feet of retail space.
Introduced in 2013, the Skyline Retail REIT is fully managed and operated by the Skyline Group of Companies, a Guelph, ON-based real estate acquisition, management, and investment firm.