- What Manulife sold the facility in October
- Why The property is fully leased to GardaWorld Cash Services
- What next Montréal’s industrial market shows signs of stability, Colliers said in a recent report
Manulife has sold a Class-A industrial facility on the Island of Montréal for $32m, Green Street News can reveal.
The 120,000 sq ft property, at 8301 Elmslie Street, sold on Oct. 29 to a group of private investors. The valuation works out to about $267/sq ft. RBC Capital Markets Real Estate Group brokered the deal.
The building, constructed in 2004, comprises 81,000 sq ft of industrial space and 40,000 sq ft of office space. It has 24-foot ceiling heights and a low site coverage ratio of 30%, as well as four truck-level and two drive-in doors. There’s also a large parking area with a secure yard.
The property is fully leased to GardaWorld Cash Services Canada, which provides security services and end-to-end cash supply-chain solutions. The lease, signed this year, runs through March 2043.
The property is in the LaSalle borough, 9 km from Montréal-Pierre Elliott Trudeau International Airport and from downtown. Highways 13, 15, 20 and 520 are nearby.
Colliers said in a recent report that Montréal’s industrial market is showing signs of stability. Though it posted negative absorption in Q3, the vacancy rate increased by only 40 basis points quarter over quarter, compared with 60 bps in previous quarters.
In addition, asking net rental rates fell by only 14 cents/sq ft quarter over quarter, compared with an average decline of 40 cents/sq ft in the previous three quarters.
