Tsawwassen megamall gains new tenants, critics

Tsawwassen megamall gains new tenants, critics

Tsawwassen Commons – the second part of a Tsawwassen megamall development – is taking shape with many retailers recently signing leases and launching operations. As the final design starts to become clear, however, retail analysts are denouncing elements of the development, which includes more than 8,200 parking stalls.

Business In Vancouver – Property Biz Canada

RCMP search Fortress office in mortgage-fraud probe

The RCMP’s white-collar crime team carried out six search warrants in the greater Toronto area Friday as part of an investigation into possible syndicated mortgage fraud. While the RCMP would not disclose the target of the searches, sources confirmed they included the offices of Fortress Real Developments Inc., a real estate development company and consultant based in Richmond Hill, Ont.

Fnancial Post – Winnipeg Free Press – CBC – Globe and Mail (Subscription required)

Urbacon building second Richmond Hill data centre

Urbacon Data Centre Solutions Inc. (UDCS) has broken ground on Data Centre Two (DC2), the second of five it plans to build at the Barker Business Park Digital Campus in Richmond Hill, Ont. “We’ve commenced site servicing with underground installation of storm and sanitary sewers, water and electrical,” said Urbacon vice-president of properties and development management Peter Russell.

Property Biz Canada

Hines, Oaktree acquire Calgary’s First Tower

Hines and Oaktree Capital Management have closed the purchase of Calgary’s First Tower office building, and plan a “significant capital upgrade program” to reposition the half-vacant class-B property. The two U.S.-based firms announced the acquisition Wednesday — Oaktree on behalf of a “subsidiary of real estate funds” it manages. No financial terms were released.

Property Biz Canada

Seaspan Shipyards moves into new office building

Seaspan Shipyards officially opened a new 84,000-square-foot office building in North Vancouver last week. The new building is home to roughly 390 employees, including engineers, supply chain and procurement staff. The new office building is located on Pemberton Avenue not far from the company’s existing offices, which were built in the 1950s and 1960s and which the company has outgrown.

Business In Vancouver

Brivia Group buys downtown Montreal development site

Brivia Group Inc. has purchased a prime downtown Montreal development site which could offer nearly a million square feet of buildable area. Brivia paid $45 million for the 79,864-square-foot property, located at 1201-1215 Phillips Square, according to JLL Montreal’s Capital Markets Group, which executed the sale. The vendor is Canderel Group of Companies.

Property Biz Canada

Montreal’s CRE sector ‘on everybody’s radar’

Property Biz Canada

The quiet genius of Vancouver’s Patkau Architects

“Underneath, it’s very quiet and dour,” says John Patkau, of Patkau Architects. “But when the light hits it a certain way, it shimmers.” Patkau and wife/fellow architect Patricia are walking around their latest project, the Polygon Gallery in North Vancouver. And as they’re talking about the building, the sun comes out from behind the clouds; the rays coax from the gallery’s steel and aluminum facades a subtle ripple. 

Globe and Mail (Subscriptiion required)

Townline receives approval for Victoria’s tallest building

Townline has won City Hall approval to construct Victoria’s tallest building at 26 storeys. In a 5-3 vote, Victoria council approved a development permit and variances for the 777 Herald St. condo project.  The $100-million-plus project includes six levels of underground parking, which is likely the deepest parking structure in the city, said Justin Filuk, director of development in Victoria for the Townline Group of Companies.

Victoria Times Colonist

What’s the jackpot at Gateway Casinos: IPO or takeover?

Two weeks ago, a dozen investment bankers spent a day in front of the slot machines and poker tables at three Vancouver casinos. They weren’t there for the gambling. Gateway Casinos & Entertainment Ltd. toured the bankers through several of its B.C. properties, highlighting family-friendly steak houses and sports bars along with games of Texas Hold ’em as part of a marketing campaign for a long-promised initial public offering.

Globe and Mail (Subscription required)

Icahn selling Tropicana in $1.85B deal to Eldorado, REIT

Eldorado Resorts, Inc. (ERI-Q). and real-estate company Gaming and Leisure Properties, Inc. (GLPI-Q) are teaming up to buy Icahn Enterprises’ (IEP-Q) casino operator, Tropicana Entertainment Inc., for $1.85 billion in cash, adding to a wave of consolidation in the gambling industry. Gaming & Leisure will pay $1.21 billion for most of Tropicana’s casinos and will lease the properties to Eldorado, the buyers said in statements Monday. 

Bloomberg – Reuters – Globe Newswire – Globe Newswire

Meet Gregg Lintern, Toronto’s new chief planner

When Gregg Lintern is throwing shade, it’s hard to tell. “I do challenge some characterizations of planners,” Lintern said, gently putting down his coffee cup, ”as masters of the universe.” Lintern — who was recently named the city of Toronto’s chief planner — is definitely a  know-it-all bureaucrat. He is a Torontonian, diplomatic and very much ready to listen.

Globe and Mail

Google saved the Manhattan office market

Chinese entities – such as the conglomerates – were once the dominant buyer in U.S. trophy office markets, such as Manhattan. It ended with a big bang in the second quarter of 2017 when Chinese entities accounted for half of the commercial real estate volume in Manhattan, including its sixth largest transaction ever, the $2.2 billion purchase of 245 Park Avenue by the conglomerate HNA Group.

