BTB REIT has sold two small office buildings in the Montreal suburb of Longueuil, Que., for $6.2 million.

The two buildings comprise 14,054 and 19,568 square feet and are located at 32 and 50 Saint-Charles West Street. The purchase price averaged $184.40 per square foot.

“Further to the strategic review of BTB’s portfolio, these properties were identified as potential dispositions since that they no longer meet the REIT’s investment criteria,” said the REIT in a news release.

“Further to the strategic review of BTB’s portfolio, these properties were identified as potential dispositions since that they no longer meet the REIT’s investment criteria,” said the REIT in a news release.

“Further to the strategic review of BTB’s portfolio, these properties were identified as potential dispositions since that they no longer meet the REIT’s investment criteria,” said the REIT in a news release.

“Further to the strategic review of BTB’s portfolio, these properties were identified as potential dispositions since that they no longer meet the REIT’s investment criteria,” said BTB in a news release.

No buyer was identified. BTB acquired the assets in 2007.

“The net proceeds of disposal will be reinvested in acquisitions of industrial properties,” said the REIT.

The dispositions come after Montreal-based BTB reported that its lease-renewal rate jumped slightly more than 20 percentage points year-over-year to 73.4% from 53% in 2023. The REIT renewed leases for 158,790 square during the final quarter of 2023.

BTB completed about 500,000 sf in lease renewals and approximately 300,000 sf in new leases. Meanwhile, Rental revenues reached an all-time high of $127.8 million in 2023, up 7% from the previous year.

BTB focuses on industrial, off-downtown core office, and necessity-based retail properties across Canada. As a result of the two dispositions, BTB now owns and manages 75 properties.

Pictured: Former BTB REIT-owned office building at 50 Saint-Charles West Street in Longeueuil, Que.

Photo: Canada Newswire / BTB REIT