LOCATION: 3606/3804 50th Street, Lloydminister, Alberta
PURCHASE PRICE: $10,200,000
DATE PURCHASED: July 21st, 2018
CASH ON CASH RETURN: 7%
COMPOSITE RETURN: 14.2%
TENANCY: Co-op Food Store, Cora Restaurant, Marble Slab Creamery, Verns Pizza, Servus Credit Union, Edward Jones, Money Mart, Easy Home, Liquor Store, Grindin Gears, Fabutan, Willow Creek Clothing, Border City Cigar, B&D Drycleaners, Clearview Satellite, and Growers Direct.
YEAR BUILT: 1980
FOOTAGE: 72,286 Sq. Ft. (5.14 Acres)
JOINT VENTURE: Safety First Projects 6 Ltd.
Southridge Centre is a grocery anchored shopping centre in central Lloydminster with good exposure and access throughout the community. The property has a leasable area of 72,286 square feet on 5.14 acres.
The building is of concrete block construction developed over a concrete floor pad. The exterior finishing entails painted concrete block with stucco and stone highlights along the front, and metal siding along the rear of the Co-op Food Store space. The roof is flat and is assumed to be built up tar and gravel.
The building was extensively renovated in 2015/16. Renovations included facade improvements, resurfacing of the roof, and replacement of HVAC units.