RoseFellow has created a joint venture with fellow Montreal firms HW Properties and the Drazin family to acquire an industrial portfolio in the Garment District. (Courtesy RoseFellow)
Saying the area is ripe for resurgence, RoseFellow has partnered with two other Montreal-based firms to acquire a portfolio of industrial buildings in the city’s centrally located Garment District.
The recent acquisition includes two adjoined two-storey industrial buildings at 9755 and 9775 Meilleur St. totalling 96,538 square feet, and a pair of one-storey buildings of 3,567 and 5,068 square feet at 9780 and 9800 Jeanne Mance St.
The 1950s-era buildings were owned by family-run textile firm Doubletex and were sold by Ernst & Young.
“We picked it up at a very aggressive purchase price (of about $50 a foot or about $5.25 million),” says Mike Jager, one of RoseFellow’s principals. “To pick up anything that has industrial zoning at that kind of price is incredible.”
Several groups bid on the properties which went through several rounds before being finalized, Jager says.
RoseFellow teamed up with HS Properties and the Drazin family, which controls Rester Management, on the deal.
Different kind of acquisition for RoseFellow
Jager says the three partners will acquire the balance of the Doubletex portfolio, which includes a parcel of land of about 400,000 square feet, after an environmental assessment is completed.
The properties differ from RoseFellow’s previous acquisitions which have consisted of vacant land or sites that will be redeveloped, he notes.
The reasoning behind the acquisition is simple, Jager says, explaining there will always be smaller businesses that require warehouse, industrial or flex space but cannot pay high rental rates and don’t require 32- to 40-foot clear ceiling heights.
“Sometimes that means buying properties where we can offer more aggressive rental rates.”
Depending on requirements, rents will “go anywhere from a $10 gross to a $15 gross rental rate. It’s significantly less than what we’re charging for brand new industrial class-A.”
The partners will spend “a few million dollars” on improvements at the currently vacant buildings, including roof and brick work, as well as tenant improvements once tenants are found.
Ahuntsic-Cartierville and the Garment District
9755 Meilleur is a concrete structure while 9775 Meilleur is a steel structure with concrete slabs. Clear heights average 15 feet in the warehouse spaces. There are two drive-in shipping and receiving docks and two exterior dock-level shipping and receiving doors.
Although the Jeanne Mance buildings are small, “we thought they’re real unique in the sense that trying to find a 3,000- to 4,000-square-foot freestanding building with its own parking area and shipping doors is extremely rare.”
Located in the borough of Ahuntsic-Cartierville, the area, which is also known as Chabanel or Cité de la Mode, is bounded by Autoroute 15 to the west, St. Laurent Boulevard to the east, Autoroute 40 (Metropolitain) to the south and Sauvé Street to the north.
This area remains the third-largest employment centre in Greater Montreal after downtown and St. Laurent. With the garment industry on the decline, start-ups and tech companies have rented vacated spaces in the area,
“For a long time, many companies moved out of the Chabanel district,” Jager says. “I think we’re going to see a resurgence of the area.
“We’re betting on the Garment District. I think people will come back due to the on-island location that people look for.”
Buildings offer central location, reasonable rates
The buildings would be ideal for tenants looking for central locations or last-mile delivery who do not require more lofty ceiling heights.
“We think there’s huge opportunity there. It goes back to industrial space users who don’t require the ceiling heights, who want to be on island, who are not willing to pay the $15, $16 gross rental rates. I think the Garment District is a great opportunity for that.”
Jager says RoseFellow is in talks with HS Properties and the Drazin family to buy additional properties: “The partnership is working out really, really well. There’s a great synergy.”
Family-run HS Properties (which stands for Howard Szalavetz) has been involved in real estate management in the Montreal area since 1965. The company entered the multiresidential industry in 1992 and recently entered the commercial and industrial market.
It has more than 1,000 units in its portfolio, plus an additional 809 senior home units under the Résidences Six Étoiles banner.
Szalavetz owns several buildings totalling several million square feet in the area and has been dubbed “the king of Chabanel” or “the king of the Garment District.”
“He has a good hold on and knowledge of who is in the area, who’s looking for space,” Jager says.
The Drazin family’s Rester Management owns, develops and manages several million square feet of office, retail and residential properties in the Greater Montreal area, across Canada and the Eastern U.S.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
