PRUDENCE IS ADVISED

The investment volume for October and November adds up to $1.4 billion, while 253 transactions were completed during those two months. The most traded asset classes remain apartment and industrial with a total volume of $527.5 million and $256 million.

As the end of the year 2022 was approaching, the biggest industrial portfolio transaction of these final months was sold by Morguard Corporation and purchased by CanFirst Capital Management. This portfolio consists of two properties in Vaudreuil-Dorion, located at 400 Marie-Curie Street and 3600 F.-X.-Tessier Street. The portfolio was purchased for $51,300,000 and contains a gross leasable area of approximately 266,826 square feet, representing an aggregate price per square foot of $192. With 400 Marie-Curie Street serviced by 29 truck level doors and one drive-in door, and 3600 F.-X.-Tessier Street serviced by eight truck level doors and four drive-in doors, in addition to its prime location just west of Montréal near the Trans-Canada Highway, this makes it an ideal logistical servicing route towards the island or even farther on.

For the industrial sector as well, a significant transaction was the portfolio sale of 3700 JeanRivard Street and 8470 Albert-Louis-Van Houtte Avenue, both industrial properties are located in the Villeray-Saint-Michel-Parc-Extension on the island of Montréal. The portfolio was purchased for $34,400,000 by Veyron/KDP Montréal Leasing ULC from Keurig Canada. The total gross leasable area of both assets is approximately 172,276 square feet.

For the multifamily sector, a major multiresidential transaction took place in the borough of Ville-Marie on Lincoln Avenue. 2170 Lincoln was sold for a whopping $61,000,000. The tower built in 1975, with 221 doors, was acquired by Immeuble 2170 Lincoln Inc. from Reluxicorp Inc. The price per door comes to just under $280,000. Ideally located in the west of downtown, 2170 Lincoln is near Atwater Avenue, Dawson College, the Montréal Forum, as well as plenty of services, businesses, and public transportation.

In the Saint-Laurent borough of Montréal, 745 Place Fortier was sold for $40,500,000. With its 167 units, Catera Properties Inc. sees a unit price of just over $242,000. This fourteenstorey apartment building totals approximately 155,057 square feet and was built in 1978. 745 Place Fortier is a short walk from Montpelier train station, Vanier College, and a multitude of shops, restaurants, and services.

For the office sector, the most notable transaction was the sale of 3250 Lapinière, the office building located on the south shore. It was sold by Manulife for close to $18 million. The threestorey property has a total leasable area of 82,900 square feet and 260 parking spaces.