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Recent Articles

Porchlight-Marwest selling 468-apartment portfolio

5 years ago

RENX   •   • 

Opportunity knocks for investors seeking a foothold in steadily growing multifamily rental markets on the Canadian Prairies. More precisely, it knocks on the doors of 468 units at three new properties in Regina and Winnipeg, the Porchlight-Marwest multifamily portfolio.

RENX   •   • 

One of Kamloops’ most prominent office buildings is up for sale. The 11-storey, 37,000-square-foot tower called Cornerstone has become available in a market now facing low downtown vacancy with very little new product in the pipeline.

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Following a detailed strategic review of its operations, Lowe’s Canada (LOW-N) is closing 34 underperforming stores to optimize its network and undertaking a process to simplify multiple store banners to drive efficiency and reduce operational complexity.

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Israeli real estate investment firm Gazit Globe (TASE: GZT) said on Tuesday it was establishing a joint venture with its Toronto-based director Dori Segal to buy and manage mixed-use properties in Canada, particularly in Toronto.

CMLS November 2019

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Bridgit, a construction technology software company based in the Kitchener-Waterloo area, announced the official opening of its satellite office location in downtown Toronto’s King East Design District.

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Townhouses are rising and a shared district geothermal heating and cooling system is commissioned and ready to go for the City of Edmonton’s long-awaited Blatchford project. The sustainable community is being built on 536 acres of former municipal airport land.

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Vancouver landlords are looking to suburban markets and deeper into the boondocks to capture higher yields and escape the spiraling cost of buying and owning big-city apartment buildings.

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Northview Apartment REIT (NVU-UN–T) has been charging its N.W.T. tenants illegal “pet fees” in its pet-friendly buildings. In its lease agreements Northview is charging each tenant an extra $25 per pet, per month, on top of rent.

Centurion REIT

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Alimentation Couche-Tard Inc. (ATD-A-T) announced today it has sold all of its ownership interest in CrossAmerica Partners LP (CAPL-N) to investment entities controlled by Joe Topper, the founder of CrossAmerica, for an undisclosed amount.

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Bricks-and-mortar shopping is thriving in Metro Vancouver with approximately 3.8 million square feet planned or under development and property sales of $450 million so far this year. Lee & Associates’ Neil McAllister said new regional shopping centres are leading CRE development.

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The business group that wants to build a 24,000-seat stadium for a potential CFL franchise in Halifax has updated its proposal after the idea was nearly quashed by regional council last month.

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Colliers International brokers Alan Johnson, vice-president of the firm’s Unique Properties Group, and Bianca Gilbert have resumed marketing of the BlueVault Organic Marijuana Ltd. property in Pemberton. The 135-acre property first hit the market in summer 2018.

Union Capital

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Details of the technological innovations planned for a futuristic development in Toronto recently provided by Sidewalk Labs are satisfactory to evaluate the project. The evaluation by Waterfront Toronto is due to be wrapped up by March 2020.

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Since Richard Baker announced his aim to take HBC (HBC-T) private, the biggest bone of contention has been the value of its real estate. Tuesday, HBC released appraisals of its 79 store locations from Montreal to Vancouver to Beverly Hills.

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Two subcontractors are alleging project delays and negligence on the part of LRT-builder Rideau Transit Group’s construction component led to skyrocketing costs for their own work on the Confederation Line — and they’re taking legal action to pursue more than $18 million.

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Aura Ventures Corp., which has filed notice of civil claim in B.C. Supreme Court against the City of Vancouver, claims it and other local CRE owners are the true and “beneficial owners” of a Vancouver parking lot.

Global Property Market 2019

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In September 2017, Vancouver-based developer Polygon Homes inked a $175.5-million deal for a 14-acre property in Burnaby with Telus Communications, the site marketed as transit-oriented in a “booming” area nestled between two town centre malls along a coveted commuter-friendly SkyTrain route.

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The Ontario government has introduced a bill to update regulations for realtors that includes new enforcement tools, rules on business structures, and more disclosure of competing bids for homes.

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The head of the new organization tasked with replacing Tarion says he plans to take the auditor general’s scathing criticism into account as he overhauls the province’s home-building industry, but critics still have their doubts anything will change.

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Nova Scotia offers private islands larger than Hong Kong’s Victoria Park for less than the purchase price of a 450-square foot-flat in Sai Ying Pun in the Asian city’s western district.

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