Slate ready to flip Cominar assets: Sources

Slate ready to flip Cominar assets: Sources

Sources indicate Slate Acquisitions Inc. is in the process of flipping some of the $1.14 billion in property it bought from Cominar REIT (CUF-UN-T). Sources say Slate is close to selling an office tower it acquired at 55 University Ave. with offers coming in between $700 to $750 per square foot for the 258,000-square-foot building. Slate has also put the Dixie Outlet Mall and Woodside Square on the market. 

CoStar Group – Property Biz Canada

Chinese gov’t takes control of Anbang Insurance

China’s Insurance Regulatory Commission (CIRC) issued a statement saying it had taken control of Anbang Insurance Group Co. this morning possibly putting billions of dollars in luxury U.S. hotels up for grabs. Anbang went on a U.S. hotel buying spree in 2015 and 2016 spending more than $7 billion in two transactions to acquire more than 8,650 hotel rooms. The sellers in each case were affiliates of The Blackstone Group (BX-N). 

CoStar Group – Bloomberg

‘Massive demand’ for space from marijuana retailers: AY

The pending legalization of recreational marijuana usage in Canada will change the face of retail in Alberta and present new opportunities for landlords, says a veteran of the province’s retail scene. Ben Volorney, principal, retail at Avison Young in Edmonton, says competition among potential cannabis retailers in Alberta is very high, with some deals being negotiated months in advance of the federal government’s expected legalization.

Property Biz Canada – Bloomberg

Vancouver industrial land shortage prompts call for farm land

Metro Vancouver’s shortage of industrial land has reached a critical stage and the government must consider drawing more land from B.C.’s agricultural land reserve (ALR) to cope, says a senior vice-president at CBRE. CBRE’s recently released year-end industrial report reveals Metro Vancouver’s industrial availability rate dropped 160 basis points from 3.9 per cent in 2016 to 2.3 per cent by the end of 2017.

Property Biz Canada

‘Big developers’ a problem in Montreal’s Mile End: Councillor

Projet Montréal councillor Marie Plourde says she’s “devastated” at the skyrocketing rents for certain commercial properties in Montreal’s Mile End neighbourhood. “It’s dramatic,” she said. “I support all the business owners who are there, who are resisting, who are worried. All this brings up inflation, and rents in general.”

Montreal Gazette

Perkins+Will using data to design office workplaces

While data drives how many businesses operate these days, one area you probably wouldn’t think about it being applied to is office workplace design. Perkins+Will Canadian corporate interiors leader Janine Grossman has thought about it, and it’s becoming a bigger part of her job at the 83-year-old architecture firm which employs more than 2,000 in 24 offices around the world.

Property Biz Canada

No turning back now on LeBreton Flats: Ex-Ottawa mayor

Perhaps better than anyone in the city of Ottawa, Jim Durrell can appreciate many residents’ reluctance to believe there will be an NHL arena at LeBreton Flats. Durrell, after all, was the capital’s mayor three decades ago when he and then-regional chair Andy Haydon tried to work out an agreement with the National Capital Commission to redevelop the coveted 21-hectare property just west of downtown.

Ottawa Business Journal

Saks arrival vaults Calgary into retail big leagues

Calgary’s retail landscape took a significant step upwards this week, with the long-awaited opening on Thursday of storied retailer Saks Fifth Avenue (HBC-T), in CF Chinook Centre. It’s a bit ironic the extensively renovated space it will occupy was once home to a Canadian retailer that dominated the lower end of the retail market in Canada — Zellers — and most recently, Target.

Calgary Herald – Canada Newswire

Loblaw warns of challenges ahead

Grocery giant Loblaw Companies Ltd. (L-T) faces “exceptional external headwinds” in 2018 ranging from higher minimum wages in some provinces to the effects of generic drug reforms, CEO Galen G. Weston says. Amid the challenges, Loblaw executives on Thursday stayed away from discussing anything related to the company’s part in fixing bread prices over 14 years during its Q4 analyst conference call.

