Montreal “trophy” asset on the block

Montreal “trophy” asset on the block

One of Montreal’s “trophy” assets has hit the market with potential investors increasingly looking to the city as a place to deploy capital in the face of record-low cap rates in Vancouver and Toronto.  Toronto-based Dream Real Estate Investment Trust (D-UN-T) is selling a 100 per cent freehold interest in 700 De La Gauchetière West, a 28-storey tower with 935,209 square feet of space.

CoStar Group

Health tech sector faces real estate challenges

Edmonton’s commercial real estate sector must become more flexible to help burgeoning health technology businesses scale up, those involved in the sector say. “How do we get together in terms of creative spaces, creative financing to help a homegrown company who is already supplying international markets and get them to scale?” asks Reg Joseph. CEO of Health City.

Property Biz Canada

Will cannabis be big business for Canada’s real estate?

Cannabis-growing companies are set to become bigger players in Canada’s retail and industrial sectors after the country’s parliament approved a new law to legalize recreational use. With consumers legally able to buy the drug both from stores and online in the coming months, the Canadian cannabis market, which saw nationwide sales of  US$5.6 billion in 2015, will blossom further.

JLL Real Views

Cannabis business could reduce Calgary retail vacancy

Retail vacancy rates in downtown Calgary have dropped slightly since the beginning of the year, and a new report suggests they’ll fall even further when cannabis is legalized in Canada. The report by Barclay Street Real Estate said it expects the city’s central business district will have “a significant drop” when the federal Cannabis Act comes into effect and Calgary finishes its cannabis store approval process.

Toronto Star

North Vancouver development would transform Dollarton

One of the largest development proposals in the history of the North Shore was headed to district council Monday night, but some residents and local politicians fear nearby roads won’t be able to handle the thousands of new residents, workers and tourists the multi-use project could bring. The contentious issue split council over the next steps for the proposal given the proximity of fall municipal elections.

Vancouver Sun

Toronto downtown office vacancy hits new low: Devencore

The torrid downtown Toronto office market is being squeezed just a bit tighter, with vacancy dipping to an historic low of 2.5 per cent says Devencore’s Toronto Downtown Spring 2018 Office Market Report. That rate – which is for all classes, not just premium space — is continuing to drop, the brokerage and advisory firm notes in the report. It calls the sector “very much landlord-favoured.”

Property Biz Canada

Walton Group successfully restructures its Canadian business

Walton Group of Companies announced that the Group has completed one of the largest restructuring and amalgamation processes in Canadian history. Going forward, Walton’s business operations in Canada and across the globe will be leaner and will focus on asset management for the 107,469 acres of land under administration.

Asia One

Industrial real estate a hot spot in fast-growing Lethbridge

Potatoes and pot are on the table in Lethbridge as the fast-growing southern Alberta city sees a growing appetite for industrial development.  Outside of Calgary, Lethbridge is the biggest city in southern Alberta. It’s also one of the brightest places in Canada, with 320 days of sunshine a year.

Western Investor

Fireworks set off at DIRTT annual meeting

The first annual meeting of DIRTT Environmental Solutions since co-founder Mogens Smed was ousted as chief executive had more fireworks than a Canada Day event. But this was no celebration. More than 100 people showed up Tuesday at a downtown hotel, and given the number of interruptions, jeers and tough questions asked, it was a meeting few in attendance  will soon forget.

Calgary Herald

Crombie REIT provides capital recycling update

Crombie REIT (CRR.UN-T) advises that it recently closed on the sale of Park Lane in Halifax, Nova Scotia, a 273,000 square foot retail and office property for $51.25 million.   The transaction was completed as part of Crombie’s previously announced plan to recycle capital from the sale of certain non-core, and/or lower growth assets. 

Canada Newswire

The People Space: Empire, Sobeys shuffle execs, new CEO at ULI

The leadership at Empire Company Ltd., and Sobeys Inc., looks very different after a series of moves involving eight senior managers. “It has been a year of solid progress in rewiring the fundamentals of our business – stabilizing margins, creating a lower-cost national structure, and setting clear strategies in areas such as ecommerce and discount,” said Michael Medline, president & CEO.

Read more

Tesla’s giant Model 3 production tent gets put to the test

Elon Musk has six days to make good on his pledge that Tesla Inc. will be pumping out 5,000 Model 3 sedans a week by the end of the month. If he succeeds, it may be thanks to the curious structure outside the company’s factory. It’s a tent the size of two football fields that Musk calls “pretty sweet” and that manufacturing experts deride as, basically, nuts.

Financial Post

Property’s digital skeleton key

WeWork became the largest non-governmental office tenant in central London and the second largest in Manhattan in just eight years. Airbnb, launched in 2008, now has more room inventory than the world’s largest five hotel companies combined, yet it does not own a building. What has allowed WeWork and Airbnb to become so ubiquitous so quickly?

IPE Real Estate

Facebook to lease WeWork’s largest single coworking space

Facebook is taking over all of what amounts to WeWork’s largest single coworking space – a mixed-use development in Mountain View, CA.  The social networking giant signed a deal with the coworking operator to occupy all of the office space at the 450,000-square-foot project at 391 and 401 San Antonio Rd.

