Leyad adds to Winnipeg portfolio with Johnston Terminal purchase

Hey there, time traveller!
This article was published 12/04/2024 (540 days ago), so information in it may no longer be current.

A Montreal-based developer has purchased its second prominent downtown Winnipeg locale: the Johnston Terminal.

Leyad announced its acquisition of historic The Forks-area building Friday afternoon. The company bought the four-storey site from Artis Real Estate Investment Trust.

Henry Zavriyev, Leyad chief executive, wouldn’t share the deal’s price tag. There is “no change in the works” for the site, he added.

The Old Spaghetti Factory, Kite and Kaboodle, AWS Thinkbox and Harrisons Coffee are among the tenants in the former storage railway warehouse. Johnston Terminal was built in the late 1920s, and later renovated for commercial use.

“It’s a gem and hopefully will stay that way,” Zavriyev said Friday.

The Forks looks forward to working with Leyad on “supporting our neighbour businesses at the Johnston Terminal,” Larissa Peck, spokeswoman for The Forks North Portage Partnership, wrote in a statement.

Artis REIT didn’t immediately responded to questions. It’s been selling its assets for several years.

In February, Leyad announced the Main Street building housing CDI College as its first Winnipeg purchase from Artis REIT.

At the time, Zavriyev said Leyad wouldn’t change the building in the near-term and hoped to keep CDI as a long-term tenant.

In March, Leyad acquired a 263,430-square-foot industrial building on Mountain Avenue. Clothing manufacturer Canada Goose is the main tenant.

Zavriyev has previously vocalized Leyad’s desire to buy more property in Winnipeg, which he called “an overlooked city.”

Leyad manages more than 1,500 Quebec dwellings and has bought malls in New Brunswick and Nova Scotia.