- What Rosefellow acquired 1.2m sq ft of the Méga Centre Notre-Dome shopping mall
- Why The developer plans to redevelop its portion of the mall into industrial space
- What next Demolition will begin once tenant leases run out at the end of the year
Rosefellow has paid $75m for a portion of the Méga Centre Notre-Dome shopping mall in Laval, Qué., RENX reported.
The Montréal-based developer acquired 1.2m sq ft of ground area comprising the northern portion of the shopping centre, at 2276 Autoroute Chomedey Ouest. The firm plans to invest $200m to redevelop its portion into a distribution and light-industrial complex.
Co-chief executive Mike Jager said Rosefellow considered other commercial and residential redevelopment options for the site, but found that building industrial space would be the best use for the property.
The new development will span 550,000 sq ft across three buildings. Demolition of the existing buildings will begin as soon as tenant leases expire at the end of the year. The land already is zoned for distribution and logistics purposes.
The remainder of the property is owned and operated by RioCan REIT and Harden.
Méga Centre Notre-Dome sits along Highway 13 and is close to other retail plazas with big-name tenants including Canadian Tire and Walmart. It is 8 km from Montréal Trudeau International Airport and 18 km from downtown Montréal.
Rosefellow was founded in 2019 by Mike Jager and Sam Tsoumas. The firm has developed over 14 m sq ft of industrial and multifamily projects.
