EDMONTON, ALBERTA – Imperial Equities Inc. (TSX-V:IEI) today announced that it has completed the purchase of the RuhrPumpen Building at 2887 Parsons Road in Edmonton, Alberta. The property is located immediately North of the Edmonton Research Park and South Edmonton Common in the Parsons Industrial area and is one of the most sought after industrial locations in Edmonton. The $2.250M purchase price was financed through existing cash flows and a new conventional mortgage.
Situated on the property is a 12,500 square foot fabrication facility with multiple Landlord owned cranes. The tenant, RuhrPumpen Inc. operates in 20 countries around the globe. Ruhrpumpen is an innovative and efficient centrifugal pump technology company that offers operators of pump systems a wide range of quality products. They are committed to worldwide excellence with a complete range of pumps to support core markets which are oil & gas, chemical, power, industrial applications, water and mining.
With 99 Street (Parsons Road) being a major North/South thoroughfare and connecting South to 23rd Avenue, Ellerslie Road and the Queen Elizabeth II, this property is an exceptional future build to suit development site. “Imperial was fortunate to acquire a great building with a large presence along 99 Street. This type of property will continue to generate income for our Company but more importantly it has great future redevelopment potential.” said Sine Chadi, President and CEO of Imperial Equities. “Imperial continues to aggressively grow its portfolio. In the past twelve months we have announced investments in the Alberta real estate market valued at over 15 million dollars,” added Chadi.