- What A fully leased industrial property in Saint-Hubert traded for $17.8m
- Why Mondev bought the facility at a 5.75% capitalization rate
- What next The weighted average lease term is 6.5 years
Mondev has bought a fully leased refrigerated industrial facility in Saint-Hubert, Que., for $17.8m, Green Street News can reveal.
The valuation for the 118,000 sq ft building at 5000 Rue J.-A.-Bombardier works out to $151/sq ft. The initial annual yield was 5.75%. Michael White Realties brokered the transaction on behalf of Gestion Multiservice 2000 Inc. The deal closed on Nov. 4.
The facility has three tenants: Emmi cheese importers, Levitts smoked meat distribution and Les Dépendance cheese importers. The weighted average lease term is 6.5 years.
The property is 13 km from Montréal. It’s is less than a kilometre from Highway 30 and less than 3 km from Highway 10.
Mondev is a Montréal-based real estate developer. Gestion 2000 provides specialized air freight, ocean freight, bonded warehouse and distribution services primarily in the Greater Montréal area.
Article amended at 9:37 a.m. ET on Nov. 20, 2024, to provide additional details about Gestion 2000 and at 10:08 a.m. ET on Nov. 20, 2024, to reflect that Michael White Realties was the broker.
