Forest Gate buys Niagara Falls shopping centre

RENX  Commercial  •  Retail, Investment  •  Ontario

Forest Gate Financial Corp. has acquired a Niagara Falls shopping centre as the new firm begins building a portfolio and executing on its strategy to acquire a diverse range of properties. It purchased the Mount Carmel Centre for $37 million.

Hazelview creates proptech, buildtech, cleantech fund

RENX  Commercial  •  Investment, Technology  •  National

Hazelview Investments has launched Hazelview Ventures, a venture capital fund that will partner with early-stage proptech, buildtech and cleantech companies.

KingSett buys Ivanhoe stake in Ott. mall for $193.5M

Commercial  •  Ottawa Business Journal  •  RENX  •  RENX

KingSett Capital is now sole owner of the Ottawa region’s second-largest shopping mall after purchasing Ivanhoé Cambridge’s 50 per cent stake in the Bayshore Shopping Centre for $193.5 million. Cushman & Wakefield has now taken over management of the 880,000-square-foot mall.

Ottawa may top $2.2B in CRE investment in 2021: CBRE

Commercial  •  Ottawa Business Journal

Investors spent a total of $767-million on Ottawa commercial properties in Q2, putting the city on pace to top the $2.2-billion mark in 2021, CBRE said in its latest report. That would represent the third-largest annual investment figure in Ottawa’s history.

Centre Block Surrey to include 47-storey office tower

Residential, Commercial  •  urbanYVR

The Centre Block development spearheaded by the Surrey City Development Corporation will consist of 1.4 million square feet of office and commercial space and an expanded Simon Fraser University campus, with a signature 47-storey tower.

Tenants committed to 63% of ex-Times Colonist building

Commercial  •  Victoria Times Colonist

Merchant House Capital CEO David Fullbrook said new tenants have committed to 63 per cent of the 130,000 square feet of office space in the $26.6-million redevelopment of the ­former Victoria Times Colonist building. Property plans also include a 13-storey residential building.

Real Estate by the Numbers › Innovation, technology to drive the future of industrial CRE

Volodya Gusak: President, Denciti Development

Gairloch unveils Leaside Common in Toronto

Residential  •  Daily Commercial News  •  REMI Network  •  RENX

Leaside Common, a mid-rise development by Gairloch Developments in partnership with Harlo Capital, was launched recently in the Leaside neighbourhood steps from the new Bayview-Eglinton LRT. The nine-storey development features 198 units ranging from studios to three-bedroom penthouse suites, including 10 townhomes.

25-storey residential building proposed in Scarborough

Residential  •  Urban Toronto

MHBC Planning has proposed a 25-storey residential building at 30 Gilder Dr., in Scarborough. The proposed Kirkor Architects Planners-designed building consists of a six-storey podium and 19-storey tower and would include 263 residential units including 99 two-bedrooms, 29 three-bedrooms and 58 affordable units.

Ont. may OK CRE mortgages with unlicensed channels

Commercial  •  REMI Network

Sophisticated borrowers and lenders will be able to negotiate commercial mortgages through unlicensed channels if proposed regulatory amendments are enacted in Ontario. The draft regulation, currently posted for public comment on the provincial registry, arises from 2019 legislative recommendations.

Data centre industry may be about to transform

Commercial  •  Bisnow

The geography of the data centre industry throughout North America may be on the verge of significant transformation, according to a pair of state-of-the-market reports issued by industry giants CBRE and JLL.

Renovated Quebec hotels anxious for relaunch

Commercial  •  La Presse  •  La Presse  •  La Presse

SERIES: Club Med Québec Charlevoix, Fairmont Le Manoir Richelieu, Station touristique Duchesnay and Delta-Marriott Mont Sainte-Anne are among Quebec hotels to take advantage of the break imposed by the pandemic to invest in renovations. Now they’re anxious to welcome travellers.

Kansas City Southern backs CP offer

Commercial  •  Globe and Mail (Sub. required)  •  Yahoo Finance  •  Business Wire

Kansas City Southern (KSU-N) has officially terminated its takeover agreement with Canadian National Railway Co. (CNR-T) , throwing its support behind a rival offer from Canadian Pacific Railway Ltd. (CP-T). The Missouri-based railway’s board has recommended CP’s US$27.2-billion takeover.

Ivanhoé, Walker & Dunlop to JV on U.S. residential

Residential  •  PR Newswire

Ivanhoé Cambridge and Walker & Dunlop Investment Partners, Inc. have partnered to make preferred equity investments in multifamily, student housing, and manufactured housing properties throughout the United States. Its strategy will focus on identifying opportunities with stabilized properties.

CI Financial establishes U.S. headquarters in Miami

Commercial  •  Financial Post  •  Business Wire

CI Financial Corp. CIX-T) is opening a U.S. headquarters in Miami, joining other finance and investing firms including Blackstone Inc. and Goldman Sachs Group Inc. that have expanded in South Florida since the pandemic began.

Amazon to open 100-plus U.S. properties this month

Commercial  •  CP Executive

Seattle-based e-commerce giant Amazon announced plans to open more than 100 buildings in the U.S. in September alone. The company has already opened more than 250 new fulfillment centers, sortation centers, regional air hubs and delivery stations since January.

CREA lowers sales forecast; nudges average price higher

Residential  •  CBC  •  Regina Leader-Post  •  Canada Newswire

The Canadian Real Estate Association is forecasting the country will wrap the year with fewer home sales than it previously predicted as it says tight supply conditions will continue to push housing costs up.

Quebec brokers accept no blame for overheated market

Residential  •  La Presse  •  Globe Newswire

Brokers have nothing to do with overheating real estate, argues a brief from the Quebec Professional Association of Real Estate Brokers which blames an increase in demand, an insufficient number of properties and the behavior of buyers and sellers

B.C. municipalities need gov’t help to tackle housing crisis

Residential  •  Globe and Mail

B.C.’s municipal politicians say they want to build more housing in order to tackle the Canada-wide affordability crisis that has hit their cities, but that they need additional help from the national and provincial governments to do it.

Lumber output reduced due to home renovation delays

Residential  •  Globe and Mail (Sub. required)

B.C. Interior sawmills West Fraser Timber Co. Ltd., Conifex Timber Inc., Interfor Corp. and Canfor Corp. are scaling back production as consumers delay do-it-yourself renovations while home builders slow the pace of new construction.