Recent Significant Sales | Retail, September 2023

WESTMOUNT – MULTI-TENANT

• A private investor, specialized in portfolio management, recently sold their property to a real estate company with an international real estate portfolio. The transaction was finalized for an approximate amount of $ 22M for a building covering an area of approximately 40,000 sq.ft, which equates to approximately $ 550/ft². This property, dating back to 1989, houses 12 commercial units spread over three floors.

QUEBEC CITY – COMMERCIAL CENTER

• The real estate investment trust Cominar (REIT) has completed the sale of a shopping center to a private equity firm based in Ontario. The value of this transaction is approximately $ 7.25M for a building covering 145,000 sq.ft, which equates to a price of $ 50/ft². The building comprises a total of 38 commercial units. It is worth noting that the seller, Cominar, has been particularly active in selling its properties during the months of July and August, completing transactions for over 930,000 sq.ft of building area, representing a total value of $ 176M.

LONGUEUIL – MULTI-TENANT  

• Recently, a group of private investors completed the sale of a commercial property (from its retail business) to the owner of a gourmet grocery store. The transaction amount is $ 3M for an area of 13,000 sq.ft spread over two floors. The price per square foot for this property is $ 250. It is located in the borough of Vieux-Longueuil.

For more information on significant transactions, contact the PMML team