Markland Properties Ltd. – Syndicated in 2013 – FULLY SUBSCRIBED
Markland is a well located “turnaround” property with two very large, long lease tenants.
The property is currently in need of a “facelift”. It has about a 23.6% vacancy which provides exciting potential for revenue increases when the exterior and vacant spaces are refurbished. There will be ample money available from the offering to make the property more showable and attractive to new and existing tenants. Millennium has had success in previous turnarounds.
The two largest tenants (Honey Bunny Christian Daycare 12,227 square feet (27.8% of the building) and CASA Child Adolescent and Family Mental Health (24% of the building) have leases running until August 2019 and May 2018 respectively.
Millennium was able to acquire the property at less than 62% of its replacement value because of its current condition and large vacancy.
13411 – 13443 Fort Road, Edmonton, AB