- What Four-storey mixed-use building put on the block
- Why Le Faubourg has a vacancy rate of 12%
- What next Student housing conversion pitched for top floor
A grocery-anchored mixed-use property a block from the Guy–Concordia métro station in Montréal is on the market with a guiding price of $55m, Green Street News can reveal.
The valuation works out to about $445/sq ft. Colliers has the exclusive marketing assignment on behalf of Groupe Élite.
The building, at 1616 rue Sainte-Catherine Ouest, dubbed Le Faubourg, comprises 124,000 sq ft of leasable area that is 88% leased. The four-storey property, built in 1991 and last renovated in 2009, encompasses 30 retail and office units.
The vacant top floor is being pitched as an opportunity for conversion into student housing.
Major tenants of the ground-floor retail portion include Bulk Barn, Dollarama, Kampai Garden, la Belle et la Bœuf, Marché Newon, SAQ and Scotiabank. The property has underground parking.
Le Faubourg is metres from Concordia University, which acts as a demand driver, according to marketing materials.
Groupe Élite is a Montréal-based real estate investment and development firm with a portfolio spanning commercial, residential and mixed-use properties across Québec.
