Melcor REIT has acquired Liberty Crossing, a retail centre off of Highway 2 in Red Deer, Alta.

The acquisition is valued at $13.2 million and is expected to close in early December. Liberty Crossing is located along the Gasoline Alley traffic corridor off the highway connecting Calgary and Edmonton.

“This property complements our portfolio and expands our retail offering to the growing Red Deer market, an important geographic and economic connector in Alberta,” says Darin Rayburn, CEO of the REIT.

The retail centre has a total gross leasable area of 63,328 square feet on 4.72 acres of land. The buildings currently have 100 per cent occupancy, with an average remaining lease term of 4.39 years.

This is Melcor’s first acquisition in Red Deer.