Recent Significant Sales | Industrial, December 2023

MONTREAL AND QUEBEC CITY  – 133 934 sq.ft

Recently, the owner of OLYMPIA TILE sold these two light industrial properties. He decided to put these properties up for sale, located on the same site as his company, one in Ville St-Laurent and the other in Ste-Foy. They were acquired by a real estate company.

For the first transaction, it is a property with a building area of 134,000 square feet built in 1988. The selling price is $23.7 M, which amounts to $178 per square foot. The second property is of a more modest size. The building covers an area of 68,000 square feet, on a plot of 86,359 square feet. This property was sold for $4.9 M, equivalent to a price of $72 per square foot.

MONTREAL – 5 783 sq.ft

A private investor, operating in the milling industry, has sold a light industrial property in the Ville-Marie area located in downtown Montreal. The buyer, also a private investor, operates in the construction of student residences. The property covers an area of 5,783 square feet on a plot of 17,837 square feet, which corresponds to a building footprint rate of 32%. The buyer paid an amount of $13 M, which equates to a price of $2,248 per square foot. The current plot is surrounded by multi-residential properties, indicating the potential for a future multi-residential real estate project.

It is important to note that this property was transacted at a price of $2,248 per square foot, significantly higher than the average observed in the area. In fact, the average cost per square foot for light industrial properties in Montreal is $210.34. In the Ville-Marie area, where light industrial properties are scarce in the real estate market, the price reaches $534 per square foot.