- What Choice Properties REIT sold a Montréal redevelopment site to Place Dorée Real Estate Holdings
- Why CBRE began marketing the site in October 2023
- What next The buyer plans to develop the property into multifamily housing
Choice Properties REIT sold a Montréal redevelopment site for a $15m base price, RENX reported.
Montréal-based Place Dorée Real Estate Holdings acquired the 501,000 sq ft site at 800 Henri-Bourassa Boulevard West. The property is a former Loblaws store that is now used as a storage warehouse.
The total purchase price likely will range between $20m to $25m based on a rate of $40/buildable sq ft.
Marketing began in October 2023, and 10 bids were lodged for the site. CBRE brokered the deal.
Place Dorée is planning to develop purpose-built rental apartments and condominiums, with some retail space possibly in the works.
Choice considered redeveloping the property itself or through another developer. The REIT decided to sell due to having no residential expertise in the area.
