Le Versant golf course sells a nine-hole course and reinvests the sum in improving the quality of its four remaining courses. The buyer is a company linked to Rosefellow, a developer active in the construction of state-of-the-art distribution centers in the Montreal region.
After discussions that stretched over two years, on December 4 Rosefellow acquired the 2.5 million square feet (232,000 square meters) industrial zoned land on Boulevard de la Pinière Ouest in Terrebonne, in border of Highway 640, for the sum of 85 million.
“Last summer, we reorganized our courses and took the opportunity to modernize and bring our work up to date,” explains Nadia Di Menna, general manager and co-owner of Le Versant golf club, in an interview. We took the opportunity to make major investments to improve the quality of the courses for our customers in the summer of 2024.
“Next summer, we will offer our customers two championship courses of 7,000 yards (6,400 meters) each,” she continues. We still have the 18-hole par 3 course and, something new, we will have a 9-hole executive course, so par 3 and 4 only. »
On the buyer’s side, permissive zoning for distribution centers caught the attention of Mike Jager, partner at Rosefellow. “It’s a gem,” he says of the lot’s features. Its neighbors are the Sobeys and Metro distribution centers. On the other side of the A640 is the Rona distribution center.
“The pool of employees is wonderful in the Mascouche-Terrebonne sector,” adds Mr. Jager, inexhaustible.
Access to the site will be improved with the upcoming construction of the overpass spanning the A640 at Boulevard Urbanova.
The Montreal developer intends to build two distribution centers: one of 350,000 ft2 and a second of 400,000 ft2 (from 32,500 to 37,200 m2). Rosefellow is recognized in the industry for its ability to build warehouses without a prior lease agreement.
“The advantage of Rosefellow is to build warehouses with the characteristics sought by the occupants: the right headroom, the right number of loading docks, well-spaced columns, offices with a limited surface area to maximize the volume of warehousing,” says broker Étienne Marcoux, of Équipe Étienne
Currently, the vacancy rate for industrial buildings stands at 1.7% in the Montreal region in the 3rd quarter of 2023. A balanced market is defined by a vacancy rate of around 5%, underlines Mr. Marcoux.
Mr Jager wants to start construction of the first center in autumn 2024 and deliver it a year later.
