- What Salthill Capital sold a Québec retail centre for $12.5m
- Why Avison Young brokered the transaction
- What next IMMO 1ère is the new owner
IMMO 1ère acquired a Drummondville, Qué., retail centre from Salthill Capital for $12.5m, Green Street News can reveal.
Avison Young brokered the deal, which closed on April 12, with the price translating to a capitalization rate of 7%.
The property, at 355 Boulevard Saint-Joseph at the corner of René-Lévesque Boulevard, spans 53,000 sq ft. The valuation works out to $235/sq ft.
The centre is 94% leased with an average remaining term of seven years. The tenant roster includes Ben & Florentine, Bulk Barn, Chalut, Chico, CIBC, Le Grenier and Reitmans.
The property is adjacent to Promenades Drummondville and is less than a kilometre from Highway 20.
In Quebec’s Centre-du-Québec region, Drummondville lies approximately 100 km northeast of Montréal.
IMMO 1ère is a Montréal-based real estate group established in 1991. The company owns and manages a diverse portfolio of residential and commercial properties, with more than 1,200 multi-residential units and 1,100 retirement units across the Greater Montréal and Shawinigan areas.
Salthill Capital, formerly Strathallen Capital, is a leading Canadian real estate investment and management firm. The company manages a portfolio valued at $2.7bn, comprising 9.5m sq ft of real estate assets across Canada. The company recently acquired Place Major shopping centre in Terrebonne, Qué., for $20m.
