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Recent Articles

Port McNicoll, Ont., dev. site sold via power of sale

4 years ago

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A power of sale transaction for the Port McNicoll Holding LP development site — acquired three years ago by Milborne Group, CIM International Group Inc. and a private Chinese investor — is scheduled to close on Aug. 17.

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Downtown Calgary’s 37-storey Nexen Building has sat devoid of any workers since mid-2019. Behind the scenes, the tower has been the subject of a nasty legal battle over alleged contamination that has played out for well more than a year.

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ICM Group continues to grow its Canadian portfolio focused on redeveloping properties to make them more attractive to potential buyers and tenants. Its current projects include Calgary’s Mayland Yards industrial and Edmonton’s North District retail sites, respectively.

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Reliance Properties‘ development application for a 32-storey office tower at Vancouver’s 1166 West Pender has been officially filed. The office tower proposal has been in the works for several years, with a rezoning application filed in November 2018.

Yardi Marketplace

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The City of Burnaby looking at making radical changes to the Metrotown area. Bob Rennie, one of the nation’s most successful marketers, said Burnaby’s previous attempts at making Metrotown a “downtown” have been a failure in many ways.

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Surrey needs to ensure its downtown is safe and easily walkable if it wants to succeed in a vision that includes dozens of new residential and commercial projects clustered around transit, a panel discussion was told Thursday.

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One corner of commercial real estate is riding out the upheaval: storage. Lockdown restrictions have meant closed offices and shuttered retail stores and restaurants across the country, raising questions about the long-term demand for such spaces.

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Registration is open for an online version of the Canada Green Building Council’s (CaGBC) annual conference, organized following the pandemic-related cancellation of the in-person Building Lasting Change 2020. The virtual version kicks off on Sept. 22 during World Green Building Week.

CMLS - Mortgage Commentary

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Imperial Equities Inc. today announced it has completed the sale of Oliver Crossing, located at 10304 – 111 St., in Edmonton. Although the focus has been industrial property, Oliver Crossing increasingly stood out as an exception to the company’s growth strategy.

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When Choice Properties REIT (CHP-UN-T) reported its second-quarter financial results, one of the key takeaways was that more of its retailing tenants are paying their rent. That suggests there is a compelling case for retail REITs at today’s beaten-up prices.

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Beginning Sept. 1, Cushman & Wakefield is rolling out Kelowna-based GetintheLoop‘s technology for 21 shopping centres across the country. The app allows retailers to better co-ordinate everything from roadside pick-ups to deliveries, as well as purchasing gift cards.

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Canadian consumers flocked to online shopping as lockdowns to combat the COVID-19 pandemic were instituted, according to a Statistics Canada report. Total retail sales fell by 17.9 per cent as Canadians increasingly sheltered in place between February and May.

Canadian Apartment Investment Conference

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Mukund Mohan, the chief technology officer of BuildDirect, a prominent Vancouver tech company, has been arrested and charged with fraud for allegedly seeking millions of dollars through a U.S. government COVID-relief program and laundering the proceeds.

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It has hardly been a year since invitees danced the night away and sipped champagne throughout a sprawling new Neiman Marcus department store in Manhattan. A Neiman Marcus spokesman said the company is closing its Hudson Yards location for good.

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Simon Property Group (SPG-N) and Authentic Brands, which licenses apparel, are making a $305 million bid to acquire bankrupt men’s clothier Brooks Brothers. The partners have formed Sparc LLC, with the goal of keeping at least 125 Brooks Brothers stores open.

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Brookfield Asset Management (BAM-A-T) has picked Bank of America Corp., Citigroup Inc. and Morgan Stanley for an initial public offering of its India real estate investment trust that could raise at least $500 million, according to sources.

Romspen Commercial Lender

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The coronavirus pandemic is hitting alternative lenders hard, with business down substantially, a handful of mortgage investment corporations stopping investors from redeeming their funds, and others trying to offload their portfolios of home loans.

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In March 2017, Carlo Cassone put down a $24,000 deposit and signed a contract to buy a condo in Surface Developments‘ 25-unit “boutique” Parkdale Market Lofts. Two years later, the units were put up for rent with the building renamed The Foundry.

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Windsor-Essex’s real estate market is red hot, according to Windsor real estate agent Adita Soma. According to the Canadian Real Estate Association (CREA), June’s average home price in the area is $401,465, an increase of $65,422 — or 19 per cent year-over-year.

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The story of the month was when mortgage interest rates dipped below three per cent for the first time on record. The trend reversed its course — slightly — last week with 30-year fixed rate loans landing at 3.01%, according to Freddie Mac.

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