- What CanSett scooped up a five-building industrial complex in Montréal
- Why The properties span 479,000 sq ft
- What Next The portfolio includes 80,000 sq ft of buildable land
CanSett Properties has acquired five Class-C small-bay industrial properties in Montréal’s Saint-Léonard district from Groupe Petra for $58m, Green Street News can reveal.
CBRE brokered the sale of Centre Industriel Petra 1, 2 and 3, spanning 298,000 sq ft, along with two other properties, of 82,000 sq ft and 99,000 sq ft. The valuation works out to $121/sq ft. The sale closed on Dec. 16. CanSett is a joint venture between KingSett Capital and Candev Immobilia.
Completed in 1990, Centre Industriel Petra, at 6325-6347 Boulevard des Grandes-Prairies, is 75% leased. The complex is on 14 acres, with 80,000 sq ft of buildable land. It’s 10 km from the Old Port of Montréal and downtown Montréal, and 4 km from the intersection of Highways 40 and 25.
The property at 9350-9450 Boulevard Langelier was built in 1982, and 4555 Boulevard des Grands Prairies was built in 2002. They each are on 4 acres and are 100% occupied.
The portfolio’s weighted average lease term of 2.6 years. In-place rents average $5.66/sq ft, 29% below market value.
The 17-tenant roster includes APL Multimédia, a digital media company; Compresseurs Gb Plus, an industrial compressor supplier; Distribution ACQ, a construction materials distributor; Faucher Industries, an industrial equipment manufacturer; Marché SecondLife, a surplus goods retailer; MTL Display; Plomberie Mascouche; Quincaillerie Lambert; Québec Loisirs; Sarstedt, a medical equipment manufacturer; and Tango Communication, a communication marketing provider along with several others.
Article revised at 4:10 p.m. ET on Jan. 21, 2025, to reflect that the portfolio comprised five properties.
