BTB Stays Local in $21M Portfolio Buy

MONTREAL-An eclectic mix of product types is included in a portfolio of seven commercial properties being acquired by BTB Real Estate Investment Trust. The $21.3-million transaction continues a CRE buying spree begun last October upon BTB becoming public. The investment program now exceeds $242 million.

“These acquisitions are consistent with management’s strategy of acquiring properties which are geographically well located and have the potential to increase revenues,” BTB president Michel Leonard says in a release announcing the agreement. The latest portfolio secured is situated in several Quebec locales, and includes industrial, office and retail buildings, as well as a land parcel that can yield 90,000 sf of retail.

The land parcel accompanies a new strip plaza purchased by BTB at 20 Des Chateaux Blvd. in Blainville, a suburb of Montreal. BTB will pay $5 million for that 20,000-sf center, which services a new upscale residential development known as “Le Fontainbleau.” Tenants of the retail plaza include a dental clinic, dry cleaner, fitness center, florist and tanning salon.