1210 – 8th Street SW, Calgary, AB (Court-appointed Receiver)

Assignments, Foreclosures, Rehabs, Lease to Own, Discounts and any other type of Real Estate Deal in Canada please post here.

Moderator: Flipping4Profit.ca

Post Reply
Flipping4Profit.ca
Posts: 4764
Joined: Wed Mar 29, 2006 5:04 pm
Contact:

1210 – 8th Street SW, Calgary, AB (Court-appointed Receiver)

Post: # 55950Post Flipping4Profit.ca
Thu Feb 20, 2020 3:02 pm

Unique Investment Opportunity to Acquire a Well Tenanted Office Building In Calgary With Value Upside Potential

Ernst & Young Inc., in its capacity as Court-appointed Receiver (the "Receiver") of Petro West Ltd. and Petro West Limited Partnership (together, "Petro West"), is seeking proposals for the purchase of Petro West's interest in a commercial property municipally located at 1210 – 8th Street SW, Calgary, AB (the "Petro West Property"), pursuant to a sales process (the "Sales Process") approved by the Court of Queen's Bench of Alberta on January 30, 2020.

Key details of the Petro West Property include:
Petro West Property (CNW Group/Ernst & Young Inc.)
Petro West Property (CNW Group/Ernst & Young Inc.)

4-storey office building conveniently located on the corner of 12th Ave SW and 8th St SW in Calgary's Beltline area
Over 36,900 sq. ft. of leasable space, including 3,800 sq. ft. of retail space with street access
63 parking stalls, including 52 stalls in a 4-level secure underground parkade
Currently 96% occupied by tenants

Key milestones of the Sales Process are as follows:

Phase 1 LOI Deadline: March 23, 2020
Phase 2 Binding Bid Deadline: April 13, 2020
Targeted Closing Date: On or before May 15, 2020

A Confidential Information Memorandum ("CIM") has been prepared by the Receiver and is available to parties that have expressed an interest in the Sales Process and have delivered a non-disclosure agreement ("NDA") to the Receiver.

Additional information on the Sales Process, including a downloadable version of the NDA and a teaser letter outlining the Petro West Property, is available on the Receiver's website at www.ey.com/ca/petrowestplaza.

Ernst & Young Inc., in its capacity as Court-appointed Receiver of Petro West and not in its personal or corporate capacity
2200, 215 – 2nd Street SW
Calgary, AB T2P 1M4
Fax: (403) 206-5075

Post Reply