Goodfood grows distribution network as demand rises

RENX  Commercial  •  Industrial, Retail  •  National

Online grocer Goodfood Market, which has seen rapid growth during the COVID-19 pandemic, is expanding its footprint by opening what will be its largest fulfillment centre. The 200,000-square-foot facility in Mississauga should be open by late summer 2021.

Ottawa land assembly sold as redevelopment property

RENX  Residential  •  Condominiums, Land  •  Ottawa

A land assembly in Ottawa’s trendy Hintonburg neighbourhood has been acquired by ML DEVCO Inc., the development arm of Magil Laurentian Realty, for $6.2 million. The 973-979 Wellington St. W. and 40 Armstrong St. properties will be part of a multi-family residential development.

B.C. bans CRE evictions during pandemic

Commercial  •  Globe and Mail  •  CBC  •  Western Investor

B.C. has become the largest province in Canada to impose a ban on commercial evictions for landlords who refuse to participate in the federal-provincial Canada Emergency Commercial Rent Assistance (CERAP) when their tenant qualifies.

Whiteland lists 80 acres of Wpg. industrial land

Commercial  •  Winnipeg Free Press

Whiteland believes the pandemic has not lessened demand for industrial space and land in the Winnipeg capital region, and is betting $32 million it’s right. Whiteland is listing another 80 acres of fully serviced land west of BrookPort Business Park.

Larco Hospitality proposes four-building hotel campus

Commercial  •  Urban Toronto

Vancouver-based hotel management company Larco Hospitality has proposed a four-building hotel campus on the expansive property of the existing Sheraton Toronto Airport Hotel and Conference Centre on Dixon Road at Skyway Avenue.

Sponsored by Yardi Technology driving business response to COVID

As Canadians continue to follow the precautions recommended by Health Canada and provincial governments, it’s unclear how the real estate industry will operate post-COVID-19. Will a new normal emerge?

WeWork’s head of U.S./Canada real estate is out

Commercial  •  The Real Deal

One of the last executives to remain from Adam Neumann’s reign at WeWork is exiting. After more than a decade at JLL, Aaron Ellison joined WeWork in July 2018 as head of real estate for the U.S. and Canada.

Co-working could play a key role in post-COVID world

Commercial  •  Financial Post (Sub. required)

When COVID-19 forced the temporary closure of the Okanagan coLab co-working space in Kelowna, its 150-strong membership dropped by just five per cent. The space suddenly became “a life raft” for the community that used it to stay connected.

Edmonton green-lights SW LRT expansion

Commercial  •  Edmonton Journal  •  CBC  •  CBC

Edmonton’s LRT network will extend further south to Ellerslie Road before moving into the city’s northwest. Council voted in favour of the city’s recommendation to prioritize the $700 million remaining in funding to the $1 billion-plus 4.5-km Capital Line southwest expansion.

Feds provide $2.2B infra funding for municipalities

Commercial  •  CBC  •  Daily Commercial News

Prime Minister Justin Trudeau says the federal government is rushing $2.2 billion in expected infrastructure funding to Canada’s cities. He says sending gas-tax funds months sooner than planned should ease municipalities’ cashflow concerns.

Summit collects 90.2% of total May rents

Commercial  •  Canada Newswire  •  RENX

As of May 31, 2020, Summit Industrial Income REIT (SMU-UN-T) had collected approximately 90.2 per cent of total May rents. In addition, the REIT has agreed on rent deferrals with payment plans for a further five per cent of tenants.

Walmart closing Canadian Tire, Lube Express centres

Commercial  •  CTV  •  Globe and Mail

Walmart Canada (WMT-N) is permanently closing all its Tire & Lube Express auto service centres in 106 stores across the country by the end of June. The move will impact 550 employees, though the company will work to find them comparable roles.

U.S. real estate leaders address George Floyd protests

Residential  •  The Real Deal  •  Reuters

Real estate leaders have spoken out against racism and encouraged protests. “The rage currently being felt across our country reflects the widening inequality and systemic racism that has plagued our nation for far too long,” RXR Realty’s Scott Rechler tweeted.

Times Square developers bet billions on retail. Now what?

Commercial  •  Bisnow

As the city that never sleeps has slumbered for the past three months, its typically thrumming heart of tourism, Times Square, has gone quiet. Fifty per cent of Times Square’s foot traffic comes from tourists, notes the Times Square Alliance.

U.S. real estate funds’ redemption queues reach $14.4B

Commercial  •  IPE Real Assets

The amount of institutional capital seeking to exit open-ended core real estate funds in the U.S. has more than doubled since the beginning of the year to $14.4 billion, according to a report from the Ohio Public Employees Retirement System.

CIM buys 1.1M-sq.-ft. Fort Worth industrial asset

Commercial  •  CP Executive

CIM Group remains active in the pandemic-era investment market with the acquisition of Junction 20/35, a 1.1-million-square-foot industrial property in South Fort Worth, Texas. CIM purchased the warehouse-distribution centre from Provender Partners for an undisclosed amount.

Greystar buys Alliance’s property management arm

Residential  •  IPE Real Assets

Greystar Real Estate Partners has expanded its U.S. footprint with the acquisition of Alliance Residential Company’s property management business. The global investment manager is buying the Alliance business which manages a portfolio of over 500 multifamily properties and nearly 130,000 units.

TD charges $30K penalty to woman forced to sell home

Residential  •  CBC

When the pandemic hit Ontario, Kristina Barybina had to sell her house. She knew there’d be a penalty for getting out of her five-year mortgage with TD Bank early — she just wasn’t expecting it to be almost $30,000.

Toronto rents fell 5.5 per cent in April

Residential  •  Toronto Star

New data shows Toronto rents fell 5.5 per cent on average in April compared to the first quarter, with declines in suburban areas as well as downtown, although the more expensive core continues to see the biggest monthly dollar drop.

U.S. mortgage sector off to worst start since 2013

Residential  •  National Real Estate Investor  •  Business Insider  •  Forbes

U.S. mortgage investors have yet to enjoy robust returns this year despite the Federal Reserve providing $688 billion of support to the sector since mid-March.