- What Two industrial buildings in Dorval, Qué., traded for $12.5m
- Why The multi-unit asset near Montréal-Trudeau International Airport is fully leased
- What next The tenants have a remaining weighted average lease term of 2.3 years
Cristall Group Investments has acquired a two-building industrial complex from KingSett Capital for $12.5m, Green Street News can reveal.
The property, at 562-580 and 582-600 Orly Avenue in Dorval, Qué., comprises 63,000 sq ft of industrial space. Avison Young brokered the transaction, which closed on April 14. The price translated to a capitalization rate of 6%.
The buildings, built in 1965, sit on a 143,000 sq ft land parcel. They have 17 truck-level doors and 15-ft clear heights.
The multi-unit property is fully leased, with an average unit size of 4,800 sq ft. Rents average $15.10/sq ft, and the weighted average lease term is 2.3 years.
Tenants include Armolan Furniture, Christian Hollum Imports, Polvigé Technologies, Real Meubles, and Thera-Plantes. The complex is less than 2 km from Highways 20 and 520 and Montréal-Trudeau International Airport.
Cristall Group, headquartered in Vancouver, is a privately owned real estate investment and development firm.
KingSett Capital is a private equity real estate investment firm. Jon Love is executive chair and founder of the Toronto-based company.
