Spring is finally here; lilacs perfume the air, buds are bursting into green – and here at Shift REI, we’re excited to be moving into another season of growth throughout Southern Alberta.
While we continue to search for new investment and development opportunities, we’ve got three brand new buildings in Lethbridge available for rent, along with a fourth, shovel-ready project in Fort Macleod.
These projects demonstrate 1. Our drive toward diversification and 2. Our commitment to creating spaces where businesses can excel.
New commercial/light industrial site at 3321 1st Ave. S., Lethbridge
Previously Lethbridge Motors and RV, Shift REI recognized an opportunity to broaden our investments in this lot. Situated just north of Highway 3, the land boasts exceptional visibility, high traffic and easy access, giving it great potential for the right tenant.
However, when we were looking to purchase, we noticed a few problematic features. Because the building was completely designed around the previous tenant’s needs, there was a large lot to store RVs, but next to zero interior space. This imbalance made it very difficult to rent out to anyone but another dealership.
Furthermore, the building – which wasn’t eye-catching to begin with – was beginning to show its age, blending in and getting lost in the landscape, effectively negating its high visibility benefits.
Shaping a diamond from the rough
Despite its flaws, we still felt there was potential for this prime location as a future industrial site. So, when we purchased the land, our first step was to make it more attractive to a greater range of tenants. To do that, we redeveloped the previous structure into a wide-open, shell building that’s designed to showcase the property and ready for a tenant to develop to suit their needs.
This versatile design also increases the chance that the building will remain rented out through the long term. This year, we will commence redevelopment of the property to the west, which will be featured on this blog in the future.
Retail development at 525 Mayor Magrath S, Lethbridge
Developed decades ago, 525 Mayor Magrath S. has housed numerous business over the past 3 decades. When we took over ownership, we initially used the land as an overflow lot for Davis Auto Group.
However, with its untapped potential, we knew the land was meant for more than just parking – so we set our sights on development. Because this lot sits next to 6th Ave. (a main artery connecting south and West Lethbridge), and directly on Mayor Magrath (one of the most trafficked thoroughfares in the city) – it gets thousands of eyes on it every day.
But, the existing building was dated and lacked a clear function, and so, to make the most of our investment, we removed the building. To replace it and take advantage of the high traffic, we planned, designed and developed a multi-use retail/restaurant/office space for the location.
Currently, the building is under development but will be available to tenants in the coming month.
Three industrial unit developments at 3510 5th Ave. N., Lethbridge
The space at 3510 5th Ave N. was, for decades, occupied by Williams Moving and Storage.
This massive lot is in a prime area in the industrial park, so, when Williams moved, we jumped at the opportunity and purchased it.
Housing a maze of self-storage units and an old building that was over-specialized, the property was difficult to rent out to new tenants who didn’t own a storage company.
When we bought the property we created a three-phase plan to develop the current building and add two more multi-tenant buildings to it.
Currently, we are in phase 1, renovating the existing building to house multiple tenants. Once the renovation is complete, we plan to add an additional multi-tenant building in phase 2, then add a third in phase 3.
Because we are still in the early design phase, we are able to develop buildings to suit any interested tenants.
Our unique development perspective
At Shift REI, we are proud to bring a unique perspective to each of our investments. It’s what allows us to be so versatile and adept as a company.
With experience as both landlords and tenants, along with the ability to source property and develop buildings, we’re able to embrace opportunities few others can, and develop them into truly profitable real estate options.
From bespoke, industry-specific spaces to general use buildings that fit a variety of industries, we work to understand the context, economy and demand to create the best investment for our shareholders and our tenants.
Are you in the market for an industrial/commercial space? We can help you find the perfect building, or construct one for you.–> See What We Can Do For You