EDMONTON, AB, February 4, 2022 – Melcor Real Estate Investment Trust (“the REIT” – TSX: MR.UN) today announced that it has entered into leases with two tenants for over 40,000 sf in two properties.
Andrew Melton, CEO of the REIT commented: “Our practice is to intentionally fill vacancies with strategic, diversified tenants that are a good fit for the property, leading to long-term tenancies and healthy retention. These two new tenants – Innovate Edmonton and Habitat for Humanity’s ReStore – are no exception. I am incredibly proud of our leasing team for their diligence in seeking the right tenants for these locations.”
Innovate Edmonton’s first physical home will be 10107 Jasper Avenue (formerly, the Royal Bank Building), taking up 18,000+ sq feet of highly visible and accessible street-level space. Building renovations and improvements, with a focus on energy-efficiency, are underway and will be completed to welcome Innovate Edmonton in the fall of 2022. Innovate Edmonton was formed in 2020 by Edmonton’s City Council and includes the Startup Edmonton, Scaleup Edmonton and Accelerate Edmonton programs.
“Sustainable development, accessibility, downtown revitalization and innovation placemaking were all key considerations in selecting this new space,” said Innovate Edmonton CEO Catherine Warren. “Edmonton’s newest innovation destination aims to be an inclusive and welcoming environment for innovators in every sector, at all stages of growth, across every demographic and will reflect Edmonton’s innovation success and diversity.”
Habitat for Humanity has selected Liberty Crossing in Red Deer for their new 22,000+ sq feet central Alberta ReStore location and will take occupancy this spring. The new space provides the extra room necessary for ReStore to offer the best selection of new and gently used donations.
Mr. Melton continued: “It takes longer to fill larger vacancies in the current real estate environment. In both cases, our patience has been rewarded with exceptional tenancies that position these properties well for the future and will contribute to improved performance of our assets in the years ahead.”
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in western Canada. Its portfolio is currently made up of interests in 39 properties representing approximately 3.2 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.