May 10, 2022, 11:35 AM
Newmark announces the $27 million sale leaseback of a 153,000-square-foot industrial asset situated in the Laval submarket of Montréal, Quebec, Canada. Newmark represented Metra Aluminum Inc. in the sale leaseback transaction to an undisclosed buyer. Newmark’s Associate Director Briggs Goldberg, Vice Chairman Andrew Sandquist, Managing Director JC Asensio and Senior Financial Analyst Tyrell McGee in cooperation with Robert Bayat, President of Immobilier MIRADOR, represented the seller.
The property serves as the North American headquarters of Metra Aluminum Inc., a vertically integrated manufacturer of customized extruded aluminum profiles and related value-added services primarily serving the building and construction and industrial end-markets in Europe and North America. The sale leaseback transaction was a corporate strategy to unlock value in the company’s real estate and fund future growth initiatives.
“With exceptionally strong demand for industrial product in Montréal, this was an ideal time for Metra Aluminum to execute its sale leaseback strategy,” said Goldberg. “The proceeds generated from the sale will fuel continued growth while securing long-term control of its flagship North American production facility.”
Situated on 5.92 acres, the site is less than one mile from A. 440, a provincial east-west highway that spans the city of Laval with interchanges at Highways 13 and 15 to the west and Highway 19 to the east. Highways 13, 15 and 19 are north-south thoroughfares that connect the property to the Trans-Canada Highway, a transcontinental federal provincial highway that travels through all 10 provinces.
A submarket of Montréal, Laval, Quebec is one of the world’s premier industrial markets. According to Newmark Research, like many infill industrial markets, Montréal is experiencing unprecedented demand with record high quarterly square foot absorption and all-time low vacancy rates. As a result of this demand, industrial rental rates continue to increase at remarkable rates, up 20% year-over-year as of the first quarter of 2022.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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