- What Hino Automotive gives exclusive assignment to Marcus & Millichap to market its headquarters in Laval
- Why The property is located in a dealership zoning sector in high demand
- What Next The seller is seeking a leaseback deal
Hino Automotive has listed its headquarters at 1385 Boulevard des Laurentides in Laval Qué., as a sale-leaseback with an asking price of $16m, Green Street News can reveal.
The three-building complex totals 85,000 sq ft and has 398 ft of frontage along Boulevard des Laurentides. The asking price for the property – in an automotive dealership zone – works out to $187/sq ft.
Marcus & Millichap has the marketing assignment.
The complex is 90% leased to 12 tenants, and Hino occupies 33% of the gross leasable area. All other tenants are automotive-related businesses: A2 Auto, Action VIP Auto, Automobile Pronto, Auto-Lounge, AV Fabrication, Camion Unique, Global, Laval Performance, Lid3d and Overdosed Performance.
The weighted average lease term is 2.7 years excluding Hino, which is locked in until 2035. It pays a base annual rent of $420,000. When counting all 12 tenants, the annual base rent generated is $992,000, and the average rent is $13.44/sq ft.
The complex was built in phases starting in 1958. Marketing materials tout the potential for additional developments on the lot serving as a one-stop lot for auto and truck sales and services. In addition, a buyer could boost revenue by filling the 8,000 sq ft of vacant space.
The lot sits at the intersection of Rue Saulnier – a major commercial corridor in Laval – and is directly connected to Autoroute 440.
