Montreal - On August 26, 2024, Allied Properties REIT sold two commercial buildings located at 480 Saint-Laurent Boulevard and 85 Saint-Paul Street West to ELBRAN S.E.C. (Elfassy and Brand) for approximately $32.5 million.
Key highlights of the transaction include:
- The sale price exceeds the total municipal assessments by $4.5 million.
- The building on Saint-Paul Street West dates back to 1866, making it over 150 years old.
- Allied was represented by BCF in the transaction.
- The deal encompasses 42 non-residential units and 25 parking spaces.
- The properties total 12,953 m² (approximately 139,431 sq. ft.) of commercial space.
This sale represents a significant transaction in Montreal’s commercial real estate market, with historic properties changing hands at a premium to their assessed values.
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