- What Leyad is in the process of acquiring Rockland Centre from Cominar
- Why The valuation translates to a first-year cap rate of 7%
- What next Cominar purchased the mall in 2014 for $271.7m
A mall in Québec is under contract for $75m, Green Street News can reveal.
Leyad has agreed to acquire Rockland Centre, in Mount Royal, from Cominar. The valuation translates to a first-year capitalization rate of 7%. Cominar acquired the asset from Ivanhoé Cambridge in 2014 for $271.7m.
The 647,000 sq ft mall was completed in 1959 and underwent a $65m redevelopment in 1982. A $10m renovation of the food court was completed in 2019.
Rockland Centre has over 100 stores. Anchor tenants include IGA, Pharmaprix and Hudson’s Bay, which is set to close by the end of June. It attracts 4 million visitors annually and sales total $411/sq ft. There are 3,000 parking spaces.
At 2305 Rockland Road, the mall is 200m from the Trans-Canada Highway, a kilometre from Chabanel station and 7 km from downtown Montréal. Over 450,000 people with an average household income of $88,000 live within the primary retail area.
Leyad is a real estate investment and development firm based in Montréal. Henry Zavriyev is president and chief executive. Earlier this year, the company acquired Alberta’s Londonderry Mall for $55m and St. Albert Centre for $60m. The firm is in the process of purchasing Niagara Pen Centre in Ontario for $140m.
Cominar owns, manages and develops commercial real estate in Québec. Mario D. Morroni is president and chief executive. The firm offloaded a vacant office building in Montréal for $10.8m in April.
