- What Nexus Industrial REIT sold a Montréal-area office building to MC Properties
- Why The move is part of the REIT’s rebranding as an industrial specialist
- What next The tenant, GLS Canada, has a five-year lease term
MC Properties has purchased an office building near the Montréal-Pierre Elliott Trudeau International Airport in Dorval, Qué., for $11m, Green Street News can reveal.
CBRE handled the sale of 10500 Ryan Avenue, which closed on Dec. 13. The valuation for the 52,000 sq ft property works out to approximately $209/sq ft.
The single-tenant building comprises 10% industrial space and 90% office space. The seller, Nexus Industrial REIT, offloaded the property as it shifts to rebrand as an industrial REIT.
Nexus purchased the building from Dicom, now GLS Canada, in 2014, the year it was built. The deal was a sale-leaseback, and the property remains 100% occupied by GLS Canada, a freight logistics solution company, with a five-year lease term.
The property is in the Dorval/Lachine industrial strip, less than 2 km away from the airport and 500 m from Highway 520.
Based in Boisbriand, Qué., MC Properties acquires, develops and manages office, industrial and residential properties in Canada and the U.S.