Edmonton’s Raymond Block, 121 West apartments for sale

RENX  Residential  •  Apartments  •  Edmonton

The Raymond Block and 121 West apartment properties are on the sale block as the Edmonton multi-family market deals with a sagging economy and COVID-19. “There has been a fairly steady stream of new construction in Edmonton,” said IPA’s Paul Chaput.

PineMount sells new-construction Barrie apt. building

RENX  Residential  •  Apartments  •  Ontario, Toronto / GTA

Toronto-based PineMount Developments has completed one of the first new apartment building sales in the post-COVID-19 environment, divesting the 64-unit Ferndale Gardens in Barrie, Ont., for $24 million.

MEC to be acquired by private U.S. investment firm

Commercial  •  CBC  •  Canada Newswire  •  Business In Vancouver

The board of directors for Mountain Equipment Co-op, Canada’s largest consumer co-operative, says it has unanimously approved a deal for Los Angeles-based private investor Kingswood Capital Management to acquire MEC’s assets, including the majority of its retail stores.

Brookfield explores $1.3B sale of Simply Self Storage

Commercial  •  Financial Post

Brookfield Asset Management is exploring a sale of real estate company Simply Self Storage, which could fetch about US$1.3 billion, according to sources. Brookfield purchased the company when it had 90 locations in 2016 and grew its footprint to 200-plus by November 2018.

Multires REITS trading at a discount: Starlight Capital

Residential  •  Bloomberg  •  RENX

VIDEO: Dennis Mitchell, CEO and CIO of Starlight Capital joins BNN Bloomberg to discuss his outlook on the market and why he is finding opportunity in multiresidential REITS such as Minto.

Value of Ottawa Q2 transactions down 43% YOY: Altus

Residential, Commercial  •  Ottawa Business Journal  •  RENX

Fifty office, retail, industrial, apartment and hotel properties changed hands in Ottawa in Q2 2020, a 37 per cent year-over-year decline, Altus Group said in its Q2 investment transaction report. Those deals were worth a combined $399 million, down 43 per cent year-over-year.

Sponsored by MNP Digitization of the construction industry

Moving to a cloud-based system can streamline company processes. While the construction sector has been slow to adopt process and technology innovations, there is also a continuing challenge when it comes to fixing the basics.

QuadReal plans 54-storey mixed-use redevelopment

Residential, Commercial  •  Urban Toronto

QuadReal Property Group and Barney River are proposing to redevelop the 11 Bay St. site with a 54-storey multi-use building that will provide the adjacent hotel a more modern conference facility, plus new office and retail space above.

Loblaw takes $75M stake in healthcare provider

Commercial  •  Financial Post  •  Bloomberg

Loblaw Companies Ltd. (L-T) is investing $75 million in virtual health provider Maple Corporation as the grocer continues to expand its footprint in healthcare. The investment in the largest virtual care provider in Canada gives Loblaw a minority stake in Maple.

Sobeys launches new curbside pickup service in N.S.

Commercial  •  Canada Newswire

Empire Company Limited (EMP-A-T) is expanding its e-commerce offering to Atlantic Canada with the launch of “Voilà by Sobeys Curbside Pickup.” Now available at three Nova Scotia Sobeys locations, the service offers a freshness guarantee with no hidden fees.

Ottawa retailers in ‘survival mode’

Commercial  •  The Chronicle Herald

In Ottawa, the COVID-19 retail casualty list continues to grow. At Lansdowne Park, more than 15,000 square feet of space is up for rent after being abandoned this year by Structube, Pet Smart, The Source and The Lindt Chocolate Shop.

Work on The United BLDG commences

Residential, Commercial  •  Urban Toronto

A ground-breaking was held for Davpart‘s The United BLDG, a mixed-use development at Dundas Street West and University Avenue. The 52-storey, B+H Architects-designed tower is touted as one of the tallest architectural heritage retention projects in North America.

$120B worth of CRE debt threatened by U.S. fires

Commercial  •  MarketWatch

Wildfires choking West Coast skylines with smoke and ash and burning more than four millions acres already have put an estimated $120 billion worth of commercial properties at risk, according to analysts at BofA Global Research, which analyzed 58 affected counties.

Silverstein says NYC will bounce back again

Commercial  •  National Real Estate Investor

As the man who bought New York’s World Trade Center months before 9/11, Larry Silverstein, chairman of Silverstein Properties, has witnessed first-hand the toll a devastating disaster can take on human life, the economy and the urban office sector.

WeWork looks at office market’s future

Commercial  •  Commercial Observer  •  RealtyBizNews

Few companies understand the office market like WeWork, with more than 800 locations globally. Since the outbreak of COVID-19, WeWork has worked closely with industry-leading companies worldwide to adapt their workplace strategies and real estate needs.

U.S. banks shedding real estate to cut costs

Commercial  •  Toronto Star

Fifth Third Bancorp will cut about 20 per cent of its corporate office space as part of a plan to eliminate $200 million US in annual expenses. Prudential Financial Inc. and Synchrony Financial said they’ll also reduce their real estate footprints.

August record-setting month for many markets: CREA

Residential  •  Canada Newswire  •  Toronto Star

Statistics by the Canadian Real Estate Association (CREA) show national home sales and new listings continued to climb in August. National home sales rose 6.2 per cent on a month-over-month basis in August and actual activity was up 33.5 per cent year-over-year.

Chartwell calls on provinces to ease COVID restrictions

Residential  •  Globe and Mail  •  RENX

Chartwell Retirement Residences (CSH-UN-T) is asking government officials in British Columbia, Alberta and Ontario to waive the 14-day isolation period for new residents of retirement homes. The provision is mandatory in all three provinces.

Van. touts new program for middle-income earners

Residential  •  Business In Vancouver  •  Globe and Mail  •  Business In Vancouver

Mayor Kennedy Stewart announced Monday a new program that proposes allowing property owners to build up to six small homes on a standard-sized single-family lot. Two additional homes must be sold to those with an annual household income of $80,000 to $120,000.

At the moment, the news for condos isn’t good

Residential  •  Financial Post  •  Toronto Star

Condominium prices, rents and sales have taken a substantial hit from COVID-19, much more so than other housing types in large markets during the early post-lockdown period, leading many to wonder if condominiums would recover from the pandemic.