Globe and Mail – Financial Post – Canada Newswire

Walmart sales gain on lack of Canadian rivals

Walmart (WMT-N) shares shed more than nine per cent in early trading on Tuesday after the company posted disappointing fourth-quarter results, but international sales remained a bright spot for the global discount retailer, including sales in Canada. Total revenue surpassed $500 billion US for the first time in the company’s history; however analysts were disappointed by the retailer’s lower-than-expected fourth-quarter profit and slower e-commerce sales in the quarter.

Toronto Star – Hamilton Spectator – Financial Post – Bloomberg

Big Brother has arrived at your grocery store

Walking into this white-walled room, lined with shelves of colourful potato-chip bags and tidy stacks of granola bars, is a snacker’s dream. Except this room is at the University of Guelph and these treats aren’t for snacking. This mock grocery store is the latest Canadian contribution in a wave of research designed to give governments and corporations better data on real-time choices consumers make in stores.

Globe and Mail (Subscription required)

Dream Office REIT appoints Cooper CEO

Dream Office REIT (D-UN-T) Thursday evening announced the appointment of Michael J. Cooper as chief executive officer. Cooper is currently and will remain chairman of the trust. In his new position, Cooper will also oversee operations as Dream Office executes the next phase of its strategy. Jane Gavan, who previously served as CEO of Dream Office,  will be focused on executing the growth strategy for Dream Global REIT (DRG-UN-T).

Globe Newswire

Global REITs confident they’ll weather economic storm

In an environment with newly ignited market jitters, what is the overall sentiment for REITs? Data suggests the global real estate market could be reaching the end of its upward climb as well. More than two-thirds of global REIT executives (68 per cent) felt the real estate cycle in their market was at or past its peak, according to the BDO Global REIT Report.

CP Executive

Airbnb looks to luxury vacations, hotels for growth

Airbnb is rolling out new services aimed at attracting travellers looking for luxury accommodations and traditional hotels, the latest move to contend with sputtering growth in its original home-renting business. The company Thursday unveiled a new product that bundles Airbnb’s poshest properties with high-end travel services, as well as a separate category of homes guaranteed to be clean and comfortable.

CBC – The Guardian

Sterling Bay wraps up $510M deal for Groupon HQ

Sterling Bay on Wednesday finalized its $510-million US purchase of Groupon’s Chicago headquarters, the largest deal ever for the 31-year-old firm. That distinction will be short-lived, however, as the Chicago developer is expected to soon complete its acquisition of the two-tower Prudential Plaza office complex for about $680 million.

Chicago Tribune – PR Newswire

Market Trends and Research

Top 10 largest construction project starts in Canada

The accompanying table records the 10 largest construction project starts in Canada in January 2018. Also included is the latest trend graph on starts. This looks at 12-month moving totals of the civil and non-residential building categories in Canada. 

Daily Commercial News

Real Estate Companies

Theme parks help PCL ride to near-record revenues

PCL Constructors Inc. hopes it can ride the Hogwarts Express all the way to Gringotts Bank so magical financial results will continue for Canada’s largest construction company. Despite the lingering effects of the recent drop in oil prices, the Edmonton-based firm had a near-record $8.4 billion in revenue for the fiscal year that ended Oct. 31, second only to the $8.5 billion in 2016, president Dave Filipchuk said.