CoStar Group

Chicago Union Station mixes old with new on landmark site

Chicago firms Riverside Investment & Development and Convexity Properties yesterday unwrapped an ambitious $1 billion-plus redevelopment plan for the historic Chicago Union Station that the group promised would bring order and stability to a beautiful and busy property that has been largely underused. 

CoStar Group

Featured Column

Fair is fair in Saskatchewan cannabis retail lotto

It seems like unlikely odds, considering the Saskatchewan Liquor and Gaming Authority announced all businesses awarded a cannabis retail permit were to be selected at random. But Prairie Sky Cannabis, a Regina-based company, won licenses in Battleford, Estevan, Martensville and Moosimin. It might seem highly unlikely they’d be drawn four times, but they did submit for 28 jurisdictions. . .

Read more

Market Trends and Research

Toronto, Vancouver most expensive Canadian cities: Survey

An annual cost of living survey shows Toronto and Vancouver are Canada’s most expensive cities. Mercer’s survey ranks more than 375 cities around the world and considers factors like the cost of housing, transportation, food, clothing and other expenses compared to New York City as the base.

Toronto Star

	RENX is taking a summer break
	Summer has finally arrived and RENX will be shut down for a week from July 2 to July 6 for a summer break. We will resume our regular publishing schedule on July 9.  Happy Canada Day!

 

Real Estate Investment Trusts

Northview Apartment REIT completes acquisition

Northview Apartment REIT (NVU.UN-T) has closed the acquisition of a 623-unit portfolio of six apartment properties in Ontario and Nova Scotia from affiliates of Starlight Group Property Holdings Inc. The aggregate purchase price is $151.8 million (excluding closing costs), representing a weighted average capitalization rate of 4.5 per cent. The acquisition was previously announced on June 6, 2018.

Globe Newswire

Dream Global REIT completes $201-million equity offering

Dream Global REIT (DRG-UN-T) announced today the closing of its previously announced equity offering of units of the Trust at a price of $14.60 per Unit. The syndicate of underwriters, led by TD Securities Inc., elected to exercise its over-allotment option in full, resulting in a total of 13,800,000 Units being issued today for total gross proceeds of $201,480,000.

GlobeNewswire

Retail

Retail isn’t going away, but its game plan is changing

Retail real estate might be one of the most dynamic sectors these days, with multiple channels competing for consumer attention, several paying options and a host of delivery options. Pity the retailers trying to find a place to cater to consumers who might buy in-store today, then shop online for pickup in-store for that item they forgot.

Business in Vancouver

New Development

Inside Edmonton’s new Islamic-inspired garden

The world’s newest and northernmost Islamic-inspired garden has been sculpted out of Alberta’s rugged countryside on a tract of land 15 minutes northwest of the Edmonton airport. The Aga Khan Garden, funded by a $25-million donation from the philanthropist and spiritual leader of the world’s Shia Ismaili Muslims, opens Canada Day weekend on the grounds of the University of Alberta Botanic Garden.

Globe and Mail

Renovation and Restoration

CN Tower celebrates 42nd birthday with upgrades

The iconic CN Tower celebrated its 42nd birthday on Tuesday and unveiled the biggest upgrade in its history. The CN Tower, the crown jewel of Toronto’s skyline, has renovated its main observation level, with accessibility in mind.

CBC

Infrastructure

Elevate Hwy. 401 to aid Toronto-Waterloo corridor: TRBOT

The Toronto Region Board of Trade is calling for a vertical expansion of Highway 401 near Toronto Pearson International Airport to help alleviate gridlock it says is costing households an extra $125 per year in higher prices for everyday goods. The business group suggests building lanes above or below the existing highway to add capacity and free up movement on a much-criticized choke point on the route through the Toronto-Waterloo corridor.

CBC

Fall construction start eyed for Gordie Howe bridge

Progress continues on preliminary works for the multi-billion-dollar Gordie Howe International Bridge project with $350 million already spent on both sides of the Detroit/Windsor border and the highly anticipated announcement of the preferred proponent now just weeks away. When that is decided, probably in September, formal construction will begin immediately.

Construct Canada

uOttawa’s at forefront of protecting Canada’s infrastructure

The University of Ottawa’s Faculty of Engineering is home to a range of seasoned academics whose work revolves around the study of sustainable and resilient infrastructure. This research area, one of five recently unveiled by the school, leverages the strengths of the faculty’s Department of Civil Engineering.

Ottawa Business Journal

Human Resources

Bob Knakal terminated from Cushman & Wakefield

More turnover churns at the top level of Cushman & Wakefield.  In a phone call, a C&W spokesperson tells GlobeSt.com, “I can confirm Cushman & Wakefield terminated its relationship with Bob Knakal, effective immediately.” Robert A. Knakal was the chairman of New York investment sales at Cushman & Wakefield.

Globe St.

Technology

Workplace mobility makes business vulnerable to data breaches

Shred-it released its annual State of the Industry Report today which exposes information and data security risks currently threatening Canadian enterprises and small businesses. The study found that Canadian businesses, while embracing the concept of workplace mobility, are failing to implement proper data protection policies and staff training, putting them at a heightened risk of a data breach.

Canada Newswire

Other

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