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Québec CityPortfolio
Disclaimer© 2019 Jones Lang LaSalle, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.Jones Lang LaSalle Real Estate Services, Inc., Real Estate Agency
The Offer
Jones Lang LaSalle Inc. (the “Advisor”) has been retained by Cominar Real Estate Investment Trust (the “Vendor” or “Cominar”) on an exclusive basis to arrange the sale of a 100 percent interest in 12 retail and commercial assets located in the Greater Québec City Area and other secondary markets throughout Québec (the “Properties”, the “Portfolio”, or the “Offering”). Cominar is Québec’s largest and most diversified landlord.
The Greater Québec City Area Portfolio consists of two subgroups. The first, focused on the provincial capital region, consists of 8 retail properties, featuring an attractive tenant profile, characterized by banks (National Bank), pharmacies ( Jean-Coutu Pharmacie) and grocery stores (Maxi and Super C) and accounting for 81 percent of the Portfolio's total NOI. The second sub-group features four retail and commercial properties in the established secondary markets of Sherbrooke, Rimouski and Victoriaville. Together, the Portfolio offers a diversified, internet-resistant offering with a weighted average lease term of 4.2 years and an occupancy rate of 89 percent. National and regional covenants account for 62 percent of the annual rental income and tenants have occupied their current space for an average of 14.2 years.
The properties are primarily located in the Greater Québec City Area and benefit from key, highly visible locations on major arterial thoroughfares in mature and high-traffic locations, all adjacent densely populated residential areas.
This collection of prime commercial assets provides investors with a unique opportunity to acquire a highly-diversified, well-located, defensive Portfolio with stable returns in one of Canada’s most performing markets.
The Portfolio is being sold free and clear of debt.
Bid Deadline: May 16, 2019 at 3:00 PM
9markets
4.2 yearsWALT
89%leased
62%national tenants
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Investment Highlights
Address City Tenants GLA (SF) Occupancy WALT WAVG Year in
Occupation % of NOI
1 5150-5200 de l'Ormière Blvd. Québec 17 158,853 92% 2.7 15.6 25.0%
2 2160-2195 de la Rive-Sud Blvd. Lévis 11 79,068 84% 8.2 16.1 13.9%
3 100 Chabot Street Québec 4 60,117 95% 3.7 3.6 13.6%
4 4635 1st Avenue Québec 23 41,481 76% 3.5 13.0 11.8%
5 1331-1363 Belvédère Blvd. S. Sherbrooke 5 15,776 87% 2.4 13.3 8.5%
6 280 Racine Street Québec 2 16,434 100% 4.8 15.7 6.0%
7 230 des Bois-Francs Blvd. S. Victoriaville 3 8,318 87% 6.4 24.8 5.0%
8 320 de la Canardière Road Québec 4 12,915 80% 4.7 7.2 4.5%
9 50 Lionel-Groulx Blvd. Sherbrooke 1 4,973 100% 1.8 8.2 3.5%
10 329 Seigneuriale Street Québec 1 3,792 100% 3.4 27.2 3.1%
11 5 d'Orléans Street Québec 1 5,792 100% 4.1 41.0 2.9%
12 336 Montée Industrielle Rimouski 1 4,447 100% 7.6 22.5 2.2%
Total 73 411,966 89% 4.2 14.2 100%
8 Greater Québec City retail assets totaling 378,452 SFEntirely located in and around Québec City: Les Rivières, Charlesbourg, Beauport, Cité-Limoilou, and Saint-Romuald.Four additional assets, representing 19 percent of the Portfolio's total NOI, are located in the regional markets of Sherbrooke, Victoriaville, and Rimouski.
Strong rental metricsOccupancy rate: 89%Weighted average lease term: 4.2 yearsTenants have been in occupation of their current respective space for an average of 14.2 years
Advantageous tenant profileMain tenants: National Bank, Pharmacie Jean Coutu, Maxi, Super C, and Dollarama.62.1% of the annual rental income is generated by national and regional covenants
Diversified and defensive portfolioNo property or tenant accounts for more than 25% of the Portfolio’s overall net operating income
Choice location in key marketsAll Properties benefit from highly visible locations on major arterial thoroughfares in mature and well-trafficked retail nodes
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12
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Haute-Saint-Charles
Charlesbourg
Beauport
Cité-Limoilou
Les Rivières
Sainte-Foy-Sillery-Cap-Rouge
Saint-Romuald
48
31
10
611
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Investment Highlights
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Cominar Real Estate Investment Trust has one of the largest and most diversified real estate portfolios in the country and is Québec’s largest landlord. Their extensive portfolio includes 430 office, retail and industrial properties in Québec, and Ontario.
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Montréal
Mark SinnettExecutive Vice President
Real Estate BrokerNational Retail Investment Group
+1 514 667 [email protected]
Yann CharlesSenior Vice President
Commercial Real Estate BrokerNational Retail Investment Group
+1 514 667 5697yann.charles @am.jll.com
Toronto
Matthew T. SmithExecutive Vice President
Sales RepresentativeNational Retail Investment Group
+1 416 304 [email protected]
Nick MacorittoAssociate Vice President
Sales RepresentativeNational Retail Investment Group
+1 416 238 [email protected]
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