- Property size 21,322 ft2
For Sale : Tri Leisure Village Shopping Centre - alternatives for sale
JLL Capital Markets has been exclusively engaged by the Vendor to offer for sale a 100% freehold interest in Tri Leisure Village, a 2-builidng plaza totaling 21,322 square feet of leasable area on 1.85 acres, in Spruce Grove, Alberta. Tri Leisure Village is located on one of Spruce Grove’s busier arterial roadways, Jennifer Heil Way, and neighbours the Tri Leisure Recreation Centre which receives approximately 2 million visits annually. The tenancy profile offers a diverse mix of retailers including Boston Pizza, Subway, Tutti Frutti, Brooklyn Tomato, Q-Nails, and more.
Tri Leisure Village has strong access and egress with one stoplight controlled intersection access and a right-in/right-out driveway on Jennifer Heil Way. It also benefits from close proximity to highway 16, Alberta’s main East/West highway. Spruce Grove is a bedroom community to Edmonton with a population of 35,766 people and strong demographics.
- The Property offers excellent visibility to users of Jennifer Heil Way, a 4-lane north/south road that bisects Spruce Grove and sees an average 16,050 vehicles per day (2017).
- Located adjacent to Tri Leisure Recreation Centre, the site benefits from the recreation complex’s 2 million annual visitors, in addition to guests from the Holiday Inn and users of Fuhr Sports Park.
- With a weighted average lease term of 8.31 years, and a projected 10 Year NOI CAGR of 1.28%, the Property offers stable growth in cash flow, and ample remaining term.
- Three vacant units are head leased by the Vendor for 1 year, providing an opportunity to lease-up the units in better market conditions, following the recovery of the COVID-19 pandemic.
- Constructed in 2015 with low capital expenditures forecast in the near term.
- Property can be acquired free and clear of debt allowing the opportunity to capitalize on historically low interest rates.