Edmonton’s Guardian office building is being listed as part of a court-ordered sales process.

The 82,502,000-square-foot building is located at 10240 124th Street. JLL is co-ordinating the marketing and sale process after being appointed by receiver Pricewaterhousecoopers as part of bankruptcy proceedings underway in Alberta Court of King’s Bench.

Adam Kilburn, Andrew Simpson and Michael Seidel are serving as JLL’s brokerage team for the project.

The sales effort has resulted after Canadian Western Bank petitioned 1643680 Alberta Ltd. and fellow defendants Parmjit Nijjar, Harnek Matharoo, and Kulwant Singh Grewal into receivership. CWB is owed approximately $13 million, according to the receiver’s report.

The Canada Revenue Agency and City of Edmonton are also listed as secured creditors, but the amounts owing to them are to be determined. Meanwhile, unsecured creditors are seeking to recover an additional $334,876.

The property is being marketed on an as-is where-is basis with no list price set.

The Guardian building contains 11,200 sf of street front retail space in addition to the office component. Retail tenants include OEB Breakfast Co., Farrow Sandwiches, and Sip Liquor Market.

The building is 20% leased and presents well for a potential multi-family conversion, says JLL in online marketing materials.

Photo: JLL