Calgary, AB. – Triumph Real Estate Investment Fund II (“Triumph”), a Canadian investment fund based in Calgary, Alberta, is pleased to announce that it has come to an agreement to acquire The Verve Retail Podium, the retail/restaurant base of the apartment building in Calgary’s East Village of the same name. Both sides of the deal were represented by Richard Lewis of Barclay Street Real Estate/TCN Worldwide.
“We are excited to add a third property to the growing Triumph Fund II portfolio of properties. Having a good mix of National, Regional and Local retail Tenants, is at the core of our investment strategy.” said David Wallach, President and Founder of Triumph.
The property is composed of 13,500 sq. ft. of retail, medical and restaurant space at the base of a 25-story apartment building. There are 6 occupied spaces that have leases terms up to 2029 and beyond and 1 vacant space, which includes a rental guarantee for 18 months from the closing date, providing a perfect value-add opportunity. The transaction is scheduled to close on March 1,2021.
“This acquisition aligns with Triumph’s acquisition fundamentals in acquiring multi-tenant properties, in Class A locations. Our goal is to continue expanding the Triumph Fund II portfolio in the markets in which we are active throughout Canada and Western U.S.” Wallach said.
David Wallach, CCIM
President – Triumph Real Estate Investment Group of Funds
Source : Triumphref