Skyline Commercial REIT, a privately owned and managed portfolio of industrial properties across Canada, has signed a 20-year lease with Congebec Inc. (Congebec), a Quebec-based cold and multi-temperature storage, warehousing, and distribution firm, for tenancy at 3601 Avenue de la Gare, Mascouche, Quebec.
The 260,000 square-foot property, currently under development by Skyline Commercial REIT and its partner, Rosefellow, will house a 219,000 square-foot cold storage facility to be occupied by Congebec.
The property, which is to be located close to Provincial Highways 25 and 640, is slated for completion in Q3 2023.
“The cold storage sector is expanding rapidly—by 2027, cold storage construction is projected to reach US$18.6 billion globally, or an increase of 14 percent each year, according to Emergen research,”1 said Michael Mackenzie, President, Skyline Commercial REIT.
“Skyline Commercial REIT aims to capitalize on this growth through its development in Mascouche and its established relationship with Congebec. The REIT’s relationship with Congebec Inc. began in 2018 with the acquisition of eight cold storage facilities located across Canada tenanted by Congebec Inc.; we are excited to grow this relationship and increase the REIT’s investment in the cold storage sector, which continues to enjoy solid growth globally. This project results from the REIT’s investment in a property development strategy that commenced in 2020. The strategy aims to deliver a pipeline of modern, well-located logistics and warehousing assets in key markets for the portfolio.”
“This first foray into the North Shore of Montreal marks an important step for Rosefellow,” said Mike Jager, co-founder of Rosefellow.
“We chose Mascouche because it is a proactive city in terms of development. We are proud to erect an industrial building for a client as prestigious as Congebec with the help of a partner such as Skyline.”
“We are thrilled to welcome Rosefellow and Skyline’s multi-tenant industrial project, and about the arrival of Congebec to the Centroparc,” said Guillaume Tremblay, Mayor of Mascouche.
“Mascouche becomes the first city on the North Shore to have been selected by Rosefellow and its partners for this major investment. This once again demonstrates the attractiveness of our industrial park.”
This leasing was recently featured on RENX.ca: https://renx.ca/congebec-lease-new-montreal-cold-storage-facility/
For information on Skyline Commercial REIT’s active developments, visit: https://www.skylineindustrialreit.ca/new-property-development-and-partnerships/
1 “Raw materials shortfall is squeezing the cold storage sector.” JLL, https://www.jll.ca/en/trends-and-insights/investor/raw-materials-shortfall-is-squeezing-the-cold-storage-sector. Accessed December 8 2021.