- What BGO sold Les Colonnades Pointe-Claire for $25m
- Why The property was 94% leased at sale, with an average term of 6.8 years
- What next Devco is the new owner
Devmont acquired Les Colonnades Pointe-Claire, a 92,000 sq ft mixed-use centre in Montréal’s West Island, from BGO for $25m, Green Street News can reveal.
CBRE brokered the transaction, which closed on May 13. The deal values the property at $272/sq ft – higher than the $228/sq ft the property initially was marketed at.
The retail and office plaza, at 315-317 and 940-950 Saint-Jean Boulevard, is 94% leased with a weighted average term of 6.8 years.
The 54,000 sq ft retail portion comprises 17 units. Tenants include Centre Visuel Optika, Coin des Coureurs, International Currency Exchange, Moe’s Bar & Grill, Multi Luminaire, Prohibition, Scarolie’s Pasta Emporium, Shop Santé, Solomos and Vacances SellOff.
The three-story office component at the south end of the plaza totals 38,000 sq ft, largely occupied by medical offices. TD Canada Trust and Orangetheory Fitness are on the ground floor. Built in 1988 on a 6-acre site, the centre has 383 exterior parking spaces and 27 interior spots.
The property occupies a prominent corner in the West Island city center, directly across from the Fairview Pointe-Claire mall. It is also adjacent to the main West Island STM bus station, which faces a new REM station, offering direct access to a central transport hub.
Devmont is a Montréal-based real estate development and investment firm led by founder Sam Scalia. The company is known for its portfolio of mixed-use, residential, and commercial projects across Greater Montréal, and has established a reputation for repositioning and managing key urban assets.
