The Cutler Group

December 28, 2010 16:33 ET

The Cutler Property Group Announces Acquisition of Samuelsohn Building in Montreal

MONTREAL, QUEBEC--(Marketwire - Dec. 28, 2010) -

A picture is available on Marketwire's website.

The Cutler Property Group announced today it has closed the acquisition of the Samuelsohn Building comprised of 105,000 square feet of gross leasable area and 35 indoor parking spaces. The building is located at 6930 ave du Parc, Montreal, just north of the Plateau Mont Royal District and one block south of Jean Talon Metro / AMT train station. It is currently 100% leased on a long term basis to Samuelsohn Ltd., manufacturer of fine hand-made gentlemen's clothing. Samuelsohn Ltd was founded in 1923 and has been located at the same ave du Parc address since 1947. In 1997 the original building was completely overhauled and expanded. Samuelsohn Ltd employs approximately 300 at its ave du Parc location.

The purchase price represents a "going in" capitalization rate of 8.5%. The investment, when levered with today's low five-year interest rates, will yield a double digit return on cash. More importantly, the investment satisfies a "paid to wait" redevelopment strategy to benefit eventually from the $1.4 billion new Université de Montréal Outremont Campus located directly adjacent the property. Work began on the new campus in October 2010 with the first building providing 600,000 square feet, scheduled to be completed 2012-2014.

The Cutler Group is a leading developer and investor in undervalued, distressed and early market property opportunities, It was one of the 1st to recognize the development potential of old industrial sites along the Lachine Canal in the early 1990's where it purchased and developed nearly 1M square feet of commercial space. In addition, The Cutler Property Group was an important development partner to Alexis Nihon REIT. To find out more, call or visit

Contact Information