Epic Investment Services and Woodbourne Capital Management have acquired a Montreal industrial portfolio in an off-market deal, the companies announced.

Epic and Woodbourne said in a news release that the transaction has closed. The small-bay portfolio spans approximately 315,000 square feet and is located in the borough of Saint-Laurent.

Toronto-based Epic and Boulder, Colo.-based Woodbourne did not identify the seller or disclose the purchase price. But Scott Speirs, vice-chairman and practice lead for CBRE’s national investment team in Montreal, identified institutional investment giant Kingsett Capital as the seller. CBRE represented Kingsett in the transaction.

According to a published report, Kingsett paid $66.5 million for the portfolio, which was built in the 1970s. Epic and Woobourne said the property has a 95% occupancy rate.

The asset is the second Montreal industrial portfolio that the Canadian and American companies have acquired together. The deal marks Epic and Woodbourne’s fifth joint acquisition as part of a small-bay industrial investment strategy.

“The acquisition of this industrial portfolio in Montreal reflects Epic’s commitment to executing on our clients’ investment goals across all asset classes and markets,” said Aaron Moore, Epic’s senior vice-president of Investments.

Epic provides asset, investment and property management services to institutional and high-net-worth investors as well as wealth managers. The company has operated in Quebec since 2007.

Although Woodbourne is headquartered in Boulder, the company invests in Canada through a wholly-owned Canadian subsidiary based in Toronto. Woodbourne owns, operates and develops apartments, seniors’ housing, student housing, self-storage and other real estate assets located predominantly in major markets across Canada.

Photo: Courtesy of Epic Investment Services