Automotive Properties Real Estate Investment Trust said it has entered into an agreement to purchase the property currently housing Mercedes-Benz West Island from the Dilawri Group.
The deal, worth $20.3 million, includes 3.7 acres at 4525 Boulevard Saint-Jean in Dollard-des-Ormeaux, Que.
The 60,850-square-foot facility has just undergone a comprehensive renovation and expansion. Upon closing of the acquisition, the Dilawri Group will be the operating tenant and enter into a 17-year, triple-net lease with the REIT with an annual 1.5 per cent fixed rent escalator.
“We continue to execute on opportunities to enhance the REIT’s major market and brand diversification,” said Milton Lamb, president and CEO of Automotive Properties REIT.
“We look forward to adding our third property in the Montreal market with the addition of this prestigious Mercedes-Benz dealership facility.”
This deal follows on the heels of last month’s acquisition of the land home to Automobiles Niquet Audi and Automobiles Niquet Volkswagen in St. Bruno, Que.
That transaction was worth a reported $14.3 million.