(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the industrial market, click here.)

MONTREAL-Locally headquartered BTB Real Estate Investment Trust has agreed to acquire a pair of mixed-use buildings in the Greater Montreal region for $18 million. The larger of the two properties is Les Halles St-Jean, a fully leased retail and office building in the province of St-Jean-sur-Richelieu, located 30 miles southeast of Montreal.

Located at 145 St-Joseph Blvd. E., the 108,972-sf building contains a 62,000-sf indoor retail mall and 47,000 sf of office. Approximately 45% of the revenue from the property is generated by a financial institution, a government-owned corporation, a pharmacy and governmental offices. The property’s NOI translates to a cap rate of 9.05%, according to BTB. An expansion of the building is under consideration.

The other building is 4105 Sarleton St. in Saint-Laurent, a borough of Montreal. Built in 1999 in the Saint-Laurent Industrial Park, the 44,500-sf structure contains about 20,000 sf of office. The remainder of the building is utilized as an assembly plant. The seller has agreed to lease the building. The triple net lease will have a 10-year term with two options to renew of five years each. The cap rate is 8% without taking into consideration the rental increase negotiated in the lease, according to BTB.

Since the start of the fourth quarter of 2006, BTB has announced agreements to purchase commercial properties worth over $110 million. In December, the company entered into conditional agreements to purchase two real estate portfolios consisting of a total of 15 office, commercial and light industrial buildings, as well as a small strip mall on the South Shore of Montreal, for a total of $63.4 million. The average cap rate is 8.8%, according to BTB. BTB president and CEO Michel Leonard could not be reached Friday for comment on whether it has closed on the purchase.

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