Edmonton enjoys record quarter for CRE investment,

Edmonton enjoys record quarter for CRE investment

Investment in Edmonton’s multi-family residential rental and industrial market helped fuel a record-breaking quarter in 2018 as the province continues to claw its way out of recession. According to data released by CBRE Limited, Edmonton had its best quarter ever in Q2 this year, recording $1.49 billion in commercial real estate investments, representing a 51 per cent increase from the previous quarterly record of $994 million set in the fourth quarter of 2016.

Edmonton Journal

Massive movie complex planned for Markham

Special effects laden Hollywood blockbusters could be coming to a $100-million studio complex planned for a vacant industrial land in Markham that proponents say is already attracting interest from filmmakers looking to get in early on increasingly sought-after production space. “The response has been tremendous,” said Frank Sicoli, who along with partner Dominic Sciullo recently founded First Studio City to pursue the Markham Movieland project.

Toronto Star

Dream to break ground in Calgary’s Providence in 2020

A massive Providence residential project in southwest Calgary is intended to pioneer a generation of new suburban communities and usher in a new era of community development. Developer Dream (DRM-T) has 1,650 acres of land in the sprawling community which will eventually house more than 33,000. Dream’s Michael Cooper said one of the major benefits of the location is the Ring Road, currently being built, is adjacent to the site.

Property Biz Canada

Concert buys False Creek Flats office building

Concert has purchased the newly constructed 468 Terminal Ave., office building in Vancouver, an asset which company president and CEO Brian McCauley calls an “exceptional acquisition.” Purchased by Concert’s CREC Commercial Fund LP, 468 Terminal Avenue is located in the rapidly-growing and highly coveted False Creek Flats neighbourhood. “With this purchase, we acquire a strong investment property in one of the most dynamic and evolving locations in Vancouver,” McCauley said.

Property Biz Canada

Vancouver CRE transactions drop; dollar value goes up

The Real Estate Board of Greater Vancouver reports there were 569 commercial real estate sales in the Lower Mainland in the second quarter, a 16 per cent year-over-year decrease from 680 sales. However, the combined dollar value of second quarter transactions, $4 billion, was 13 per cent higher versus last year. Avison Young‘s Andrew Petrozzi said sales volume is actually returning to historical levels, after an “extraordinary” past two years of sales.

Toronto Star

Summit expands presence in Montreal data centre market

Summit Industrial Income REIT (SMU-UN-T) announced today it is extending a $16-million mezzanine loan to its partner Urbacon Montreal Limited Partnership to develop a new planned 95,000 square foot data centre property on land owned by Urbacon directly adjacent to the existing DC1 property. Summit’s mezzanine loan can be converted into a 50% ownership interest in DC2 once the property is leased and stabilized.

Canada Newswire – Property Biz Canada

King’s Wharf developer in tax dispute with N.S.

The developer behind the massive King’s Wharf project along Dartmouth Cove is locked in a dispute with Nova Scotia’s property valuation assessor over what he feels is an unfair assessment of condos in one of the buildings. Francis Fares hired real estate consulting firm Turner Drake to look at the assessments of 49 condominium units in the Anchorage building he owned and was renting out as apartments.

CBC

JLL platform used in feds’ Smart Buildings initiative

JLL Canada and RYCOM were selected by Public Services and Procurement Canada to implement a Smart Buildings initiative in federal buildings early this year, and it’s already yielding positive results. “It may be premature to focus on individual buildings,” said JLL Canada managing director of sustainability Jiri Skopek. “However, the overall program is already achieving up to 15 per cent energy savings amounting to over $2.7 million of energy saving annually.”

Sustainable Biz Canada

Waterloo city councillors approve mixed-use development

Waterloo city councillors have approved an amendment to their official plan that would allow for the construction of a 24-storey building on the corner of King Street N. and Bridgeport Road E. The HIP Developments project would include two condo towers and one “podium” with the following heights: 23-metre, four-storey podium of non-residential space; 81-metre, 24-storey condo tower; and a 46-metre, 11-storey condo tower.

