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Recent Articles

Panattoni launches spec Oshawa industrial build

5 years ago

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Panattoni Development Company, Inc. will officially break ground on a 631,000-square-foot speculative industrial development on Thornton Road South in Oshawa on Thursday. The Sacramento, Calif.-based developer acquired the land at 1121-1147 Thornton Rd. S. in April 2018 for $7.425M.

RENX   •   • 

Jaime McKenna has moved from one largely family-owned company to another to assume the new role of managing director and group head of real estate for Fengate Asset Management. McKenna previously worked at Minto Group and Minto Apartment REIT.

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Projects where space is sold – not leased – are dominating Metro Vancouver’s industrial market for the first time as property transactions fall sharply from the record investments level of 2018. In the first six months, industrial investment struggled to reach $272 million.

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It appears that the slow first-quarter start in Canada’s commercial property investment market was a one-off in what remains a strong multi-year run for overall investment, according to a new report by Jones Lang LaSalle (JLL) brokerage house.

CMLS Commercial Mortgage Commentary Q2 2019

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Landlab, the developer behind the Hendrick Farm community, is partnering with the Nordik Spa-Nature owner on a $100-million development in Chelsea, Que. The deal will add another 150 homes, business spaces and restaurants across chemin Old Chelsea from the spa.

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Hudson’s Bay Co. (HBC-T) has struck a deal to sell its Lord & Taylor unit to fashion rental chain Le Tote for $100 million US. HBC will retain control of all the real estate assets Lord & Taylor stores are sitting on.

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As the $200-million renovation at Ivanhoé Cambridge’s Eaton Centre Montreal is entering its home stretch, the media was treated to a visit to the space occupied by Time Out Market, one of the two main tenants.

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Developer Ryan Beedie is taking the City of Vancouver to court in a bid to revive a development project at 105 Keefer St. that whipped up fierce opposition from social housing advocates before the city’s Development Permit Board sunk the proposal.

Centurion REIT

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A record 6.14 million international visitors are expected to visit B.C. this year, but the number of available hotel rooms is not keeping up – particularly in Vancouver. Tourism officials acknowledge this imbalance is pushing up room rates.

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Just about two years since the Park Hyatt Hotel temporarily closed, a significant renovation of the property has been unfolding. Upgrades to the Oxford Properties-owned site include changes to both the 17-storey south tower and the north tower.

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The federal government is pitching in $18.1 million toward the completion of Edmonton’s Francis Winspear Centre for Music. The $65-million expansion will transform a surface parking lot into 41,000 square feet of mixed-use new cultural space.

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The fallout from Hong Kong residents’ months-long clash with China’s government could put further pressure on the real estate markets of Vancouver and Toronto, as well-heeled expatriates and new Chinese immigrants seek safety in Canada, say market observers.

City of Coquitlam - Land Sales

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REITS have historically offered above-inflation income returns. Even though property prices have increased across the globe since the financial crisis, it is possible to obtain a dividend yield from REITs that is higher than that offered by cash.

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BSR REIT (HOM-U-T) announced it has completed the purchase of two adjacent class-A garden-style apartment communities in Texas. Cielo and Madrone, located in Austin, comprise 554 apartment units and cost BSR US$104.4 million.

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Continuous delivery of new self-storage products substantially impacted U.S. rent growth in July. Street-rate rents dropped 2.5 per cent year-over-year for the average 10×10 non-climate-controlled and 4.3 per cent for climate-controlled units of similar size, according to Yardi Matrix.

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Canadian condominiums may be the “future of our communities” but per square foot, they are hardly a bargain. According to a Royal LePage report, aside from Vancouver and Calgary, every major city’s condo price per square foot has increased.

BOMA

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Scotiabank CEO Brian Porter believes Canadian consumers are in good shape amid high household indebtedness and a shifting real estate landscape. Porter added the B-20 mortgage stress tests that took effect in 2018 have succeeded in cooling Canada’s hottest housing markets.

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Canada’s cities are asking federal parties to add more than $800 million a year to the national government’s decade-long housing strategy and fill gaps in the plan over its remaining eight years to make renting more affordable.

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Capitalization rates for multi-family rental properties in Canada are the lowest of any commercial real estate sector, partly because of high demand, according to the recent Canadian Cap Rates and Investment Insights report from CBRE.

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The Ontario Home Builders’ Association (OHBA) has announced its 2019 Awards of Distinction finalists. Entries were submitted into 42 categories covering building, design, professional renovation and sales and marketing across Ontario.

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