Hardware retailer Canac has purchased a development land parcel in the Montreal suburb of Laval, Que., for $24.3 million, La Presse reported.

Canac bought the land from a consortium formed by Blackstone and Pure Industrial, according to the report.

The industrially zoned land allows for light industrial, wholesale commercial and heavy commercial uses and faces various commercial buildings, including a food wholesaler, a healthcare clinic, and a children’s museum. La Presse cited a deed of sale as the source of the purchase price.

Simon Boyer, CEO of Montreal-based land brokerage firm Landerz, told La Presse hat Blackstone and Pure had initially purchased the parcel as part of a larger 1.57-million-square-foot lot acquisition from Cominar in March 2022 for $38.2 million.

“It’s a good transaction for the consortium,” Boyer told La Presse, noting that the land’s value increased to $36 per square foot from $24.30 psf as a result of the sale to Canac.

The deal comes amid a surge in demand for industrial space amid tight and a shortage of available industrial land, according to La Presse.

The location is considered ideal for a potential Canac renovation centre, which would be the retailer’s first in Laval or Montreal. Nearby competitors include Rona and BMR.

But Canac has declined to divulge its plans for the site.

“It is, unfortunately, premature to reveal any information at this stage,” the company told La Presse.

Based in the Quebec City area, Canac has been focused on growth. Marketing Director Patrick Delisle has stated that the company plans to have 35 branches by spring 2025.

Photo: SH Group