Rosefellow Developments completed four large transactions in Montreal’s industrial market during the first quarter, according to JLL.

Saint-Laurent, Que.-based Rosefellow’s deals appeared to buck a trend. JLL has forecasted that Montreal industrial property sales and leasing activity will remain subdued in 2024.

Rosefellow made a large land purchase, JLL reported in its latest quarterly report. The deal signals a potential major development project..

Rosefellow also sold two large logistics assets and preleased a project under development to a major tenant.

In the acquisition, Rosefellow bought 4.1 million square feet of industrial land on the South Shore for $75.6 million from Le Group Maison Candiac. The purchase price equated to to $189 per square foot.

Rosefellow also preleased 750,000 sf of class A space along Highway 30 on the South Shore to Bombardier Recreational Properties.

In the divestments, Rosefellow sold both assets to Guelph, Ont.-based Skyline Industrial REIT.

A new 274,000-square-foot logistics centre at 555 and 564 Avenue Victor Davis in Pointe Claire, Que., sold for $72.4 million, or $528 psf. Rosefellow and Skyline had partnered on the development with F.I.T. Ventures.

The property is fully leased to Steve Madden and Dormez-Vous (Sleep Country Canada.)

In the other sales deal, Skyline acquired a 98,954-sf industrial logistics and warehousing for $28 million, or $283 psf.. The single-tenant facility sits at 6100 Rue Notre-Dame Est (Notre Dame Street East) in Montreal and is fully leased to Proactive Supply Chain Group.

Connect previously reported on Rosefellow’s divestments, which occurred in January and February. However, JLL’s report sheds light on the purchase prices, which were not disclosed by Rosefellow or Skyline.

Pictured: 555 and 565 Avenue Victor Davis in Pointe Claire, Que.

Rendering: Courtesy of Skyline Industrial REIT