ClubLink plans redevelopment of Kanata Golf lands
ClubLink, owner and operator of Ottawa’s Kanata Golf & Country Club, announced today it will pursue options for alternative use of the golf course lands. ClubLink has partnered with Minto Communities and Richcraft Homes, two reputable developers with a long history of building vibrant, residential communities, to assist with community engagement and redevelopment plans for the property.
Strata offices will fetch more moderate prices: JLL
Developers of future downtown Vancouver office strata buildings shouldn’t expect to capture the same sky-high prices as the most recent high-profile project, one brokerage house says. While still bullish on the overall downtown office market, JLL says the next wave of office strata projects will likely not approach $2,000 a square foot — the price reportedly earned by Bosa Development for its Bosa Waterfront Centre office tower.
Skyline acquires nine cold-storage facilities from Congebec
Skyline Commercial REIT has acquired nine temperature-controlled facilities in Quebec and Western Canada from Quebec City-based Congebec Logistics for $190 million.The facilities total 1.3 million square feet and are located in the Montreal area (with locations on the island of Montreal, Ste. Julie and Boucherville), Quebec City (three locations), Calgary, Saskatoon and Winnipeg.
Elad Canada’s newest Toronto master plan … Lansing Square
Elad Canada is moving ahead with plans to transform its Lansing Square office development in North York into a master-planned community similar to its existing Emerald City and upcoming Galleria project in Toronto. Currently home to four office buildings with approximately 437,000 square feet of space, the development at the 15-acre site at Victoria Park and Sheppard Avenues will include condo towers, a retail component and a park.
Broadview Hotel under new management
It’s one thing to build a $24-million boutique hotel with bags of century charm featuring one of the city’s most popular rooftop patios. But it’s quite another to run the place, says Les Mallins, founder and president of Streetcar Developments. The company that made over the rundown, former Jilly’s strip club into the boutique Broadview Hotel has hired Crescent Hotels & Resorts to manage the property.
Greybrook, Marlin Spring expand investment venture
The partnership between Greybrook Realty Partners and Marlin Spring continues to flourish, most recently with a Nov. 29 acquisition of two rental townhome apartment complexes in Houston. Marlin Spring CEO Ben Bakst said the opportunity to make the latest US$68-million purchase arose through contacts made by Cleveland-raised Avi Jakobowitch, president of Marlin Spring US Realty, who has ties with American brokers and financing sources.
Ivanhoé, Claridge create second Quebec investment fund
Ivanhoé Cambridge and Claridge will expand on an investment partnership launched two years ago, adding a second $100-million vehicle for real estate projects in Quebec urban centres, with a focus on Montreal and Quebec City. The partners will continue investing alongside local developers. The first $100-million Quebec fund has invested in nine residential projects in Greater Montreal and one in the Quebec City area.
CAPREIT sells three non-core Quebec City properties
Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) (CAR-UN-T) has sold three non-core properties in Quebec City totaling 217 suites. The properties will sell for a total price of $24.9 million, the proceeds of which will be used to repay mortgages on the properties totaling $10.2 million with the balance used to reduce debt.
The rise of co-working spaces
INFOGRAPHIC: Technology is enabling us to work remotely more often than ever before, but many workers find they still need interaction with others for the sake of their mental health. Co-working spaces are becoming more popular for many reasons. This infographic explains why the spaces are becoming more popular.
Value Village thrift stores in $30M tax fight
The Canada Revenue Agency and Value Village have found themselves at odds regarding the amount of taxes the thrift-store owner is obligated to pay after a private equity-backed shakeup of the company six years ago. Value Village Canada Inc., a subsidiary of the U.S.-based chain, lodged a notice of appeal with the Tax Court of Canada in August.
Canada Goose delays Beijing store opening
Canada Goose Holdings Inc. (GOOS-T) is delaying the opening of its flagship store in Beijing, as escalating tensions between China and Canada triggered by the arrest of Huawei Technologies Co.’s finance chief threaten its ambitions in the world’s second largest economy. The Toronto-based maker of premium parkas said on its Weibo account late Friday it was postponing the store’s debut “due to construction reasons.”
Six facts about the Senate’s beautiful new home
Canada’s senators took possession of their new chamber Thursday, a refurbished train station with ties to the First World War, constitutional talks and the King of Rock and Roll. It took six years and $219 million to convert the building, which will be home to the Senate for at least a decade while Centre Block is gutted and refurbished.
B.C. mayors vote to move forward on SkyTrain line
Lower Mainland mayors grudgingly voted Thursday to move ahead with work on the design and business case for a Surrey-to-Langley SkyTrain line, in spite of concerns about whether it makes sense to proceed with a line that has only half the funding required. The transit agency vote means it will move ahead with spending $20 million and 15 months to explore the design and construction issues for the line.
