Off-market deal spikes Nexus REIT’s value

Off-market deal spikes Nexus REIT’s value

Nexus REIT’s recent purchase of a half stake in a Quebec portfolio of Sandalwood Management properties represents about a 50 per cent increase in Nexus’ gross book value to about $450 million. The purchase price for the 1.53 million square feet of gross leasable area works out to about $97 per square foot, “which is well below any replacement value,” Nexus REIT co-CEO Kelly Hanczyk says.

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AHIP REIT purchases large hotel portfolio in U.S.

American Hotel Income Properties (AHIP) REIT is set to close on the acquisition of 18 premium-branded Marriott and Hilton hotel properties in the Eastern United States for approximately US$407.4 million. The Eastern Seaboard Portfolio consists of 10 Marriott-branded hotels and eight Hilton-branded hotels in Maryland, New Jersey, New York, Connecticut and Pennsylvania.

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Mixed-use not always a slam-dunk success: Part I

Municipalities are pushing for mixed-use developments when granting building permits, but planners should be wary of forcing them where they don’t belong. “Municipalities are often pushing a well-intentioned, but tone deaf requirement of having a certain amount of retail with anything that’s multi-storey,” said SmartREIT CDO Mauro Pambianchi at the North American New Apartment Construction and Mixed-Use Symposium and Expo.

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Starlight U.S. Multi-Family buys properties, completes IPO

Starlight U.S. Multi-Family has purchased three American properties for two of its funds, and completed the Initial Public Offering for its Value-Add No. 1 fund. Two of the purchases, made for the Starlight U.S. Multi-Family (No. 1) Value-Add Fund, are in Round Rock, Texas and Phoenix, Arizona. They include 943 multi-family residential suites for a total purchase price of US$154.8 million.

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ReDev Properties sells Edmonton shopping centre

ReDev Properties has closed the sale of the Whitemud Crossing shopping centre in Edmonton. The 93,353-square-foot retail centre is located at 4211 106th St., in a busy Edmonton residential area. It is fully leased and contains 34 tenants, a mix of national and local businesses.

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Six months ago: RENX top story picks for 2016

The largest wildfire evacuation in Alberta’s history forced tens of thousands of Fort McMurray residents to flee — and was selected as the top CRE story for 2016 by RENX’s editors. Among the other top stories were: RioCan REIT repositioning its Canadian portfolio; Bluesky Hotels buying InnVest REIT; Anbang Insurance Group to take control of Bentall Centre and more…

Property Biz Canada

One year ago: Canada can learn from U.S. student housing

Off-campus, purpose-built student apartments have been much slower to catch on in Canada than the U.S., and three Americans provided tips on June 21 at a forum in Toronto. “Ninety-five per cent of off-campus student product in the U.S. is walkable to campus, which is what lenders and buyers want,” said Greg Faulkner, president of Dallas, Texas-based Humphreys & Partners Architects, L.P.

Property Biz Canada

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