Alpine Property Group: a Red Deer building, listed at $4.2M, cut to $3.5M

A two-storey commercial building in Red Deer, Alberta, went on the market on June 2, 2026, at $4.2 million, listed by the receiver of its owner, Alpine Property Group Inc. By the receiver's Second Report, dated October 20, one prospective buyer had made two offers. The first was "significantly below the appraised fair market value." The receiver, Hudson & Company Insolvency Trustees Inc., sent a counteroffer on September 28, in discussion with the lender, Peace Hills Trust Company, and with counsel; the buyer's second offer, the report says, was "marginally increased from the first offer but still far below fair market value," and the receiver told the buyer that "the price gap remained too large, but any future offers would continue to be considered." In consultation with Peace Hills, and on the brokers' recommendation, the listing price had been reduced to $3.5 million, per the Receiver's Second Report, Oct. 20, 2026, paras. 25–28. The appraisal is Peace Hills's, obtained "in preparation of the appointment of the Receiver," effective January 19, 2026, and forwarded to the receiver "for the purpose of considering offers," per the Receiver's Second Report, Oct. 20, 2026, para. 22. The record gives neither the appraised value nor the price of either offer.

The same report accounts for the receivership from January 22 to October 20. Rent collected came to $196,953.32 excluding GST, a figure that, the receiver says, includes rent previously collected by the building's property manager, Sunreal Property Management Ltd., "less operating expenses also paid by Sunreal during that same period." On April 17 the receiver was told that one of the air handling units in the building's HVAC system had stopped working and, a technician advised, would need to be replaced immediately; Independent Controls Services Ltd. finished the work in September at a cost the report puts at approximately $130,000 excluding GST. The receiver has borrowed $160,000 in all: $80,000 to fund operating expenses "until the application declaring the leases property of Alpine could be brought," and a further $80,000 for the HVAC repairs. Receipts of $377,238.48, the borrowings among them, against disbursements of $344,479.20 left $32,759.28 on hand on October 20, per the Receiver's Second Report, Oct. 20, 2026, paras. 16–18, 20–21 and App. "A".

Justice Johnston of the Court of King's Bench of Alberta appointed Hudson & Company receiver of all of Alpine's current and future assets, undertakings and properties on January 22, 2026, under s. 243(1) of the Bankruptcy and Insolvency Act and three Alberta statutes, on Peace Hills's application, in a proceeding whose respondents are Alpine and the individual the receiver's reports describe as its prior director, per the Receivership Order, Jan. 22, 2026, p. 1 and para. 2 and the Receiver's Second Report, Oct. 20, 2026, para. 10. Peace Hills applied, the receiver says, on the grounds that it held a general security agreement over all of Alpine's present and after-acquired property "and a collateral mortgage against specific real property." At the date of receivership the building was "partially leased with nine lease agreements" to eight tenants, one of which held two, per the Receiver's First Report, Apr. 13, 2026, paras. 2, 7. Among the tenants a later order names are H & R Block Canada Inc., Red Deer Play Therapy Inc. and Dream Start Daycare Inc., per the Order, Apr. 23, 2026, p. 1.

A refinancing in March 2025, and what followed on title

Alpine became the building's registered owner on March 10, 2025, per the land title certificate attached to the Receiver's First Report, Apr. 13, 2026, App. "C" (land title certificate), p. 19. Before that it belonged to 4711 51 Ave Holdings Ltd. (4711 51 Avenue Holdings Ltd. in the April order), which the receiver understands from a corporate search to be "a corporation related to" Alpine's former director, per the Receiver's Second Report, Oct. 20, 2026, paras. 9–10 and the Order, Apr. 23, 2026, p. 1. After further discussion with the former director, the receiver reports, "it was disclosed that the Property was originally owned by 4711 Holdings, and as part of the refinance with Peace Hills the Property was transferred to Alpine," per the Receiver's Second Report, Oct. 20, 2026, para. 10. The title certificate attached to the First Report shows the transfer and Peace Hills's security registered on the same day: a mortgage in an original principal amount of $7,050,000 and a caveat respecting an assignment of rents and leases, per the Receiver's First Report, Apr. 13, 2026, App. "C" (land title certificate), p. 19. The receiver's statutory notice of January 30 estimates the amount owed to Peace Hills at $5,534,729.32, per the Notice of Statement of the Receiver, Jan. 30, 2026, para. 4(d). By the Second Report, the receiver's counsel, Witten LLP, had prepared a legal opinion "finding the security of Peace Hills valid and enforceable against the Debtor," per the Receiver's Second Report, Oct. 20, 2026, paras. 3–4.

More registrations followed over the rest of 2025. Five construction liens were registered between March 27 and May 30, in amounts from $72,618 to $116,901; certificates of lis pendens affecting three of them were registered in November. Pacific West Systems Supply Ltd. registered a mortgage on May 1 in an original principal amount of $757,097, and a second on October 10 for $6,000,000. A caveat for Dream Start's lease interest was registered on October 29, and The EBF Group Ltd. registered a mortgage on November 4 in an original principal amount of $6,000,000, per the Receiver's First Report, Apr. 13, 2026, App. "C" (land title certificate), pp. 20–21.

The title records each mortgage's original principal amount; it gives no balances. The receiver's notice lists the two Pacific West mortgages and EBF's at those same figures, and it names Peace Hills and EBF as the creditors that "appear to hold general security agreements." The twenty other creditors it lists, among them Enmax, TransAlta, the City of Red Deer, the CRA and Sunreal, are put at amounts from $1.00 to $8,426.25, per the Notice of Statement of the Receiver, Jan. 30, 2026, para. 4(d)–(f).

Leases still in the old owner's name

When the receiver asked Sunreal for the leases at the outset, it found that "the defined landlord in all the Leases" was 4711 Holdings. "Further, it is understood that the Leases were supposed to have been formally assigned to Alpine, as the new owner of the Property, but the assignment was never properly papered," the First Report says. Until that was resolved, the receiver had the tenants keep paying rent to Sunreal and funded the building's operating costs, approximately $65,000 by April 13, with its first $80,000 of borrowing. Concerned, in consultation with Peace Hills, that uncertainty about the leases "may adversely affect the sales process for the Property," it applied for a declaration; its counsel's brief of law, as the report summarizes it, was that Alpine "can be presumed to act in capacity as landlord to the tenants and that they have taken an equitable assignment of the Leases," per the Receiver's First Report, Apr. 13, 2026, paras. 32, 35–36, 38–42.

Justice A. Kuntz granted the declaration in Edmonton. The order says it is "declared and acknowledged that the Lease Agreements entered into between the Tenants and 4711 were assigned by 4711 to the Debtor upon the Debtor becoming the registered owner of the Lands and that such assignment occurred no later than March 10, 2025," and that the leases "form part of the property of the Debtor." April 23, 2026 is the date the order gives for its pronouncement; its filing stamp is dated May 4, per the Order, Apr. 23, 2026, p. 1 and paras. 3–4. After the order the tenants were directed to pay the receiver, though May's rent still went to Sunreal "as pre-authorized payments were set up and could not be stopped," per the Receiver's Second Report, Oct. 20, 2026, para. 15.