Crestpoint Real Estate Investments Ltd. has acquired of two Quebec-based shopping centres in a transaction valued at approximately $16.5 million.
Located in St. Eustache, Que., a city in the greater Montreal area, Carrefour Grande-Côte and Centre 25E are both well-located shopping centres that together comprise over 98,000 sq. ft. of retail leasing space.
St. Eustache is a thriving, affluent community with population growth and median household income significantly exceeding both that of Montreal and the provincial average.
Both the acquisition price and terms of financing are expected to enhance returns for investors in Crestpoint’s commercial real estate portfolio. “We are excited about the potential of these properties to generate substantial value for our clients,” said, Kevin Leon, Crestpoint’s president and chief investment officer. “The addition of these two properties to our portfolio reflects our ability to acquire highly sought after institutional-quality assets at attractive prices.”