DATE PURCHASED: 1998
PURCHASE PRICE: $475,000
CURRENT ESTIMATED MARKET VALUE: $800,000
APPROXIMATE ANNUAL DIVIDENT CASH FLOW: 16.5%
Eastgate Centre was purchased from a receiver in 1998 for $475,000. By the year 2000, condo titling was completed as well as some interior demising and exterior upgrades. Portions of the space were sold to owneroccupiers, leaving 10,000 square feet that has continued to produce steady cash flow. The Alberta Government leases 6,000 sq. ft. of the space and 4,000 sq. ft. is leased to Cornerstone Flooring. This investment was very positive in that 22,000 sq. ft. was sold off at values far above the costs of improvements to the building and the joint ventures still own 10,000 sq. ft. valued at approximately $800,000 free and clear.