Stantec Executive Place sold to Cochrane company
One of Red Deer’s most prominent buildings has changed hands.
Stantec Executive Place has been sold to Grand Central Properties Inc., a Cochrane company that owns more than a half-dozen commercial and public facility buildings in that town. The 4900 Ross St. office building was owned by Beca Investments Inc. and Norcan Development Corp., which built the 12-storey structure in 2010.
The deal closed on June 30, with a purchase price of $40 million specified on the transfer or land.
“It’s a great building,” said Randy Mabbott, general manager of Grand Central Properties and a member of its board. “It’s well constructed; the tenant roster is Class A.”
Those tenants include Stantec Consulting Ltd., Nova Chemicals Corp., RBC Dominion Securities, Business Development Bank of Canada and Rileys.
There are nearly 104,000 square feet of leasable space in Stantec Executive Place, with about 4,500 square feet on ground floor and less than 1,500 square feet on the second floor still available.
“We’ve got an offer coming in this week that we’re giving a serious look to,” Mabbott said on Friday.
He added that Grand Central is looking at other potential tenants, including medical-related businesses.
“I think there’s lots of opportunity for something like a coffee shop.”
Mabbott said Grand Central became interested in Red Deer last year, when it bid on the Timberlands North commercial development project — which didn’t proceed.
It was at that time that company officials learned that Stantec Executive Place was for sale.
“We decided that was a good opportunity. We already knew Red Deer and had spent some time there.”
Mabbott praised officials from Red Deer’s planning and economic development departments for pitching the potential of the city.
“They gave us a great background and a full tour of the city at that point.”