Edmonton Journal

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REOC Financial Reports

Latest financial results:

* Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire

* Morguard Corporation, (MRC-T), Canada Newswire

* Temple Hotels Inc., (TPH-T), Canada Newswire

REIT Financial Reports

Latest financial results:

* Crombie REIT, (CRR-UN-T), Canada Newswire

* Dream Global REIT, (DRG-UN-T), Globe Newswire

* Dream Office REIT, (D-UN-T), Globe Newswire

* InterRent REIT, (IIP-UN-T), Globe Newswire

* Plaza Retail REIT, (PLZ-UN-T), Canada Newswire

Real Estate Investment Trusts

Kimco to benefit from Albertsons’ acquisition of Rite Aid

Kimco Realty (KIM-N) is poised to be one beneficiary of Albertsons acquiring Rite Aid (RAD-N), creating another U.S. grocery-pharmaceutical behemoth fending off Amazon and Walmart. Kimco has a roughly 9.7 per cent stake in the Boise, Idaho-based grocer, which could now be valued at as much as $685 million, according to BTIG Research. Kimco’s investment in the chain was valued at approximately $140 million before the Rite Aid deal was announced.

CNBC

Allied Properties a must-own commercial REIT

In Canada, there are a couple of different commercial plays worth considering. However, the only one that is really must-own is Allied Properties REIT (AP-UN-T). I like Allied primarily because it is focused on major urban markets here in Canada. There has been consistent growth in cities, as young professionals move out of the suburbs and into cities. With that comes the need for employers to have office space.

Motley Fool

Retail

Cabela’s closes Moncton store after less than three years

Cabela’s, the retail giant whose presence thrilled Moncton so much it named a street after the store, closed Thursday after less than three years. The hunting, fishing and outdoor gear retailer believes it can “better serve” its customers in the region with the existing Bass Pro Shops location in neighbouring Dieppe and the new Halifax-area Cabela’s store, scheduled to open this spring, said Cabela’s Incorporated spokesman Nathan Borowski.

CBC

Retail sales slide, ending three-month run of rises

Canadian retail sales fell in December, ending a run of three straight months of increases, Statistics Canada reported Thursday. For the month, sales were down by 0.8 per cent from November to $49.6 billion. The report was a bit weaker than what the market had been expecting. Economists were projecting a drop of 0.5 per cent.

CBC – Toronto Star

Restaurants and Eateries

Subway suffering from historic slump

Subway Restaurants facing one of the biggest sales slumps in its five-decade history, is looking to win back customers with a new incentive: $2 discounts through a revamped loyalty program. The sandwich chain will let diners use their loyalty rewards on any menu items, lifting restrictions under the current program. The new system will expand to 28,500 U.S. and Canadian locations next month.

Bbloomberg

New Development

Plans revived for 16-storey Ottawa towers

Plans are once again being proposed to construct what’s believed to be the tallest building in Barrhaven. Earlier this month, a consultant working for Saint Joseph Developments filed a site plan application with the city to construct the first phase of a pair of 16-storey towers at the corner of Longfields Drive and Marketplace Avenue, adjacent to RioCan’s Chapman Mills Marketplace power centre.

Ottawa Business Journal

Sylvan Lake ready to ‘reimagine’ waterfront

The town of Sylvan Lake, Alta., west of Red Deer is planning a major redevelopment of its waterfront as it hopes to bring in more visitors and boost business in the town. The Reimagine Sylvan plan will guide one of the most significant changes in the town’s history, making sure it stays relevant and attractive to both businesses and tourists.

CBC

Infrastructure

New Toronto streetcar tracks struggling with flooding

Amid heavy rain, one Etobicoke resident says his transit stop looks more like a swimming pool. Steve Ulrich takes the TTC from the booming Park Lawn and Lake Shore area of south Etobicoke. The city just installed brand new streetcar tracks on Lake Shore Boulevard West, but Ulrich says the redesign can’t handle wet weather.

CBC

Technology

How bright are smart buildings?

Every time a tenant enters or exits a Rudin Management-owned property, the building notices. A sensor in a turnstile near the entrance sends a signal to the property’s operating system, dubbed Nantum. The system can sense sudden shifts in occupancy and quickly adjust its heating and air-conditioning depending on the season. Rudin launched the independent tech startup Prescriptive Data — Nantum’s creator — in June 2016.

The Real Deal

Other

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