Bene sells prime Richmond development site to Landa

RENX  Residential, Commercial  •  Condominiums, Hotels and Resorts, Office, Retail  •  Metro Vancouver

A 3.4-acre redevelopment site across from the waterfront and Olympic speed skating oval in Richmond, B.C., has been sold to Landa Oval Holdings by  Bene Group. The property is currently the site of the Keybridge Centre at 6851-6871 Elmbridge Way.

Two concepts unveiled for Holborn’s Vancouver site

Residential, Commercial  •  Daily Hive  •  urbanYVR

Two varying architectural concepts have emerged for Holborn Group‘s Hudson’s Bay parkade site in downtown Vancouver, with each illustrating a world-class, mixed-use redevelopment concept that brings a wide range of uses and an immense scale to each of those uses.

Former Brookfield executive named WeWork CEO

Commercial  •  Business Insider  •  Reuters  •  TechCrunch

WeWork has named Sandeep Mathrani – former CEO of Brookfield Property Partners’ (BPY.UN-T) retail group – as its new chief executive, the company announced Saturday. The move comes as the company attempts to rebuild its reputation following its ill-fated IPO last year.

MSCI/REALPAC property index returns decline in 2019

RENX  Commercial  •  Office, Apartments, Industrial, Investment, Retail  •  National

The total return on investment of all assets measured by the MSCI/REALPAC Canada Annual Property Index slipped to 6.68 per cent in 2019 from 7.3 per cent in 2018. It measures unlevered total returns of directly held, standing property investments.

After $537M facelift, NDHQ Carling in poor condition

Commercial  •  Ottawa Citizen

The new Defence department headquarters at Carling Avenue has been listed in the federal government’s building directory as being in poor shape despite $537 million spent on upgrading the buildings at that location over the last two years.

Torstar selling Spectator building, land for $25.5M

Commercial  •  Globe and Mail  •  Canada Newswire

Torstar Corp. (TS-B-T) has signed a deal to sell the land and building used by the Hamilton Spectator newspaper for $25.5 million. The sale follows a move by Torstar last spring to close its Hamilton printing and mailroom operations.

The 3 biggest 5G myths: And the truths behind them

John Meko: Director of Engineering, North America, WiredScore

Strategic’s office buildings remain in limbo

Commercial  •  Globe and Mail (Sub. required)  •  RENX

No decision has been made about the future of dozens of Strategic Group‘s downtown Calgary office buildings placed into receivership in December. Receiver Alvarez & Marsal Canada did not respond to a question about whether all the properties would be sold.

Alberta ethylene plant to get $200M expansion

Commercial  •  CBC

Michigan-based chemical producer Dow Inc. has approved an expansion of its Fort Saskatchewan, Alta., petrochemical facilities expected to cost between $200 million and $225 million US.

Regina set to redevelop former CP railyard

Residential, Commercial  •  Regina Leader-Post

Regina’s recently approved Yards Neighbourhood Plan lays out general guidelines for development, including a “mix of residential, shopping and entertainment opportunities” and buildings as high as 10 storeys rising on the former Canadian Pacific Railway yard and adjacent lands.

N.A. industrial sector not about to slow down: C&W

Commercial  •  National Real Estate Investor

Cushman & Wakefield’s 2020 North American Industrial Outlook report indicates the sector is expected to remain firing on all cylinders for the foreseeable future. The brokerage firm forecasts North American industrial absorption in 2020-’21 will be a healthy 459.9 million square feet.

Sundial Growers CEO, COO out

Commercial  •  Calgary Herald

Alberta-based cannabis producer Sundial Growers announced the immediate resignation of CEO Torsten Kuenzlen and COO Brian Harriman, the latest indication of mounting trouble within the recently legalized industry. The company also said Ted Hellard has stepped down as executive chairman.

Value of Van. SRO buildings continue to soar

Commercial  •  Vancouver Sun

The assessed value of all single-room occupancy (SRO) hotel buildings in Vancouver increased by 84 per cent during the last five years. And, there has been a string of sales in recent months, with some trading hands at yet higher prices.

No superior offer made during ‘go-shop’ period: Cineplex

Commercial  •  Toronto Star  •  Canada Newswire

Cineworld Group’s friendly deal to acquire Cineplex (CGX-T) has cleared another hurdle, with a “go-shop” period ending without a superior offer being made for the Canadian movie theatre company. Cineplex was allowed to solicit alternative bids to the $34 per share.

European business tied to HBC privatization

Commercial  •  Financial Post

HBC (HBC-T) chairman Richard Baker was in talks about selling its stake in its European business when he started to formulate his own plan to take the owner of Saks Fifth Avenue private, according to a regulatory filing on Friday.

Brookfield among group bidding for Forever 21

Commercial  •  CBC  •  Hamilton Spectator

A consortium of buyers, including mall owners Simon Property Group and Brookfield Property Partners (BPY-UN-T) are bidding $81 million for Forever 21, the ubiquitous mall staple that filed for bankruptcy protection in September.

Focus on housing supply: Scotiabank CEO

Residential  •  Financial Post

Scotiabank (BNS-T) president and CEO Brian Porter said the housing supply needs to be matched with Canada’s growing population and success in attracting immigrants, which he called “the envy of the world.”

T.O. shooting renews calls for stricter Airbnb regulation

Residential  •  Globe and Mail  •  Toronto Star

A shooting at a downtown Toronto condo building that left three men dead and two others injured has renewed calls for stricter regulations on Airbnb rentals and private residences being used as “ghost hotels.”

Cenovus pledges $50M for new homes near oilsands

Residential  •  CBC  •  Calgary Herald

Cenovus Energy Inc. has pledged $50 million to build homes in six Indigenous communities near its oilsands projects in northern Alberta. The investment, the company says, is a way to “contribute to reconciliation with Indigenous peoples.”

Berlin freezes rents for five years

Residential  •  The Real Deal  •  Bloomberg

Berlin’s legislature passed a package of rent regulations on Thursday that will cap revenues for landlords and freeze rents for five years. A spokesperson for Chancellor Angela Merkel’s Christian Democratic Union party plans to challenge the measure, according to Bloomberg.