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SpruceLand Is Selling Most of Its CRE Portfolio
Edmonton-based SpruceLand Properties has reached a deal to sell most of its commercial property portfolio (93% of it by net leasable area), plus its manufactured-home communities—to two undisclosed independent purchasers—for $101.6M. After considering “various strategic options,” SpruceLand president/CEO Steve Cribb said the transactions represent an “excellent opportunity” for the firm's shareholders, whose approval is pending. Launched in 1969, SpruceLand has a diversified portfolio of office, retail and industrial buildings and manufactured home parks, with projects in Alberta, Saskatchewan and Kelowna (above).