Oxford to rename Investa fund; eyes Aussie expansion
Oxford Properties Group is renaming the Investa Office Fund, having successfully taken the $3.3-billion Australian listed vehicle private, and plans to rebalance its portfolio. The real estate arm of Canadian pension fund OMERS announced that it had completed the transaction and will rename the fund Oxford Investa Property Partners.
Apple to open $1B campus in Austin, Texas
Apple will build a $1-billion campus in Austin, Texas, break ground on smaller locations in Seattle, San Diego and Culver City, Calif., and over the next three years will expand in Pittsburgh, New York and Colorado. The tech giant said Thursday the new campus in Austin, less than a mile from existing Apple facilities, will open with 5,000 positions in engineering, research and development, operations, finance, sales and customer support.
What high-net-worth investors want from CRE
In 2016, 2017 and 2018, NREI conducted research with its audience on high-net-worth investor (HNWI) interest and activity in commercial real estate. In 2018, WealthManagement.com also conducted research among advisors in its audience asking similar questions. Among the most interesting findings in the surveys centered around where perceptions of CRE pros diverged from wealth management advisors.
Starlight Hybrid Global Real Assets Trust IPO raises $28.5M
Starlight Investments Capital LP, on behalf of Starlight Hybrid Global Real Assets Trust, announced the trust has completed its initial public offering of 1,959,000 Series A units, 141,000 Series F units and 750,000 Series C units each at an offering price of $10.00 per unit for gross proceeds of $28.5 million.
Timbercreek U.S. Multi-Residential Opportunity Fund #1 winds up
Timbercreek U.S. Multi-Residential Opportunity Fund #1 announced the fund will be wound up on Dec. 21, 2018. As previously disclosed, the manager filed with the Internal Revenue Service of the United States in late October 2017 to carry-back a net operating loss, in order to obtain a refund of prior year federal income taxes paid.
Latest financial results:
Morguard N.A. announces normal course issuer bid
Morguard North American Residential REIT (MRG-UN-T) announced today the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid through the facilities of the TSX and/or alternative Canadian trading systems. The notice provides the REIT may, during the 12-month period commencing Dec. 21, 2018 and ending Dec. 20, 2019, purchase for cancellation up to 2,556,288 units in total.
Artis announces renewal of normal course issuer bid
Granite enters into $300M seven-year loan
Granite REIT (GRT.UN-T) announced it has entered into a $300 million committed seven-year senior unsecured non-revolving term facility. Through a cross currency interest rate swap, Granite has exchanged the principal and interest payments from the term loan for euro-denominated payments at an all-in 2.2 per cent fixed interest rate.
Sobeys owner Empire exceeds expectations
Empire Co. Ltd. (EMP-A-T) topped expectations as it reported a profit of $103.8 million in its latest quarter compared with a loss in the same period last year. The company behind Sobeys and Safeway grocery stores in Canada says the profit amounted to 38 cents per share for the quarter that ended Nov. 3. That compared with a loss of $23.6 million or nine cents per share a year ago.
Amazon Go could swoop into airport retail
Amazon.com Inc. (AMZN-Q) is looking at bringing its futuristic checkout-free store format to airports in an effort to win business from hungry, time-pressed travelers, according to public records and a source. The move underscores how a company that started as an online bookseller is making forays into brick-and-mortar retail to capture a greater share of shoppers’ spending.
Ottawa’s Queen St. Fare ‘near capacity’
The managers of the Sun Life Financial Centre think they’ve found the perfect recipe to add a bit of spice to a block of Ottawa towers. Modelled after the “food hall” concept rapidly gaining popularity in New York and other large U.S. cities, Queen St. Fare’s 9,000-square-foot area blends six locally based food vendors, a cocktail bar and a sound stage.
Toronto, Ottawa vote to allow retail cannabis stores
Councillors in Toronto have voted to allow retail pot shops in Canada’s most populous city. Councillors voted 20-4 Thursday evening to allow privately run cannabis stores to operate in Toronto. The decision came on the same day councillors in Ottawa voted to allow pot shops to open in the nation’s capital, and a day after councillors in Markham and Mississauga voted not to.
Funding unveiled for $13-M Halifax arts centre
A proposed $13-million arts centre in downtown Halifax is closer to fruition, with the announcement of more than $10 million in federal and provincial funding. The proposal for the Link Performing Arts Centre includes an 1,800-person performance hall, a media production studio, two dance studios, a 160-seat cinema, a creative entrepreneurs centre, a storefront box office and a cafe on Argyle Street.