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Change Of Plans – From Lease To Sale

Dream Industrial REIT awarded the Colliers Montreal Industrial team the mandate to lease its 115,000 SF property located at 1155 Chomedey in Laval, QC.

The building had been home to Effigi’s headquarters for a number of years, serving simultaneously as showroom, office and industrial space. Given the current market trends and complexity of leasing a highly specialized space, Dream and Colliers switched up their strategy and decided to sell the property as a specialty use facility. 

For this project, the Colliers brokerage team leveraged our in-house Marketing team to showcase the opportunity in the best possible way. Together, they created a custom website that included a virtual tour of the property.

From the time it was listed for lease, U-Haul had demonstrated an interest in acquiring the property. However it required a heavy vehicle-parking permit in addition to an occupancy permit. The Colliers team undertook negotiations with the city to successfully obtain these permits, in addition to working with both Dream Industrial REIT and U-Haul to submit a municipal tax appeal.

Since the previous tenant had moved out and while the project with U-Haul was in the works, the Colliers team secured a temporary tenant which enabled the owner to maintain a steady stream of revenue until a sale transaction was concluded.