LOCATION: 257, 27312 TWP RD 394, LACOMBE COUNTY, ALBERTA
PURCHASE PRICE: $5,200,000
DATE PURCHASED: AUGUST 7TH, 2019
CASH ON CASH RETURN: 8%
COMPOSITE RETURN: 14.4%
NET OPERATING INCOME: $220,817
YEAR BUILT: 2015
FOOTAGE: 29,732 SQ.FT ON 4.25 ACRES OF LAND
TENANCY: FMC TECHNOLOGIES CANADA LTD. (SUBLET TO FIREMASTER OILFIELD SERVICES INC.)
JOINT VENTURE: SAFETY FIRST PROJECTS 8 LTD.
In March of 2019 we were approached by Avison Young of Edmonton to consider the purchase of an Industrial Property located at Aspelund Industrial Park adjacent to the QE II Highway at Blackfalds. The tenant of the property is FMC Technologies Canada Inc which is a subsidiary of Technip FMC, a multi national company headquartered in the UK. FMC Technologies contacted to Baja Holdings Ltd to develop the property and building for their wireline service in 2014 and signed a ten year lease agreement. Subsequently, FMC Technologies sold the wireline division and the property became vacant until a sublease was put in place to Firemaster Oilfied Services Inc. The primary lease term runs to October 31, 2024.