- Property size 51,456 ft2
FIRM: Marché Repentigny - retail for sale
JLL has been retained on an exclusive basis to arrange the sale of Marché Repentigny, a strip mall located at 1090-1124 Iberville Boulevard in the Montréal suburb of Repentigny.
This services-oriented centre features a 49,121 SF strip mall and a 2,335 SF gas station on a land lease. It is anchored by CISSS Lanaudière (CLSC government healthcare services) and boasts a phenomenal defensive tenant profile that includes National Bank, Dollarama, Familiprix and Eggsquis. Most leases are net, and tenants have been in occupancy for a weighted average of 12.1 years. The majority of revenue is generated by established national and provincial tenants and the overall weighted average lease term is 7.8 years, which offers a secure and long-term revenue through the established tenancy.
The Property has been well maintained by the previous and current owners. Additionally, the Asset offers investors a significant value-add opportunity as there is currently an existing vacancy of 7%, thus affording investors a great opportunity to extract value through lease-up and active management.
The Property features a number of strong covenants, assuring future investors secure, long-term cash flows. Government healthcare services occupy over 17,000 square feet and still have 10 years left on their term. Dollarama (TSX: DOL) is Canada’s largest retailer of dollar-items and one of its most established brands. Familiprix is a Canadian group of independent pharmacists that totals 400 pharmacies and boasts $1 billion in retail sales, while National Bank (TSX: NA) is Canada’s 6th largest commercial bank. Finally, the site is also home to Ultramar, a subsidiary of Parkland Fuel (TSX: PKI), which enjoys a market cap of $3.9 billion.
- This 51,456 SF commercial property is ideally located on Iberville Boulevard, in the heart of the city of Repentigny. This busy thoroughfare benefits from high visibility, constant traffic and a captive consumer base of 11,000 consumers within a one-kilometer radius.
- Situated on a large 3.58 acres corner lot, the site features a 49,121 SF strip mall and 2,335 SF gas station.
- The centre benefits from having an excellent tenancy profile comprised of CISSS Lanaudière (CLSC), Dollarama, Familiprix, National Bank and Ultramar. The majority of these tenants have been in occupancy for a weighted average of 12.1 years.
- The centre is located adjacent to a densely populated, affluent residential neighbourhood with an average household income of $92,017.