North American Development Purchases 104 Acres in Montreal

On January 15, 2002, North American Development Group purchased 104 acres of land in Boucherville on the south shore of Montreal to build a mixed-use retail and office project. The retail power centre will be anchored by a 295,000 square foot IKEA furniture store that is scheduled to open in the spring of 2003. The value of the deal is undisclosed.

Glenn Munro, vice-president of development for North American leads the project. North American was represented by Fredric Carsley of Mendelsohn Rosentzveig Shacter in Montreal, assisted by Philipp Duffy, Illana Perez and Jo-Anne Durand. IKEA was represented by Paul Mayer of Fasken Martineau DuMoulin LLP, assisted by Daniel Martin and Anne Drost in Montreal.