- What Metrocap and Prime Properties have acquired a half-dozen buildings in Montréal in an off-market deal, RENX reported
- Why Metrocap targets older properties it can reposition
- What next The firm plans to acquire two additional properties in October
Metrocap, in partnership with Prime Properties, has purchased six buildings in Montréal’s Old Port area in an off-market deal, RENX reported.
The seller was a joint venture between Nexus Industrial REIT and Sandalwood Management. Metrocap and Prime plan to buy two more properties on Oct. 9.
Metrocap targets older and heritage properties — generally retail with residential components — in the Greater Montréal Area that it can reposition and lease to prime tenants, according to the report.
The six properties are:
- A 140,000 sq ft, six-storey commercial building at 410 Rue Saint-Nicolas, with the ground floor to be converted into retail space with new entrances.
- A 35,000 sq ft, five-storey office building at 353 Rue Saint-Nicolas, which might be converted into a hotel, according to the report.
- A 33,000 sq ft, five-storey building — two commercial storeys and three residential floors — at 137 Rue Saint-Pierre.
- A 31,000 sq ft, five-storey at 360 Rue Notre Dame Ouest, which will serve as Metrocap’s new office.
- A 20,000 sq ft, four-storey commercial building at 329 Rue de la Commune Ouest.
- A 12,000 sq ft, three-storey building at 321 Rue de la Commune Ouest.
Metrocap will be the property manager for the sites. Part of its strategy is to select sites for triple-A tenants through purchasing and repositioning heritage assets in the Greater Montréal Area and those that are close to public transportation.
The firm plans to acquire two additional properties: the 40,000 sq ft, five-storey building at 63 Rue de Brésoles and the 37,000 sq ft, two-storey commercial/industrial building at 425 Rue Guy.
