Melcor acquires Edmonton’s White Oaks Square

Friday, December 12, 2014

Melcor REIT has fully acquired White Oaks Square shopping centre in Edmonton.

The mixed-use office and retail destination situated in more than five buildings across 18 acres was purchased for $31.38 million.

Located at 22nd Street and 137 Avenue, with many east and west entrances, the well-rooted spot offers another valuable two acres for potential development.

Darin Rayburn, chief executive officer of Melcor, said the purchase raises the company’s gross leasable area to 27 per cent.

“This acquisition demonstrates the advantage of our local market reputation and strong relationships,” said Rayburn. “This well-situated property has high occupancy with national name brands, a balanced expiry profile and an opportunity for additional development on the site.”

At the moment, the property is 98 per cent occupied. Approximately 68 per cent of tenants are national companies.