- What Jadco Real Estate Corp. picked up Galeries Laval for $126m
- Why Fonds de Solidarité FTQ offloaded the shopping mall in an off-market deal
- What next Redevelopment plans may be in the works
Jadco Real Estate Corp. has acquired the Galeries Laval shopping centre in Laval, Qué., for $126m.
The deal, first reported by RENX, is Québec’s second-largest retail transaction of the year following Primaris REIT’s $325m purchase of Les Galeries de la Capitale in September.
Colliers brokered the off-market deal, which closed in just 30 days. The seller, capital development fund Fonds de Solidarité FTQ, had owned the property since 2011.
The 1974-built mall at 1545 Boul. le Corbusier spans roughly 530,000 sq ft and is anchored by an IGA Extra grocery store and Rona. It has a vacancy rate of 7%.
The 2m sq ft property that the mall sits on is zoned for commercial, retail and residential assets, leaving the door open to future redevelopment opportunities — something Colliers’ Joe Rullier, who brokered the deal, said is likely in the works.
Jadco has experience developing multifamily projects in the Montreal and Ottawa areas, including the 303-unit Met development in downtown Ottawa. The company is also in the midst of construction on the first phase of a $350m life sciences centre in Montreal, in partnership with research organization CellCarta.
