EDMONTON – Northwest Healthcare Properties Real Estate Investment Trust has closed on the acquisition of Queen Street Place, a medical complex in Spruce Grove.
Queen Street Place was built in 2007 and is a fully leased multi-tenant medical building with about 70,000 square feet of gross leasable area.
The building is the REIT’s third asset in the Edmonton market. It also owns the Garneau Professional Building and the Mira Health Centre in Edmonton.
No terms were disclosed.
The $20-million Queen Street Health Care Campus opened in 2008 and was the brainchild of family physician Salim Somani, who recruited a group of doctor investors.
The complex houses a wide range of health services, such as a medical clinic, specialists, lab and X-ray services, a foot clinic, physiotherapy and a drugstore.
Designed by Gene Dub on a surplus school site with a striking glass front, the project follows the philosophy of the Primary Care Network, a 2005 partnership between the province and physicians to provide a wide variety of health services in one place. The first PCN was in south Edmonton.
Toronto-based and unincorporated Northwest Healthcare Properties REIT owns 46 income-producing properties, mostly medical office buildings and health care real estate in British Columbia, Alberta, Ontario, Quebec, Nova Scotia and New Brunswick.
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