Development land is getting harder and harder to find in the Greater Toronto Area (GTA) and investors are willing to pay a premium for it, especially if the property has already gone through the approvals process.
Avenue Living Asset Management Ltd. has restructured its residential funds and plans to aggressively grow its rental footprint, targeting the workforce housing market in what it calls the “the North America Heartland.”
The Toronto Coach Terminal opened to great fanfare on Dec. 19, 1931. However, the hub near the corner of Bay and Dundas Streets closed its doors last summer, and its potential redevelopment is now in the hands of the municipality.
Sunstone Opportunity (2006) Realty Trust and Sunstone Opportunity (2006) Debenture Fund announced they have sold The Shops at Polson Park in Vernon, B.C., for $30,500,000. The property was acquired in May 2007 for $23,247,402.
PEC Community Partners Inc. – a partnership of community builders – has finalized the purchase of Loch-Sloy Business Park and Picton Airport lands. The 700-acre property just over two hours east of Toronto was purchased for for $14.7 million.
Parkit Enterprise Inc. (PKT-X) has agreed to acquire two class-A industrial assets from two vendor groups for an aggregate purchase price of $17 million. The acquisitions total 141,031 square feet and are located in Boisbriand, Que., and London, Ont.
Founder, President, GreenBirch Capital
Calgary’s core has changed since the onset of COVID-19. On 4th Ave SW, the 1980s-era Sun Life Plaza building is now The Ampersand — revamped and modernized by Aspen Properties in an effort to attract startups and companies of the future.
While prices aren’t likely to rise at the same breakneck pace they’ve been going in the second half of 2021, life, as measured by the Consumer Price Index, will still be getting more expensive, warns BMO chief economist Douglas Porter.
Nova Net Lease REIT (NNL-U-CN) has obtained a receipt for a final long-form prospectus for its initial public offering. The trust units will be issued at a price of US$1.25 for minimum gross proceeds of $3,500,000 and maximum gross proceeds of $6,000,000.
Primaris REIT and H&R REIT (HR-UN-T) jointly announced the internal reorganization of H&R, pursuant to which H&R’s enclosed shopping mall business and certain other assets were spun-out to Primaris, was completed on Dec. 31.
Montreal-based clothing retailer Reitmans (Canada) Ltd. (RET-X) announced it has obtained a sanction order from the Québec Superior Court for its Plan of Arrangement that will see creditors receive a distributed $95-million settlement.
Ares Management Corporation (ARES-N) announced that funds managed by the Ares Real Estate Group have closed on the acquisitions of two portfolios, consisting of 75 industrial properties totalling 11.9 million square feet, for $1.7 billion.
Brazilian homebuilder MRV announced it has signed a deal with Brookfield Asset Management for the sale of projects developed by its Luggo subsidiary. Approximately 5,100 units will be sold under the agreement, with a potential sales value estimated at US$222.5 million.
The Howard Hughes Corporation (HHC-N) announced the final approval by the City of New York of its planned $850-million 250 Water Street development project at the Seaport in Lower Manhattan, a key component of HHC’s long-term vision for the historic neighbourhood.
China Evergrande Group will seek a six-month delay in the redemption and coupon payments of a $157 million US bond in a meeting with bond holders this weekend, underscoring the pressure on the debt-laden property developer.
With developments planned on the very last piece of untouched land available in Mississauga, the city’s decades-long era of sprawl is over. The city was once so synonymous with suburbia Mayor Hazel McCallion was known as the Queen of Sprawl.
A housing development in Los Angeles’ Echo Park was created from a city ordinance that allows properties to be divided up to increase density. The Blackbirds is a project designed by L.A. firm Bestor Architecture for developer LocalConstruct.
New data shows that assessed values of homes in the province are up across the board, with some smaller communities and suburbs such as Chilliwack seeing the largest increases of 40 per cent or more year-over-year, according to B.C. Assessment.
The Calgary Real Estate Board says 2021 marked a record year for home sales in the city. Calgary closed out the year with sales reaching 27,686 units, nearly 72 per cent higher year-over-year and more than 44 per cent higher than Calgary’s 10-year average.