Carrefour Côte-des-Neiges

Colliers International Montréal Finalizes $25.7 Million Sale

Montréal, January 31, 2011

Colliers International (Québec) Inc., a leading commercial real estate firm in Montréal, finalized the sale of Carrefour Côte-des-Neiges located at 5700 Côte-des-Neiges for $25.7 million.Montreal_real_estate_medical_office_property

This 92,000-square-foot, five-storey building is in close proximity to three hospitals including the Jewish General Hospital, St. Justine’s Hospital and St. Mary’s Hospital. The property is fully leased to a strong mix of tenants including the CLSC, which occupies 80% of the space, a pharmacy, Blockbuster and a branch of Royal Bank of Canada.

The building is strategically located in the Côte-des-Neiges borough, an established commercial and residential area a short distance from downtown Montréal.

Joe Lomanno, Vice President, Investments for Colliers International (Québec) Inc., completed the the transaction. He was the exclusive broker representing both the seller, Steltek Inc., and the purchaser, Gazit America Inc.

"Location and long-term tenants were key elements to closing this transaction," commented Lomanno. "This acquisition follows the purchaser’s strategy of acquiring medical office properties in order to grow their portfolio and mark their first transaction in the Montréal real estate market."

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