It’s shaping up to be a busy summer here at Shift REI.
So much has happened since the last update: we’ve diversified our portfolio with new buildings in new cities and provinces, and we’re nearing the completion of a few of our biggest projects to date.
Our growth continues to bring exponential value to our investors and tenants, and it’s incredibly exciting to share these developments with you.
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Catching up with spring
In our last update, we covered:
- Developing the Crowsnest Pass
- New tenants at Gershaw Terrace and 525 Mayor Magrath Dr.
- Electrifying new developments at our dealerships
- Our collaboration with Homes of Hope
We also mentioned some ambitious new developments in the works that we couldn’t share with you quite yet. Today we’re excited to unveil those developments, and their effects, in some detail, and update you on some other major ongoing projects.
Achieving exciting new milestones
At Shift REI, we’ve always had a far-reaching presence in our home province of Alberta, from Lethbridge to Westlock. We’ve also had a presence for many years in B.C. However, we’ve never expanded beyond the western-most provinces.
This year, that’s all changing.
We are proud to announce that Shift REI now covers all of Western Canada, from B.C. to Manitoba. This expansion is a result of a single, large acquisition from The Bodtker Group, which included four properties with buildings.
The Bodtker Group had long owned the buildings that housed Mauser Packaging, but had recently found the requirements of business management were outpacing the benefits of ownership. This acquisition is the result of close to two years of negotiations between Mike and Chet of Shift REI and the Bodtker Group of Companies. After taking the time to meticulously iron out the details and doing everything we could to ensure the transition of the building went smoothly, we are excited to be moving forward with this deal.
The four properties
- The easternmost property is located in Winnipeg, Manitoba. and marks our first foray into the province.
- Our first building in Saskatchewan is a small, well-maintained industrial property on Dewdney Road.
- Our first property in Calgary, which may seem surprising considering we’re headquartered just three hours south-east, in Lethbridge, Alberta. However, while we’ve long held properties in both Okotoks and Airdrie, we’ve never owned a building inside Calgary’s border.
- The final property is located on the Albertan side of Lloydminster, and just like every other property we acquired in this deal, it marks a milestone; it’s currently the largest property we own at over 76,000 square feet.
The tenants
These newly acquired buildings all share a single tenant: Mauser Packaging Solutions, and we’re honoured to welcome them into the Shift REI family.
Welcoming more new tenants
Outside of our major deal with The Bodtker Group, we’ve also purchased two new buildings in Lethbridge, each of which comes with some great tenants already in place.
Three tenants at 311 – 7 Street Lethbridge
This building, nestled in downtown Lethbridge, is home to three retail stores: Intrigue Lingerie, Rascals Children’s Wear and Infinitea Bubble Tea Shop.
As long-time residents of Lethbridge, one of the great benefits of this new purchase is the opportunity to continue to invest in our hometown and build into the burgeoning energy here.
So in that spirit, we’d like to warmly welcome each of these current tenants. We look forward to fostering great relationships and helping revitalize the city’s downtown core.
Long-time tenant at new location – 610 – 30 St N
Chinook Equipment is both a long-time tenant of Shift REI and a sister company through the Davis Automotive Group. So, when Chinook bought Evcon Equipment, who owned their own building, we purchased the property.
This represents the merging of two family businesses, Evcon and Chinook, with similar values. We are very happy to be part of this deal and excited to continue working with Chinook Equipment as their landlord in this venture.
We’d also like to take the time to congratulate our tenant, Chinook Equipment, for purchasing the business. With this move, Chinook Equipment now adds the Bobcat brand to their equipment lineup.
Town of Coaldale 3P update
We are very near to completing the first stage of the Town of Coaldale Civic Square development. Currently, we’re anticipating opening in September of this year.
When the facility opens its doors, it will give the burgeoning Town of Coaldale a new home in the heart of the downtown core. This represents the Town’s commitment to fostering a vibrant downtown, and contributes to the growing energy by housing four commercial units – all of which Shift REI will manage.
The building incorporates 19,407 sq/ft of space in total. The Town of Coaldale will retain ownership of 14,903 sq/ft, while 4,504 sq/ft will be rented out to commercial tenants.
The Town of Coaldale’s section of the building will include:
- Council Chambers on the main floor
- Administrative office space on the second floor
- A public atrium
- Meeting rooms (available for the public to rent)
With just a few months to go before the building’s grand opening, we’ve already secured tenants for two of the available spaces. We’d like to welcome Buster’s Pizza & Donair and Westland Insurance to the Shift REI family.
There are two more units still available for lease, and we look forward to working with future tenants to create a perfect space to house their business.
Davis Dodge RAM Development
Working with Davis Dodge to develop and build their new dealership in Fort Macleod has been a dream project.
So, we’re excited to announce that this project is currently slated to open this September.
Because Davis Dodge is a sister company, both of us came into this project with a strong relationship. As a result, we were able to custom-build a facility that not only suits the existing dealership model, but also accommodates anticipated growth and change going forward. This meant future-proofing the facility for tomorrow’s cars by equipping it with the latest technology, including Electric Vehicle Charging Stations. With its innovative technologies, we’re proud to be a part of pushing forward clean, green energy in the industry, and we look forward to seeing this dealership in action.
As Davis Dodge is set to open, we’d like to send a friendly welcome to Ricky Sharma and his team as our tenants in the building.
Choosing the right opportunities
This year has been very exciting for Shift REI as we’ve grown exponentially, moved into new provinces and taken on custom developments that are nearing completion.
These opportunities are the result of our unique investment/development process that goes beyond unfettered growth.
While we’re constantly looking for new ways to expand, we continue to maintain a focus on quality and relationship in every purchase or development. This selective process prizes long-term sustainability for us, our tenants and the communities they serve.
As we move forward into the last half of this year, we are committed to pushing forward and building investments that will serve all stakeholders.
Finally, before we go, we’d like to thank all our investors and tenants for contributing to our shared success.
The future continues to shine bright.