Mont Tremblant commercial village for sale, bids likely to reach $100 million
The Mont-Tremblant commercial village was put up for sale Thursday as owning company Jones Lang LaSalle (JLL) hopes to flip the property for up to $100 million.
"The response has been phenomenal," said Scott Speirs of CBRE, the company brokering the property for JLL. He says prospective buyers have ranged from “institutional investors” to those with personal properties nearby.
The eventual buyer will inherit several leases for businesses already operating out of the village, including Roots, Beaver Tails, Salomon, and several others.
Speirs says the occupancy rate on the property is at 93 per cent, and that the average term for those leases is nearly six years.
"Sales per square foot is in the range of $670, which from a retail perspective is a very, very big number," he said, adding that a bid will take place in about a month’s time.
"It is a trophy," said Speirs, who did not disclose whether Alterra Mountain Company, which owns the Mont-Tremblant resort, had expressed interest in purchasing the village.