Imperial Equities invests in Queens Business Park

A diversified Edmonton company that owns commercial and industrial properties has made a $15.2-million investment in Queens Business Park.

A diversified Edmonton company that owns commercial and industrial properties has made a $15.2-million investment in Queens Business Park.

Imperial Equities Inc. (TSXV: IEI) announced on Wednesday that it’s purchased a 43,400-square-foot industrial shop on 10 acres of land in the industrial park west of Hwy 2. The building, which was developed for Essential Energy Services Ltd., was completed in February.

Essential Energy, which is a publicly traded company specializing in coil tubing, will continue to occupy the building, said Sine Chadi, Imperial Equities’ president and CEO. He added that Essential Energy already needs more space for its Red Deer operations.

“We’re looking at a fairly substantial addition there.”

Chadi also said that Imperial Equities plans to develop another building on a separate six-acre parcel in Queens Business Park for another tenant.

“We think there is tremendous potential in Red Deer.”

Chadi pointed to the city’s central location as an asset that makes it desirable for energy companies that are active in the southern and northern parts of the province.

“This latest acquisition is the first for Imperial in Red Deer and we will be actively pursuing more investment opportunities that currently exist in that market,” he said.

A release issued by Imperial Equities said the price it’s paying for the Queens Business Park property is the second most it’s ever paid.

In addition to owning a portfolio of properties, Imperial Equities distributes pharmaceutical products through its subsidiary Imperial Distributors Canada Inc.

Just Posted

Child’s play at Westerner Days

Balloons bring out the child in everyone

‘Do Indians have property rights?’ Former Alberta chief’s land dispute in court

STANDOFF, Alta. — A dispute between two families over land on Canada’s… Continue reading

Missing female found near Sundre

Local rancher finds missing female

Buyers turn to letters to snag homes in Canada’s hot real estate markets

TORONTO — Monica Martins and her husband had been looking for a… Continue reading

WATCH: Gazebo groundbreaking in Waskasoo

Fifty per cent of the $100,000 project is funded by a provincial government grant

Second World War Two-era B-29 Superfortress named ‘Fifi’ lands for first-ever Canadian tour

MONTREAL — A rare Second World War-era bomber named “Fifi” has touched… Continue reading

Magnus Cort Nielsen wins Stage 15 of Tour de France

CARCASSONNE, France — Magnus Cort Nielsen of Denmark sprinted away from two… Continue reading

Ryan Reynolds teases ‘Deadpool 2’ extended cut at Comic-Con

SAN DIEGO — Ryan Reynolds has made a triumphant return to San… Continue reading

‘Wonder Woman,’ ‘Aquaman’ and ‘Shazam!” thrill Comic-Con

SAN DIEGO — Warner Bros. brought out all the stops Saturday at… Continue reading

All shell, no shock: Lobster prices strong, season picks up

PORTLAND, Maine — New England’s lobster industry faces big new challenges in… Continue reading

Woman killed in collision near Olds

A woman is dead after a collision west of Olds Saturday afternoon.… Continue reading

Evacuation numbers remain at nearly 1,000 as B.C. wildfires rage on

SUMMERLAND, B.C. — Officials in British Columbia’s Okanagan region hope that fire… Continue reading

Survivors recount deadly Missouri duck boat sinking

BRANSON, Mo. — “Grab the baby!” Those were the last words Tia… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month