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Recent Articles

Jeffrey Soliman creates new CRE venture, buys office building

3 years ago

RENX   •   • 

Two years after launching a successful commercial mortgage brokerage firm in Montreal, Jeffrey Soliman has started a second real estate business, with the hopes of acquiring US $1 billion worth of real estate in 10 years.

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SmartCentres REIT recently applied for rezoning for a 35-storey tower at the future Crosstown LRT, part of a wider planned community known as SmartCentres Eglinton West. The Turner Fleischer Architects-designed project at 2400 Eglinton Avenue West would include 400 residential units.

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Plans are in the works for a Plazacorp/Firm Capital JV development in Midtown. The redevelopment of 1233 Yonge St. and 9 Woodlawn Ave. would replace the existing rental buildings with a new mixed-use development containing condo and rental units, and ground-floor retail.

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Grandé Studios will add 30,000 to 50,000 square feet of filming space to its Pointe-Saint-Charles district studio by the start of 2022 to host Hollywood productions. Grandé Studios, which was inaugurated in 2016, currently has 220,000 square feet of filming space.

JLL

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For the second time in five years, N.D.G. residents have torpedoed a plan to build residential housing on the site of a former Anglican church. At least 200 signed the register opposing a plan to construct 10 family homes on the site.

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Ottawa has joined the Office of the Superintendent of Financial Institutions in toughening up borrowing requirements for homebuyers on the same day the Bank of Canada warned that growing household debt has become a risk to the economy again.

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The Caisse de dépôt et placement du Québec has tripled its stake in Shopify to more than $500 million. Quebec’s largest institutional investor released more than $400 million to buy shares in the e-commerce solutions provider in Q1 2021.

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WPT Industrial REIT (WIR-U-T) has signed a full-building leasing agreement with iDC Logistics at an industrial facility in Perris, Calif. The logistics firm will occupy the 354,810-square-foot class-A building, its fourth location in the state.

Fengate

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CN (CNR-T) and Kansas City Southern have entered into a definitive merger agreement to create a transportation network connecting the U.S., Mexico and Canada “with a seamless single-owner, single-operator service”. The transaction still requires numerous regulatory and other approvals.

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Granite REIT (GRT-UN-T) pays an initial yield of 3.7%. Despite rebounding from the selloff, H&R REIT (HR-UN-T) still has a long way to go before it gets back to the $20 range. Fronsac REIT (FRO-UN-X) offers monthly income with above-average growth potential.

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Alistair Pickering, Oxford and Nick Gaganiaras, Colliers: The national view on industrial, CRE Podcast
Marco Ding, CPP Investments: The way forward for one of Canada’s largest investors, REALtalk: Episode 23
Edward Burtynsky, photographer: How will the workforce shift toward climate adaptation? Work/Place Episode 3

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Firm Capital Property Trust, (FCD-UN-X), Globe Newswire
Gulf & Pacific Equities Corp., (GUF-X), Globe Newswire
Skyline Investments Inc., (TASE: SKLN), Globe Newswire

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In a deal that will create a $29 billion investment manager, the real estate arm of Ares Management Corp. will acquire Black Creek Group. Black Creek, a diversified Denver-based investment management firm, will add $11.6 billion worth of AUM to Ares’ $17.2-billion platform.

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Hines Global Income Trust Inc. has acquired a 10-storey, 396,000-square-foot trophy office property in the Capitol Waterfront submarket of Washington, D.C., a market with the lowest office vacancy rate in D.C. at 7.9 per cent. The property reportedly sold for $215 million-plus.

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Target is adding to the expansion plans it laid out just a quarter ago. The retail giant will be adding five logistics facilities by the end of the year in addition to the four regional distribution hubs it had announced.

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When the Gherkin tower opened 17 years ago, its skyline-defining silhouette heralded a new era in the low-rise City of London. Now, a spate of new planned skyscrapers threaten to erase it from view and from relevance.

2021 Land & Development Conference

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Quebec City is the most desirable city in Canada for millennials – the oldest of whom turn 40 this year – while Ottawa is No. 2 and Kingston, Ont., is No. 3, according a new national survey by Point2Homes, an online real estate marketing firm.

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Paul Danison, content director with Rentals.ca, said rental prices in major Canadian markets have turned a corner and expects a full upswing by 2022. In Rentals.ca’s April report, the average listing for a two-bedroom Toronto apartment rose 1.5 per cent month-over-month.

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Housing starts in April more than tripled in the Saskatoon region year-over-year, at the start of the COVID-19 pandemic. Canada Mortgage and Housing Corporation numbers show housing starts in the Saskatoon region increased from 86 in April 2020 to 299 year-over-year.

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Apartment rents are rising quickly in many cities and towns across the U.S.—faster than most economists were anticipating. “Pricing in most spots—really all but the gateway metros—is at all-time highs,” says Greg Willett, chief economist for RealPage.

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