Nicola Wealth Real Estate partners with Montoni to enter Montreal market
by CM Staff
The company stated that it continues to concentrate efforts for growth in Canadian cities such as Vancouver, Toronto, Winnipeg, Calgary, Victoria, Kelowna and Montreal with a focus on acquiring properties that generate income
MONTRÉAL — Nicola Wealth Real Estate has acquired an industrial property situated in Saint-Laurent Montreal, Que.
Nicola Wealth stated that its new partner, Montoni Group, sourced the property and that the company believes this will put it in a good position for development in an important market.
The acquisition comprises an existing building totalling 139,302 square feet on 9.26 acres of land. The property was acquired on a sale/leaseback from the seller and is 100 per cent leased to a television and broadcasting equipment manufacturing company, according to Nicola Wealth.
“This is our first joint venture with the Montoni Group who are based out of Montreal,” said Ron Bastin, Director of Acquisitions at Nicola Wealth Real Estate, in a company statement.
“This acquisition presents an opportunity to establish ourselves in the Montreal market; a significant Canadian market where we are excited to grow our portfolio.”
“The property is located in the Saint-Laurent market, one of the strongest industrial submarkets in Montreal.” Bastin added.
“This large land parcel allows for future optionality including adding extra density on the surplus land.”
NWRE stated that it continues to concentrate efforts for growth in Canadian cities such as Vancouver, Toronto, Winnipeg, Calgary, Victoria, Kelowna and Montreal with a focus on acquiring properties that generate income as well as executing development.