Regina-based company purchases South Gate Plaza for $6.2 million - Prince Albert Daily Herald
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FacebookXLinkedinCopy URL The South Gate Plaza sign as seen from 42nd Street West in the south end of Prince Albert. The Regina-based MDL Real Estate Income Fund recently purchased the property for $6.2 million. -- Jason Kerr/Daily Herald The MDL Real Estate Income Fund has purchased the 3.91 acre South Gate Plaza in Prince Albert for $6.2 million. ICR Commercial Real Estate announced on Tuesday that the Regina-based company had acquired the property. MDL Chief Financial Officer Taylor Beattie said the Plaza was a good fit for the company’s investment strategy. “It’s been a mainstay of the grocery landscape in PA,” Beattie said during a phone interview on Friday. “(It’s) well located, highly visible, and it’s just a simple building, so it made a lot of sense for us on a lot of fronts.” Beattie said they won’t be making many changes to the property. Wholesale Club (Loblaws) is the biggest tenant and, according to ICR, recently negotiated a 10-year lease extension, with a request for two additional five-year options to renew. ICR added that the building received a new spray foam roof in 2023. “We may look to do some capital expenditures in order to do a couple of minor things we’ve noticed around the property, but overall we think the original developer, which is the Trach family, … they did a good job developing it and did a good job maintaining it,” Beattie said. “We’ll come in and put our touch on a couple items, but for the most part it’s been business as usual.” An aerial view of the South Gate Plaza, located along Hwy 2 in the south end of Prince Albert. — Photo from www.icrcommercial.com Beattie said some brokers put the property “on our radar” in early December. MDL performed due diligence in January and February before closing the deal on April 1. This is the second property MDL purchased in Prince Albert. The former Government of Canada building on Central Avenue was the first. MDL also owns industrial, suburban office, and essential retail properties in Saskatoon and Regina. The company was founded in 2021 and has since acquired move than one million square feet of property. Beattie said Saskatchewan investors have an appetite for Saskatchewan real estate. “They like the fact that they can go out and they can look at the assets and that these are Saskatchewan assets that they can drive by and take a look at,” he said. “That’s aside from the financial return we provide them. We found that that’s something our investors really appreciate—the ability to go drive by these properties.” South Gate Plaza was built in 1981. The single storey strip mall is fully-leased, and has space for three commercial retail units along with Wholesale Club.
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FacebookXLinkedinCopy URL The South Gate Plaza sign as seen from 42nd Street West in the south end of Prince Albert. The Regina-based MDL Real Estate Income Fund recently purchased the property for $6.2 million. -- Jason Kerr/Daily Herald The MDL Real Estate Income Fund has purchased the 3.91 acre South Gate Plaza in Prince Albert for $6.2 million. ICR Commercial Real Estate announced on Tuesday that the Regina-based company had acquired the property. MDL Chief Financial Officer Taylor Beattie said the Plaza was a good fit for the company’s investment strategy. “It’s been a mainstay of the grocery landscape in PA,” Beattie said during a phone interview on Friday. “(It’s) well located, highly visible, and it’s just a simple building, so it made a lot of sense for us on a lot of fronts.” Beattie said they won’t be making many changes to the property. Wholesale Club (Loblaws) is the biggest tenant and, according to ICR, recently negotiated a 10-year lease extension, with a request for two additional five-year options to renew. ICR added that the building received a new spray foam roof in 2023. “We may look to do some capital expenditures in order to do a couple of minor things we’ve noticed around the property, but overall we think the original developer, which is the Trach family, … they did a good job developing it and did a good job maintaining it,” Beattie said. “We’ll come in and put our touch on a couple items, but for the most part it’s been business as usual.” An aerial view of the South Gate Plaza, located along Hwy 2 in the south end of Prince Albert. — Photo from www.icrcommercial.com Beattie said some brokers put the property “on our radar” in early December. MDL performed due diligence in January and February before closing the deal on April 1. This is the second property MDL purchased in Prince Albert. The former Government of Canada building on Central Avenue was the first. MDL also owns industrial, suburban office, and essential retail properties in Saskatoon and Regina. The company was founded in 2021 and has since acquired move than one million square feet of property. Beattie said Saskatchewan investors have an appetite for Saskatchewan real estate. “They like the fact that they can go out and they can look at the assets and that these are Saskatchewan assets that they can drive by and take a look at,” he said. “That’s aside from the financial return we provide them. We found that that’s something our investors really appreciate—the ability to go drive by these properties.” South Gate Plaza was built in 1981. The single storey strip mall is fully-leased, and has space for three commercial retail units along with Wholesale Club.
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