- What A fully leased retail plaza in Montréal’s Saint-Léonard district is up for grabs
- Why The property has established tenants with long-term commitments
- What next The bid date is set for Feb. 25
A Brasswater-owned retail plaza in Montréal’s Saint-Léonard district is on the market, with pricing guidance set at $15m, Green Street News can reveal.
CBRE has the marketing assignment for Plaza Val-Marie, a fully leased retail centre at 8700-8770 Boulevard Langelier. The price translates to a capitalization rate of 7%.
The building, constructed in 1977, was acquired by Brasswater in 2021. It sits on 3 acres and comprises 99,000 sq ft. The property’s eight tenants have a weighted average lease term of six years.
The plaza is anchored by Intermarché, which occupies 17,000 sq ft and recently signed a 10-year lease renewal. The grocer has operated at the location for 15 years and has 60 locations across Québec. Intermarché’s lease includes renewal options that adjust to market rates upon expiration, with annual rent escalations.
Scotiabank has tenanted the property for 45 years and holds similar renewal options with market rate adjustments.
Other tenants include Amiens Salle de Réception, Nutrition 87, Pro Gym and Pure Parodontistes dental clinic.
The site includes 176 exterior and 146 interior parking stalls and has 2,500 sq ft of frontage on Boulevard Langelier, a major thoroughfare in Saint-Léonard.
The property is less than 2 km from Highways 25 and 40. Highway 20 is 7 km south.
A bid date has been set for Feb. 25.