Business Insider

Bratz maker’s CEO bids $890M for Toys ‘R’ Us

Bratz doll maker MGA Entertainment said Friday billionaire founder and chief executive, Isaac Larian, had made an $890-million bid for Toys ‘R’ Us stores in the U.S. and Canada. Larian has offered $675 million for U.S. stores and $215 million for Canadian stores, MGA said in a statement. The funds to purchase the stores will come from Larian’s own coffers as well as from other investors and financing from banks.

Reuters – CBC – Bloomberg – Winnipeg Free Press

Top investors betting on European vacation properties

Canada’s largest institutional investors are putting money into campsites and caravans in Europe, looking to affordable family summer vacations for profits. From woodland lodges to safari-style tents by the seaside, some of the country’s major funds – such as Ontario Teachers’ Pension Plan – are backing businesses that offer inexpensive ways to escape the city and reconnect with nature. 

Globe and Mail (Subscription required)

Market Trends and Research

2018’s top office owners

LIST: Our annual ranking of the top owners of office real estate globally. The rankings for the top office owners are based on the volume of office space owned globally as of Dec. 31, 2017. Brookfield Properties, at No. 2, and Ivanhoe Cambridge, No. 10, earned top-10 rankings.

National Real Estate Investor

Retail

Calgary investment fund could help retail franchises

The City of Calgary’s $10-million economic development investment fund, launched in mid-2017, includes relief for retailers in the hard-hit downtown area. The assistance could help some downtown franchises find or expand space, according to franchise consultant Ken Wither. The retail vacancy rate in the central business district is nearly 10 per cent and only 2.7 per cent in suburban markets.

Western Investor

Restaurants and Eateries

Ottawa probing Tim Hortons franchisee concerns

The federal government is looking into concerns by a dissident group of Tim Hortons franchisees about the potential violation of terms placed on a deal that saw Canada’s most iconic restaurant chain taken over by a Brazilian firm. The government will examine allegations Tim Hortons owner Restaurant Brands International (QSR-T) has failed to live up to promises it made to the federal government under the Investment Canada Act in 2014.

Winnipeg Free Press

Cannabis industry news

Canopy Growth acquires Annabis Medical

Canopy Growth Corporation (WEED-T) is growing its medical cannabis business in Europe with the acquisition of Czech market leader Annabis Medical sro. Under the terms of the agreement, Canopy will pay approximately CDN$2.5 million. Annabis Medical is the leader in the Czech Republic’s medical cannabis industry and currently imports and distributes cannabis products pursuant to federal Czech licenses.

European Biotechnology – Canada Newswire – Financial Post

New Development

Ottawa’s Le Germain hotel set for spring opening

It’s down to the finishing touches on a newly built hotel set to help transform an entire city block into a bustling social and cultural hub. Come early May, Le Germain Hotel Ottawa at 30 Daly Ave. will be open for business. The luxury boutique hotel occupies the first 14 floors of a newly constructed 23-storey tower. The upper nine floors are condo suites developed by Montreal-based DevMcGill.  

Ottawa Business Journal – Property Biz Canada

Construction begins on Calgary’s M2

Adjacent to Calgary’s historic Simmons Building is a prime piece of land spreading out into a large plaza where construction is to begin on mixed-use building M2, a a carefully planned project of Kate MacGregor, president of XYC Design + Development. The design makes good use of the site that offers wonderful views of the river, and one that will help East Village be a centre of city activity.

Calgary Herald

Infrastructure

Infrastructure Bank told to find early wins

Leadership at a new federal infrastructure financing agency has been told to largely avoid the riskiest of investment options to help private companies make projects a reality and deliver early wins to show its value. Infrastructure Minister Amarjeet Sohi laid out the details in a newly released letter that asked the agency to consider projects like Montreal’s $6.3-billion electric rail system.

Ottawa Business Journal

Nanaimo port new hub for delivering cars from overseas

New European-built vehicles will be delivered and processed into Canada at a facility being prepared on Nanaimo Port Authority land, in partnership with Western Stevedoring.

“The project has the potential to transform Canada’s import automobile supply chain,” said Ewan Moir, president and chief executive of the port authority.

Victoria Times Colonist

Human Resources

Invesque names Zeiger senior VP, chief relationship officer

Invesque Inc. (IVQ-U-T) today announced the addition of Adam Zeiger as senior vice-president and chief relationship officer. Zeiger brings more than 15 years of healthcare experience, previously holding senior positions with Care Capital Properties, Inc. (CCP-N) and GE Capital, Healthcare Financial Services after kick-starting his career at Health Care REIT, Inc. (now Welltower Inc).

Canada Newswire

Cresa appoints new vice-president in NYC

Cresa has welcomed Leslie Keidan as its newest vice president of transaction management in its New York City office. Keidan was most recently a director for CBC Advisors since 2015, Notable clients have included Triad Retail Sales, Gannett, QuadrantONE, Time Warner Cable, Specific Media, Aquantive, Viacom and Cox Reps.

CP Executive

Blackstone’s Hardt joins Oxford Properties as German head

Andreas Hardt, a former managing director at Blackstone’s real estate platform in Germany, has joined the real estate arm of the Ontario Municipal Employees Retirement System (OMERS). Oxford Properties has appointed Hardt as managing director of its German office to help grow the company’s German portfolio.

IPE Real Assets

Other

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