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Recent Articles

Informa updates COVID-19 impact on Canadian RE forums

4 years ago

RENX   •   • 

Informa Canada is taking measures to keep thousands of CRE executives up to date on the status of its Canadian conferences in light of the COVID-19 outbreak. Informa has now posted its first notice, about upcoming conferences in Vancouver.

RENX   •   • 

Freed Developments Ltd.’s recent acquisition of the 5.42-acre Don Valley Hotel and Suites property with Fengate Asset Management is the latest example of the developer’s focus on master-planned communities near transit in Toronto.

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Renwick Development is proposing a $120-million Montreal project with 220 housing units, of which 60 would be social housing. Most of the others would have two or three bedrooms. The plans also call for a preschool, shops, office space and park.

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Colonnade BridgePort is the latest local property management firm that says it wants to put up a new commercial building on Kanata North’s Solandt Road. It is proposing a five-storey, 100,000-square-foot class-A office facility with 355 parking spaces.

CMLS Mortgage Commentary

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True North Commercial REIT (TNT-UN-T) announced a further 10-year lease renewal with the Federal Government of Canada, the anchor tenant at 340 Laurier Ave. W., in Ottawa. 340 Laurier is 99% occupied, with the government occupying 98% of its rentable area.

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The federal government has been chronically underspending on the repair and maintenance of Canada’s defence infrastructure for years, leaving officials to play catch-up on maintaining aging roads, runways, jetties and thousands of buildings across the country.

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Summit Industrial Income REIT (SMU-UN-T) announced it had waived conditions and will acquire 100 per cent of a class-A temperature-controlled single-tenant distribution facility in Guelph. Summit will pay approximately $77.7 million for the 282,133-square-foot building.

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BTB REIT (BTB-UN-T) announced the disposition of an industrial property located at 5600 chemin de la Côte-de-Liesse in Montréal. The property was sold for a total consideration of $9.25 million, excluding transaction costs.

Stewart Title

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Southwest Winnipeg city councillors have agreed to change land-use rules around CF Polo Park shopping centre so residential housing can rise in the area. Cadillac Fairview and Shindico Realty Inc., are co-owners of the property.

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Commercial real estate broker CBRE is forecasting major investment in Canada’s commercial market in 2020. Winnipeg’s market could reap the benefits of deals such as last year’s sale of Kildonan Crossing Shopping Centre by RioCan REIT.

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Self-storage is swallowing up industrial land in Penticton and selling spaces worth hundreds of thousands in Kelowna. Kelowna’s Space Centre is the largest self-storage facility in Western Canada at 380,000 square feet — and it’s planning to expand again in the fall.

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Vancouver saw approximately $6.3 billion in investment deals worth $5 million or more last year, according to Jones Lang LaSalle, 13.4% of the $47 billion recorded across Canada. Most buyers were domiciled in Canada (75%) and five per cent came from outside North America.

Western Canada Apartment Investment Conference

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Planet Organic Market is closing ts 11 stores, citing the company’s current financial state in an internal memo. Planet Organic Market operated four locations in Edmonton, five in Calgary and two outside of Alberta.

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The Bank of Canada cut its trend-setting interest rate by half a percentage point to 1.25 per cent, down from 1.75 per cent, on Wednesday in an effort to soften the economic impact of the COVID-19 outbreak.

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Brookfield Property Partners L.P. (BPY.UN-T) is weighing a sale of auto dealership landlord Capital Automotive, which could fetch about US$5 billion including debt, according to sources.Capital Automotive is based in McLean, Va.

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CLT International Distribution Center at 4325 Beam Rd, Charlotte, N.C., has been acquired by Dalfen Industrial. Only 1.5 miles from Charlotte International Airport, the 58,160-square-foot industrial building was built in 2001 and is currently leased to CLT Freight Carrier.

Equiton Partners

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Oakridge Centre is best known as one of the most profitable shopping malls in Canada, but the makeover of the Vancouver retail hub will turn it into one of the biggest residential enclaves in the city.

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A Manitoba court has decided the province can’t wriggle out of an agreement to provide up to $2.1 million worth of construction financing to a downtown Winnipeg condo project originally known as D Condo.

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Toronto is in the process of designing a regulatory and enforcement regime for short-term-rental operators. If the experience of other cities is any guide, the new rules could kick off a high-stakes game of cat-and-mouse with hosts bending the rules.

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The combined impact of the UCP budgets will result in an 11.3 per cent increase in the provincial education property tax for Calgary’s residential property owners. It means homeowners are looking at a combined tax hike of 8.9 per cent for 2020.

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