CBC – CBC

Shifts disrupting global development: Altus Group

Altus Group (AIF-T) today released the Altus Group Real Estate Development Trends Report, which provides an outlook of a global property development industry being hit by rapid change from disruptive market forces that did not exist a few years ago or have evolved substantially. According to the report, 68 of 400 property development executives surveyed said cost escalation is the biggest business challenge they are facing.

Globe Newswire – Property Biz Canada

Will Cineplex’s comeback be a box office hit?

Is the recent comeback of Canada’s biggest movie exhibitor sustainable? Renewed investor enthusiasm in Cineplex Inc. (CGX-T) has sent its stock up 14 per cent from its low point earlier this year. Yet there appears to be considerable room for further gains. At $32, the stock is still trading at a roughly 40 per cent discount to its peak last year.

Toronto Star

Urban Land Institute launching Ottawa chapter

A non-profit organization with a self-declared mission to “provide leadership in the responsible use of land” in urban areas is preparing to launch an Ottawa chapter. The Urban Land Institute, founded in 1936, has offices in Frankfurt, Hong Kong, London and Washington, D.C., and hosts events and educational seminars around the world designed to “foster collaboration locally and build healthy, sustainable communities,” according to its website.

Ottawa Business Journal

Colliers agent Peter Muench finds homes for burgeoning tech firms

The fall after he graduated from the University of St. Andrews in Scotland with an MA in economics, Peter Muench started work as an associate at the Vancouver branch of Toronto-based real estate giant Colliers International. That was five years ago. Since then, the North Vancouver native has overseen countless deals, most involving local tech businesses moving into new offices.

BC Business

Tenants seek concessions over failed Sears stores

As many landlords of the failed Sears Canada Inc. struggle to fill the retailer’s empty stores in their malls, the property operators now face another potential headache. Two major U.S.-owned retail tenants – clothiers Gap Inc., Old Navy and Banana Republic, and Children’s Place Inc. – want to be able to invoke their co-tenancy rights.

Globe and Mail (Subscription required)

Ten years after Great Recession, there is good reason to worry

In a month that marks the 10th anniversary of the Great Recession, it’s worth assessing the lack of progress made in preventing another economic catastrophe. The Great Recession was the worst economic downturn since the Great Depression some 80 years earlier. It put more than nine million people out of work in the U.S., epicentre of the crisis, and saw about nine million Americans lose their homes.

Toronto Star – Regina Leader-Post

Market Trends and Research

Tech job growth creating demand for office space

Growth in technology-related jobs — particularly computer and mathematics occupations—is expected to keep office leasing strong in certain markets over the next decade. Overall, between 20 and 25 per cent of current office leasing activity is related to technology jobs, particularly computer and mathematics occupations — subset of STEM (science, technology, engineering and mathematics), reports Rebecca Rockey, Cushman & Wakefield’s economist, head of forecasting for the Americas.

National Real Estate Investor

Real Estate Companies

Ice District JW Marriott teams up with Oilers

Ten gathering spaces at the JW Marriott Edmonton ICE District hotel have been named after Edmonton Oilers legends. The Great One, Wayne Gretzky, is recognized in the ballroom. When it opens in 2019, the JW Marriott Edmonton ICE District will feature more than 22,000 square feet of meeting and conference spaces, including downtown Edmonton’s largest ballroom at 10,500 square feet.

Edmonton Journal – Globe Newswire – Property Biz Canada

Real Estate Investment Trusts

Nexus REIT offers an eight per cent yield

Nexus Real Estate Investment Trust (NXR-UN-X) owns a portfolio of 65 industrial, office, mixed-use, and retail properties located across the country. As at quarter-end, in terms of base rent, 50 per cent was from Ontario, 26 per cent was from Alberta and 11 per cent was from B.C. The Northwest Territories, Saskatchewan, New Brunswick, PEI, and Quebec each represent less than five per cent of base rent. 

