- What Prime Properties has picked up a mixed-use property in downtown Montréal
- Why All 33 residential suites have been fully renovated
- What next Flexible zoning on the retail offers future upside
Prime Properties has acquired a mixed-use property in downtown Montréal for $25m, Green Street News can reveal.
Avison Young brokered the deal, which closed on May 15, on behalf of vendors TD and Triovest. The valuation works out to $584/sq ft.
The 43,000 sq ft building at 1379-1397 Rue Sainte-Catherine Ouest and 1405-1409 Rue Bishop, sits on a 19,000 sq ft parcel with 175 ft of frontage between Bishop and Crescent, directly beside Concordia University’s downtown campus.
The property is fully leased. It is 400m from both Peel and Guy-Concordia metro stations, with the Express Bike Network, Gare Centrale, Lucien-L’Allier and the upcoming McGill REM station all nearby.
The building, subdivided into three addresses, comprises 18,000 sq ft of commercial space and 33 fully renovated residential suites. The largest section, at 1391-1397 Sainte-Catherine, comprises 30,000 sq ft with 7,300 sq ft of ground-floor retail and all residential units above. 1383-1389 Sainte-Catherine offers nearly 11,000 sq ft of retail with zoning that allows for densification, while 1379-1381 Sainte-Catherine has 2,000 sq ft of space with a 25 ft wide facade.
TD is a leading Canadian financial institution with a significant national lending and investment presence in commercial real estate. Triovest is one of the country’s largest privately held real estate managers, with decades of experience across office, industrial and mixed-use assets. The company recently entered into a definitive agreement to be acquired by Colliers.
Prime Properties has been steadily expanding its holdings in central Montréal, targeting properties with strong tenancy and long-term repositioning potential.
