Real Estate News Exchange (RENX)
c/o Squall Inc.
P.O. Box 1484, Stn. B
Ottawa, Ontario, K1P 5P6
Canada: 1-855-569-6300

2023 summer commercial real estate review: RENX's top articles

If you've been unplugged, or out of the office for a portion of the summer, here are don't-miss stories from June-Labour Day

The Atria Complex office buildings at 2225, 2235 and 2255 Sheppard Ave. E. in North York. (Courtesy Groupe Mach)
The Atria Complex office buildings at 2225, 2235 and 2255 Sheppard Ave. E. in North York. (Courtesy Groupe Mach)

As has become a tradition at RENX, we want to help you play catch-up on any of the major summer articles which you might have missed.

So we've compiled some of the top-read and most important articles we've published from June through the Labour Day Weekend in this quick-and-easy reference list.

We've also appended some of the most popular articles submitted by our columnists.

While transaction activity, overall, might be down in most commercial real estate sectors, there were still some very significant properties changing hands over the past three months. We also chronicle other major CRE-related news and issues from across Canada.

Because our readership is diverse, these articles are compiled across a cross-section of sectors and geographies. As such, they are not presented in any particular order.

Do you have a major transaction, development or other commercial real estate-related news to share with RENX readers? Please feel free to send us an email to let us know . . . and welcome back!

Mach, Sarees buy 922,000-sq.-ft. Toronto Atria office complex 

Groupe Mach and Sarees Investments acquired the 922,000-square-foot Atria Complex in Toronto's North York district. The property comprises towers at 2225, 2235 and 2255 Sheppard Ave. E. 

Ottawa mall, site of Canada's largest Canadian Tire, is for sale

Ottawa's Carlingwood shopping centre, which is home to Canadian Tire’s new flagship quarter-million-square-foot store, is being marketed for sale.

Toronto's office space glut could persist for 20 years: NAIOP

The Greater Toronto Area (GTA) is likely to experience an oversupply of office space for the next 20 years, according to an Altus Group Economic Consulting report titled Office Needs and Policy Direction in the GTA. The study was commissioned by the NAIOP Greater Toronto Chapter.

Toronto's Rexdale Mall for sale in receivership process

Ernst & Young Inc. has been appointed receiver and manager to sell the Rexdale Mall in Toronto's west-end Etobicoke neighbourhood. The 97,229-square-foot property sits on 3.66 acres and has future redevelopment potential.

Ontario Teachers' to split CF into 2 entities, CEO Sullivan to retire

Cadillac Fairview will be split into two entities under a new operating model announced by The Ontario Teachers’ Pension Plan, which also includes the retirement of president and CEO John Sullivan. Ontario Teachers' will establish an in-house real estate group to oversee real estate investment.

Northwest Healthcare changes top execs, begins strategic review

Northwest Healthcare Properties REIT announced a sweeping series of changes to its senior management – including the departure of Paul Dalla Lana as CEO and chair of the board – and a strategic review of its portfolio. Dale Klein has become the non-executive board chair and Northwest former president Craig Mitchell was named interim CEO.

Westbow Capital buys Calgary's 41-storey Westview Heights for $83.4M

The 41-storey, Westview Heights multiresidential tower in downtown Calgary sold for $83.4 million in August, the largest multifamily deal in the market during the past year. It was purchased by Westbow Capital Fund II, part of the Westbow Group of Companies based in Chilliwack, B.C. The vendor was Calgary-based Bentley Investments Ltd.

SmartStop makes $300M GTA self-storage acquisition

SmartStop Self Storage REIT says it is now the fifth-largest self-storage operator in Canada after the $300-million acquisition of eight properties in the Greater Toronto and Hamilton areas. The properties comprise 7,400 units and 758,000 square feet of rentable space.

Starlight acquires 1,529 apartments in GTA, Ontario, Montreal

Starlight Investments acquired two apartment portfolios totalling 1,529 housing units in the Greater Toronto, southern Ontario and Montreal areas. The first includes 935 suites in London, Guelph, Toronto, Richmond Hill and Montréal; the second comprises five residences in the GTA.

Beedie launches 16-tower Coquitlam waterfront development

Ryan Beedie and his team have been working toward launching Coquitlam's huge Fraser Mills development for over 15 years. Now, they are ready to put shovels into the ground for Phase 1 of the 16-tower mixed-use project, which will be built-out over the next 15 to 20 years.

Northview reverts to REIT, acquires $742M in apartment portfolios

Northview Canadian High-Yield Residential Fund managers spent the summer executing a complex recapitalization plan to revert the business to a REIT, acquiring three multiresidential portfolios for $742 million and increasing investment from affiliates of Starlight Investments and KingSett Capital.

Primaris REIT acquires Ivanhoé Cambridge's Conestoga Mall for $270M

Primaris REIT made a “landmark” acquisition of the Conestoga Mall in Waterloo from Ivanhoé Cambridge for $270 million. The 585,000-square-foot regional shopping centre features a range of major retailers including HBC, Galaxy Cinema, Sport Chek, Indigo and H&M.

Allied to sell $1.35B Toronto data centre portfolio to KDDI

Allied Properties REIT has announced an all-cash agreement to sell its Toronto-based Canadian data centre portfolio to Japanese telecom firm KDDI Corporation for $1.35 billion. The portfolio includes freehold interests in 151 Front St. W. and 905 King St. W. and a leasehold interest in 250 Front St. W.

Oxford, partner buy Banff's iconic Rimrock Resort Hotel

Oxford Properties Group and an institutional capital partner have acquired The Rimrock Resort Hotel on Sulphur Mountain in Banff National Park for $170 million and plan a “comprehensive top-to-bottom renovation” of the property. International hospitality group Accor will operate The Rimrock. 

All-industrial redevelopment of Buttonville Airport proposed

A new proposal from owner Cadillac Fairview would replace Markham's Buttonville Airport with a 2.78-million-square-foot industrial development. The new proposal is the first indication of what Cadillac Fairview plans for the 169-acre site north of Toronto at the junction of Highway 404 and 16th Avenue.

From our RENX columnists

The return of the vendor takeback

Over the past seven to 10 years, it seemed as if the market had forgotten how to spell VTB. With interest rates low, the vendor takeback mortgage was essentially an unnecessary device that sat unused. But the VTB is particularly useful when markets are a little volatile. 

The future is urban, and it is tall, even for used-to-be small towns like Oakville

We are expecting 1.5 million new Canadians by 2025. Almost half of them will settle in Ontario (approximately 42 per cent), but in Toronto fewer than 30,000 new housing units were completed in the years 2020-2021 combined. 

Court provides guidance on debt enforcement and jointly owned property

If two parties hold property together and one of them owes a debt to a third-party creditor, what are the creditor’s rights when the property is sold? This question was recently addressed by the Ontario Court of Appeal ...

Navigating CRE in Vancouver: Resilience, growth and anticipation of a 'downturn buster'

I've witnessed several downturns in the Metro Vancouver market. While there are often similarities among these cycles, there are also distinct differences.

The People Space: Chronicling executive moves and board appointments across the CRE spectrum

Want to know who's moved, and where? We've got a long list. Our most recent People Space column links to columns from throughout the summer, with major moves at OMERS, Parkland, Oxford, Slate, Avison Young, Fonds, Manulife IM, Starlight and many more...

Industry Events