Globe and Mail (Subscription required) – Property Biz Canada

Retail

Empire CEO warns food prices will rise

The parent company of grocery chain Sobeys Inc. was “a little slow on the trigger” to pass on the higher cost of food to consumers due to tariff costs, but it will inevitably happen in the future, Empire Company Ltd. (EMP-A-T) CEO Michael Medline said Thursday. ” . . . our expectation — although we’re not economists — is that there will be some inflation,” he said during a conference call.

CBC – Canada Newswire

Walmart, Target capitalize on Toys R Us death in U.S.

U.S. retailers are scrambling to fill the void left behind by Toys R Us by convincing shoppers their stores are the go-to place to find toys this holiday season. The biggest winners so far appear to be Walmart and Target, according to a study by Gordon Haskett Research Advisors in partnership with data provider Alpha Hat. They surveyed more than 50,000 people who had shopped Toys R Us in July 2017.

CNBC

Cannabis industry news

Coca-Cola eyeing cannabis market

The world’s largest beverage company may be the next industry giant to jump into the cannabis drinks business. Coca-Cola Co. (KO-N) says it’s monitoring the nascent industry and is interested in CBD — the non-psychoactive ingredient in marijuana — for beverages as soda consumption slows. The Atlanta-based pop maker is in talks with Canadian marijuana producer Aurora Cannabis Inc. (ACB-T) to develop the drinks.

Bloomberg – Winnipeg Free Press

Hopeful merchants appeal to land cannabis reward

On Thursday, the Calgary Subdivision and Development Appeal Board set hearing dates to decide the outcomes for would-be cannabis store owners battling for coveted curb space. Some of the entrepreneurs, such as Four20 Premium Market’s Jeff Mooij, are frustrated by an appeal process he said has been weaponized by competitors to torpedo approved sites, including one of his on Macleod Trail.

Calgary Herald

New Development

Ground broken for $38M Saskatchewan hotel project

When complete, a new hotel and conference centre on the grounds of the Saskatoon-area Dakota Dunes Casino is expected to create up to 150 jobs in the community. Touted as an example of collaboration between the federal government, the private sector and Whitecap Dakota First Nation, the Dakota Dunes hotel project, valued at $38 million, will have 155 rooms, a fitness centre, a business centre and a restaurant.

Saskatoon StarPhoenix

Brookfield Residential invests in Calgary YMCA

The name of a state-of-the-art southeast recreation centre was revealed Friday as the Brookfield Residential YMCA at Seton. Brookfield Residential has invested $3.5 million in this YMCA. The 330,000-square-foot facility, expected to open in January, will feature twin arenas, a theatre and arts studio, a licensed daycare, yoga studio and fitness centre, a 10-lane competition pool, both competitive and family-focused aquatics and three gymnasiums.

Calgary Herald

Renovation and Restoration

Starlight Casino Edmonton reopening its doors on Sept. 26

 Gateway Casinos & Entertainment  Friday announced the spectacular transformation and expansion of Palace Casino to Starlight Casino Edmonton is complete and will be officially unveiled on Sept. 26.  Located in West Edmonton Mall, Gateway’s latest development includes 120,000 square feet of entertainment space with 32 gaming tables, 8-table poker room, 768 slots, the addition of VIP gaming with private salons and six unique restaurants.

Canada Newswire

Victoria’s Inn at Laurel Point getting major facelift

A vision 30 years in the making is about to take shape at the Inn at Laurel Point at the entrance to Victoria’s Inner Harbour. The hotel, acquired by Paul and Artie Arsens in 1980 and expanded by 1989, is about to undergo a six-month, $10-million renovation that will finally finish off what the now-deceased Arsens started with architect Arthur Erickson and designer Robert Ledingham.

Victoria Times Colonist

Infrastructure

Ottawa spending $117M to restore land link to Churchill

The agreement to restore rail service to the town of Churchill in northern Manitoba will include at least $117 million from the federal government. The federal funding consists of $74 million to help repair the damaged rail line and buy it, along with the town’s port, from Denver-based Omnitrax. Ottawa is also committing another $43 million over 10 years to subsidize operations of the rail line.

Saskatoon StarPhoenix

Other

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