Alexis Nihon Real Estate Investment Trust has acquired a 225,600 square-foot industrial property in Boucherville, Quebec, for $8.4 million.
The transaction value represents a capitalization rate of approximately 11.1 percent and a purchase price of $37 per square foot.
The property was 98 percent leased at the time of purchase. The largest tenant, Rona Inc., a distributor and retailer of hardware, home renovation and gardening products, occupies 91 percent of the space.
Other tenants include Pirel, a software provider specializing in integrated document and content management, and the Srete du Quebec.
Boucherville is located on the South Shore of Greater Montreal, adjoining the eastern boundary of Longueuil. The property, located at 1225 Volta and 1275 Graham Bell, is situated in close proximity to highways 20, 25 and 30 and the Louis-Hippolyte-Lafontaine Tunnel to the Island of Montreal.
Alexis Nihon REIT currently owns interests in 51 office, retail and industrial properties, including a 426-unit multifamily residential property, located in the greater Montreal area and the National Capital region. The REIT ‘s portfolio has an aggregate of 7.3 million square feet of leasable area, of which 0.4 million square feet is co-owned.
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