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Recent Articles

Choice Properties buys, sells $675M of industrial, retail

4 years ago

RENX   •   • 

Choice Properties REIT (CHP-UN-T) resumed investment activity in a major way during Q3, inking agreements to acquire or expand its interest in more than a half dozen properties, and to divest three portfolios. In total, its transactions amount to $675 million.

RENX   •   • 

Needs-based retailers continue to weather the pandemic well, and so do needs-based real estate investment trusts such as CT REIT (CRT-UN-T). Anchored by Canadian Tire, CT REIT’s management is confident enough they’ve moved the trust back into acquisition mode.

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Leaked plans for Concord Pacific’s massive tech-focused office and apartment complex, near Vancouver’s False Creek waterfront, suggest the area could see a population explosion if the project goes ahead on top of the already planned Squamish Nation development next door.

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Pointe-Claire’s vision of becoming the “downtown” of the West Island is not going down well. At Tuesday night’s council meeting, Mayor John Belvedere faced many tough questions from citizens about the proposed Groupe Brivia and Cadillac Fairview densification projects.

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Cominar REIT (CUF-UN-T) wasted no time in finding a replacement for the bankrupt Sportium chain’s Laval store. French sports good company Décathlon will lease 67,000 square feet at Cominar’s Centre Laval, marking its fifth store in Quebec and ninth in Canada.

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Cadillac Fairview has been aggressive in its commitment to return to normal. This week, CF Chinook Centre welcomed Canadian luxury outerwear brand Moose Knuckles, a company started by fur traders in 1921 and embarking on a global expansion strategy.

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Linda Pim, a member of Doug Ford’s Greenbelt Council mandated to offer guidance on the protected environmental lands, has resigned over the decision to issue a ministerial zoning order for a development that will destroy a significant wetland in Pickering.

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Building owners should take advice from Florence Nightingale in their efforts to make their indoor spaces safe, says an international expert on fixing sick buildings. Nightingale advocated fresh air from open windows for her patients said Joseph Allen during BOMEX 2020.

ICS Facilities Services

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Months after completing a multimillion-dollar renovation that boosted the size of the ground-floor space to 100,000 square feet, Montreal tech company GSoft plans to cut its real-estate footprint by up to 50 per cent. GSoft currently has 275 employees.

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Eating a meal on a Winnipeg patio in January? “If people are dressed right and prepared to go outside, they’ll be more than comfortable,” predicts Amsterdam Tea Room & Bar owner Mark Turner, awaiting word on a city-issued winter patio permit.

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EDITORS NOTE: Story and headline have been corrected at source. Bluebird Self-Storage has opened Ontario outlets in Toronto, Whitby and Burlington. The Toronto facility is a retrofit of the former National Post building and has 151,000 net rentable square feet.

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Choice Properties REIT, (CHP-UN-T), Canada Newswire
ERES REIT, (ERE-UN-X), Globe Newswire
Granite REIT, (GRT-UN-T), Stockhouse
Killam Apartment REIT, (KMP-UN-T), Canada Newswire
Sun Residential REIT, (SRES-X), Stockhouse

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Alimentation Couche-Tard Inc. (ATD-A-T) announced it has entered into an agreement to acquire all the issued and outstanding shares, on a fully diluted basis, of Convenience Retail Asia (BVI) for approximately $360 million. It includes 373 Hong Kong and Macau store sites.

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CPP Investments, Goodman Group and APG Asset Management N.V. have each allocated an additional $512 million of equity to investment vehicles in the U.K., targeting the logistics sector. The expansion follows the success of the Goodman UK Partnership (GUKP) established in 2015.

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A big deal is brewing in Hudson Yards. SL Green is under contract to sell its 636,000-square-foot, 20-storey class-A office redevelopment project at 410 10th Ave. for $952.5 million. The REIT says it is the U.S.’ largest single-asset transaction since the pandemic.

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Griffin Capital Essential Asset REIT (GCEAR) and Cole Office & Industrial REIT (CCIT II) agreed to merge, with GCEAR acquiring CCIT II for approximately $1.2B in a stock-for-stock transaction. The merger would create a 31-million-square-foot CRE portfolio valued at $5.8B.

Hersh Condos

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Surplus provincial land will be fast-tracked for long-term care home projects in Oakville, Vaughan and Aurora. The Ontario government has released a bid package, via CBRE brokerage services, offering three land parcels tied to requirements for 896 new long-term care beds.

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Stonehouse Team realtor Krystian Thomas specializes in Vancouver’s Strathcona neighbourhood, in the news lately because of an adjacent encampment of homeless people at Strathcona Park. “I lived a very stressful upbringing. . . . But, my location helped me discover things . . . ” explains Thomas.

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GTA realtors have no plans to return to live open houses to sell property even though the province is lifting some of the modified Stage 2 COVID-19 restrictions in York and Peel Regions on Saturday and in Toronto on Nov. 14.

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Portage Avenue’s “White House” is on the market for $3.5 million. “It’s certainly the most elaborate property I’ve ever listed,” said Lee Almstrom of RE/MAX, focusing on the two storeys of commercial space beneath the nearly 4,000 square-foot residence.

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