- What United Properties of Canada purchased Promenades Montarville in Boucherville for $23.5m
- Why The deal marks a significant expansion of the company’s retail portfolio
- What next United Properties will continue to operate the mall as is
United Properties of Canada purchased a mall in suburban Montréal this month for $23.5m, Green Street News can reveal.
The sale of Promenades Montarville, in Boucherville, closed on Aug. 9 following a bidding process run by RBC Capital Markets Real Estate. Manulife Investment Management was the seller.
Promenades Montarville, at 1001 Boulevard de Montarville, spans more than 155,000 sq ft and contains over 35 stores. Tenants include Canadian Tire, Dollarama, Orangetheory Fitness and Provigo, as well as many boutique shops.
Montréal-based United Properties of Canada plans to continue operating the property as a mall, with no immediate redevelopment plans.
Promenades Montarville becomes United Properties of Canada’s largest retail holding in Québec, with the rest of its Québec retail portfolio comprising low-rise street-front buildings in Montréal. In Kingston, Ont., the firm owns the King’s Crossing Outlet Mall, a 25-store outlet mall just off Highway 401.
