October — Sale of Liberty Crossing
MDC Property Services is pleased to announce the sale of Liberty Crossing Centre in Red Deer to an institutional investor, effective October 3, 2008. Liberty Crossing Centre consists of a ±55,292 square foot multi-tenant building which is currently leased to Ashley Furniture HomeStore, The Bedroom Shoppe and The Living Room, and Kitchen & Patio. Also located on the site is a ±9,525 square foot CRU pad. MDC purchased the vacant ±4.72 acre parcel on behalf of its investors in August 2006, and performed the leasing and development of the centre. Construction of the centre commenced in April 2007, with completion of the multi-tenant building occurring in December 2007. The sale represented an overall return on equity of 42% to its investors over a 24 month period.