Canadian Tire – Canmore Alberta

1110 Gateway Avenue, Canmore, AB

This newly constructed Canadian Tire retail complex was acquired from the developer in 2012 after a previous transaction failed with another buyer. The property was acquired for $17,800,000 and benefitted from a long-term 20-year lease with Canadian Tire Corporation, and proximity to the two major grocery stores in Canmore, AB (Safeway & Sobeys). After earning a stable and predictable stream of income, the property was opportunistically sold to a publicly traded REIT that owned the neighbouring Safeway property. The sale was completed in 2014 for a price of $20,500,000.