Major downtown office and retail property changes hands
The two-building Complexe de Léry in downtown Trois-Rivières has been sold for $20 million, according to a notice from Connect CRE. The properties, located at 1500 Royale St. and 505 Des Forges St., together provide more than 149,000 square feet of leasable space and were originally built in 1990 and modernized in 2021.
The seller, BTB Real Estate Investment Trust, acquired the buildings in June 2007. As of June 30, 2026, the pair of buildings were reported as 80.3 per cent occupied. The trust did not disclose the buyer.
Why BTB sold and what it plans next
BTB said the assets no longer aligned with its investment objectives and that it intends to redeploy the net proceeds into further industrial acquisitions. The disposition reduces BTB's direct holdings while it continues to grow the industrial proportion of its portfolio; in March the trust reported industrial assets represented 38 per cent of its portfolio, versus 22 per cent five years earlier.
- Location: 1500 Royale St. & 505 Des Forges St., Trois-Rivières
- Size: more than 149,000 sq. ft. leasable space
- Construction / Renovation: built 1990, renovated 2021
- Occupancy: 80.3% as of June 30, 2026
- Sale price: $20 million
Local implications and context
The sale raises practical questions for tenants and for downtown activity. Office and retail complexes of this size anchor foot traffic, service demand and municipal revenue in downtown neighbourhoods. While BTB did not cite occupancy as the reason for the sale, the trust’s portfolio-wide occupancy stood at 91.8 per cent as of March 31 — a higher figure than the Complexe de Léry’s reported tenancy rate.
For Trois-Rivières, the transaction reflects broader market shifts in commercial real estate. BTB’s stated strategy to move more capital into industrial assets mirrors a national trend where logistic and warehouse space have become a larger share of institutional portfolios. For the city, the immediate effect will depend on the new owner’s plans for the buildings: whether they pursue renovations, repositioning for different tenant mixes, or sale of individual units.
| Item | Figure |
|---|---|
| Sale price | $20,000,000 |
| Leasable area | 149,000+ sq. ft. |
| Reported occupancy (June 30, 2026) | 80.3% |
Following the disposition, BTB continued to own and manage 72 properties comprising about 5.9 million square feet of leasable space. The trust’s pivot is a reminder that ownership of downtown commercial stock often changes hands as institutional investors rebalance holdings across sectors. For tenants in the Complexe de Léry, a change of ownership can mean new management practices, lease renegotiations, or capital improvements — but until the buyer is identified, such outcomes remain speculative.
Municipal officials and local business groups did not provide comment in the Connect CRE piece. For residents and entrepreneurs in Trois-Rivières, the sale is one to watch: downtown office and retail buildings play an outsize role in employment, street-level commerce and the perception of the city centre’s vitality.
The sale is part of a larger story about how real estate investors are reallocating capital in response to shifting demand patterns. In BTB’s case, the trust has made an explicit choice to increase its industrial share over the last five years — a choice that will continue to shape the types of properties institutional investors seek within the Mauricie region and beyond.
