FMC Technologies Building
LOCATION: 257-27312 Township Road 394, Lacombe County, Alberta
DATE PURCHASED: August 7th, 2019
CASH ON CASH RETURN: 8%
COMPOSITE RETURN: 14.4%
TENANCY: FMC Technologies Canada Ltd. (Sublet to Firemaster Oilfield Services Inc.)
OCCUPANCY: 100%
YEAR BUILT: 2015
FOOTAGE: 29,732 Sq. Ft. on 4.25 Acres of Land
JOINT VENTURE: Safety First Projects 8 Ltd.
The Story:
In March of 2019 we were approached by Avison Young of Edmonton to consider the purchase of an Industrial Property located at Aspelund Industrial Park adjacent to the QE II Highway at Blackfalds. The tenant of the property is FMC Technologies Canada Inc. which is a subsidiary of Technip FMC, a multinational company headquartered in the UK. FMC Technologies contacted Baja Holdings Ltd. to develop the property and building for their wireline service in 2014 and signed a ten-year lease agreement. Subsequently, FMC Technologies sold the wireline division and the property became vacant until a sublease was put in place to Firemaster Oilfied Services Inc. The primary lease term runs to October 31, 2024.