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.