- What Montez Corp. has put Meadowlands Mall in play
- Why The grocery-anchored shopping centre is 96% leased
- What next CBRE has the assignment
A shopping centre in suburban Ottawa is on the block for $43m, Green Street News can reveal.
Montez Corp. has given the assignment for Meadowlands Mall to CBRE. At that guiding valuation, a buyer would achieve a first-year capitalization rate of 6.5%.
The 208,000 sq ft complex is at 1585-1595 Merivale Road in Nepean. It’s 96% leased with a weighted average term of 11.1 years. It was renovated extensively in 2016.
Meadowlands is anchored by FreshCo and Rexall, and other major tenants include PetSmart, Staples, TD Canada Trust and Movati Athletic. Together, those retailers account for 88% of gross leasable area, and 85% of gross rent.
The property is within 3km of West Hunt Club Road, Highway 417 and Riverside Drive. Downtown Ottawa is within 10 km. of downtown Ottawa. Nearly 174,000 residents with an average household income of $123,000 live within 5km of the mall.
Grocery-anchored retail centres continue to be sought-after sites, with several sizable deals secured in Ottawa over the last year.
Per Green Street’s Sales Comps Database, these include Carlingwood Shopping Centre, which traded for $73.5m in May 2024, Avalon Centre, which sold for $31.7m in December, and Greenbank Hunt Club Centre, which changed hands for $35.9m in April. The same month, Rockcliffe Plaza traded at a 6% cap rate.
Montez is a real estate investor, developer and asset manager that invests on behalf of institutions and pension funds. Blake Hossack and Brian Muzyk are co-founders of the Toronto-based company.
