By Joana Milcheva of JLL
MONTREAL, July 9, 2019 – JLL’s Capital Markets announced last Friday the completion of the sale of Molson District located at 1555 Notre-Dame Street East in Montreal, Quebec. The 1.2M square feet land site with 1.6M square feet of building improvements was acquired by the consortium of Groupe Sélection, Groupe Montoni and Fonds immobilier de solidarité FTQ.
The sale was led by Senior Vice President Robert A. MacDougall, in collaboration with Executive Vice President Matt Picken and Vice President Jenny Daly, who all specialize in large-scale capital markets transactions.
“This large-scale landmark development property is of unparalleled magnitude. It holds the potential to create a multi-use neighborhood with riverfront and city panoramic views, strategically located in the heart of Montréal,” said MacDougall.
Molson District is a key component of Montréal’s historic and cultural landscape, as North America’s oldest brewery and the second-oldest active industry in Canada. The site was initiated as a brewery in 1786 by John Molson, and is presently being utilized for Molson Coors Brewing Company’s head office and brewing and distribution operations.
“The unique character of the Molson District and its historical heritage helped us attract a deep pool of interest from Canadian and international investors alike,” said Picken, leader of JLL’s Capital Markets team in Canada. “We are appreciative and humbled to have been selected to be the exclusive advisor to a company as renowned as Molson on this landmark transaction.”
Molson has entered into a long-term lease for the to-be-built premises, which will see them continue to occupy the original site for many generations to come. A new design-build facility will be built by the new owners on the existing site to house Molson’s Montreal headquarters as well as a new experience space showcasing the Molson brand and maintaining its legacy as one of the world’s leading brewers.