Montreal, September 11, 2024 - Canada-St-Nicolas Holdings ULC (Sandalwood Management, Inc.) and Nobel REIT LP (Nexus Industrial REIT) have sold a portfolio of commercial properties in Old Montreal to Old Port Perimeter Developments GP (Metro Cap, Prime Properties Inc.) for nearly $34.5 million. This significant transaction likely includes several historic properties, including the Saint-Nicolas Building and the Coristine Building.
The sale represents a notable shift in ownership for key commercial assets in the historic district of Montreal. While specific details about the individual properties were not disclosed, the substantial value of the transaction suggests the portfolio comprises prime real estate in one of Montreal’s most sought-after areas.
Old Port Perimeter Developments GP, a joint venture between Metro Cap and Prime Properties Inc., is poised to take over the management and potential redevelopment of these historic properties. The acquisition aligns with the ongoing trend of revitalization and investment in Old Montreal’s commercial real estate market.
This transaction underscores the continued interest in Montreal’s historic properties and the potential for value creation through strategic management and development of heritage buildings in prime locations.
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