EDMONTON, AB, Sept. 21, 2021 /CNW/ - Imperial Equities Inc. (TSXV: IEI) today announced the acquisition of a new property in Fort St. John, British Columbia, completing its first transaction in that province and the final transaction of its 2020-2021 fiscal year. The $3.2 million transaction closed on September 15, 2021, and includes a ten-year covenant with a large national corporation.
The property features a 21,140 square foot industrial building situated on 4.62 acres and is fully leased to Wajax, one of Canada's longest standing and most diversified industrial products and services providers. The concrete block building includes seven grade-level overhead doors, including two 18-foot by 18-foot doors and two 5-ton cranes and one 1.5-ton crane. The building also features a two-story office component and a secure storage yard, as well as yard storage structures.
"Fort St. John is British Columbia's energy capital, and a robust centre of much of the province's energy related activity, with growing capital investment and strong economic projections," said Sine Chadi, President and CEO of Imperial Equities Inc. "This is an ideal time for our Company to undertake an investment in this region, and doing so with a strong tenant like Wajax, with whom we already have such a strong relationship, is ideal."
As Landlord, Imperial will immediately conduct some building upgrades to improve its overall curb appeal and address some minor deferred maintenance. Arrangements for leasehold improvements were covered within the lease negotiations. The upgrades will also include improvements to the energy efficiency of the property with installations of LED lighting throughout.
About Imperial Equities Inc:
Based in Edmonton, Alberta, Imperial Equities Inc. is a publicly traded company anchored by industrial, agricultural, and commercial real estate properties in its targeted markets throughout Western Canada. Additional information is available at: www.imperialequities.com. Imperial's common shares are listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Imperial Equities Inc.
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