Thor Equities, one of Manhattan’s biggest property owners, has purchased a key corner of the Montreal retail market. Thor on Friday confirmed that it has acquired a prime retail space at 777 Saint Catherine Street, a historical building at the intersection of McGill College Avenue and Saint Catherine Street that’s in the heart of Montreal’s shopping corridor. The three-level building, which is occupied by Banana Republic, has 20,000 square feet of retail space and 6,000 square feet of office space.
Interest in Canada has been building with American retailers lining up to open stores. Nordstrom’s first Canadian unit opened in Calgary in September. Saks is set for a 2016 launch and Bloomingdale’s is heading north as well. Target, however, retreated from Canada earlier this month after it failed to win over local customers.
Thor, which owns multiple addresses on Fifth and Madison Avenues, as well as in the Meatpacking District, lower Manhattan and Brooklyn, has holdings in cities such as Chicago, Miami, Los Angeles, San Francisco and Houston. In the last few years, Thor has been expanding its international footprint through acquisitions in Cannes, France, London and Mexico City. Earlier this month, Thor spent $140 million to buy a historic building at 51-53 Boulevard Haussmann in Paris.
“Montreal’s downtown is associated with Saint Catherine Street,” said Joseph Sitt, chief executive officer of Thor Equities. “It’s a renowned commercial corridor. Montreal is the perfect example of a vibrant urban marketplace where we see tremendous value moving forward.”
Saint Catherine Street’s proximity to several transportation hubs makes it easily accessible for residents and tourists. Retailers on the thoroughfare include Apple, H&M and Lululemon, among others.
“We’re going to reach out to luxury and moderate brands,” Sitt said. “A lot of retailers have been asking us for locations in Canada. We have a very strong interest in all the major markets in Canada.”