Lowe’s Canada to convert 40 Rona big-box stores

Lowe’s Canada to convert 40 Rona big-box stores

Lowe’s Canada (LOW-N) plans to begin converting 40 big box Rona stores to the Lowe’s banner early next year, but says the Rona name isn’t going away and vows to expand the brand’s presence. “Rona is going to be our biggest banner by number of locations in the portfolio,” Lowe’s Canada president Sylvain Prud’Homme said Monday.

Montreal Gazette

McKesson selling 26 stores qualify for Rexall deal

U.S. health care company McKesson has agreed to sell 26 drugstores to win approval from the Competition Bureau for its deal to buy the Rexall Health pharmacy chain. The Canadian regulator says the proposed $3-billion acquisition of Rexall would “likely result in a substantial lessening or prevention of competition” if it was allowed to go ahead as originally planned.

Globe and Mail

Avigilon’s 555 Robson is on the market in Vancouver

Avigilon Corporation is transforming its 555 Robson St. headquarters in downtown Vancouver and has engaged CBRE to market it for a sale and leaseback. “This should be a no-brainer for a lot of people who want to get into our city or have a piece and recognize that they’re never going to get a building with this kind of infrastructure and how up to date it’s going to be from top to bottom from day one,” said Kevin Nelson, senior vice-president of CBRE’s high technology facilities group.

Property Biz Canada

CPPIB buys stake in New Zealand real estate portfolio

The Canada Pension Plan Investment Board is making its first investment foray into New Zealand, buying half of a real estate portfolio from another Canadian pension plan. The Public Sector Pension Investment Board (PSP) is selling CPPIB half of a group of Kiwi office and retail properties in a deal valued at $545-million, primarily in the urban markets of Auckland and Wellington.

Globe and Mail – IPE Real Estate

Busy November for True North Commercial REIT

True North Commercial Real Estate Investment Trust made efficient use of proceeds from its $30-million August public unit offering by acquiring two Ontario properties in November. True North CommercialThe Toronto-based REIT continued a very active late summer and autumn by ending November with the closing on a 30-year-old office building in North York, Ont. for $34 million.

Property Biz Canada

Skyline REIT engages Wyse for metering

In late November Skyline REIT announced that it planned to use Wyse Meter Solutions Inc.’s SyNERGY utility expense management program in 345 of its multi-residential and commercial buildings. That means that Wyse will take over the auditing, analyzing, reporting and benchmarking of Skyline’s multi-million dollar utility expenses.

Sustainable Biz Canada

Sydney’s Novaporte gets backing from U.S. operator

Novaporte, the proposed container terminal in Sydney, has a new partner, and it’s one with a lot of clout. Ports America, the largest marine terminal operator in North America, announced Monday that it is in on the deal to build a deep-sea cargo pier and freight facilities at the Port of Sydney in Cape Breton.

The Chronicle Herald

Katz and One Properties to build parking lot near arena

With the success of arena events — and the 2,100 underground parking stalls still being constructed south of the arena — One Properties came to the city with a solution to the parking dilemma. It suggested temporarily changing the zoning to make parking legal there and, in return, they would clean up and pave the area, and install lighting to make it safer.

Edmonton Journal

Fortress stands to lose permit fee for Winnipeg condo

A permit that would have allowed Winnipeg’s tallest structure to rise downtown has expired, putting its developer in position to forfeit $75,000 in fees. Richmond Hill, Ont. firm Fortress Real Developments plans to build a 388-unit, $200-million condo tower on a surface-parking lot on the northeast corner of Graham Avenue and Smith Street.

CBC

Developer rapped for inappropriate lobbying

While it’s not unusual to see infill housing face opposition, a four-storey condo project proposed by Ventura Developments for the southeast corner of Harrow Street and McMillan Avenue has garnered a tremendous amount of attention because elected officials have served as the main antagonists.

CBC

Small liquor stores worry as city loosens proximity rule

A bylaw that outlines the proximity of liquor stores that can be opened in non-mature neighbourhoods got a double shot of debate at Monday’s city council public hearing. Council voted to adopt a change proposed by city planners that exempts “commercial power centres” from a bylaw that limits the number of liquor stores within 500-metres of each other.

Edmonton Journal – Alcohol sales in supermarkets a boost to asset values

Equitable Group enters agreement with OMERS for private placement

Equitable Group Inc. (EQB-T and EQB.PR.C) has entered into an agreement with OMERS, the pension plan for Ontario’s municipal employees, for a private placement of common shares of the Company at a price of $61.76 per Share, for aggregate proceeds of up to $50 million.

Canada Newswire

Toronto council approves road tolls for Gardiner and DVP

Toronto council has endorsed a plan to put tolls on the Gardiner Expressway and Don Valley Parkway, with all the revenue going toward a $33 billion slate of unfunded transit and infrastructure projects.  The Ontario government will have to approve the decision, however, before the city can take any steps to implement the revenue tool.

CBC

US retail sales barely rise at end of November

Americans increased their retail spending just slightly in November, a possible sign of lacklustre holiday shopping. Retail sales rose only 0.1 per cent in November, after a downwardly-revised 0.6 per cent growth in October, the Commerce Department said Wednesday.

Winnipeg Free Press – Reuters

Hotel industry mourns the loss of Eric Hilton

The retired vice chairman of Hilton Hotels Corp. and Conrad Hilton’s youngest son passed away Dec. 10, at the age of 83. The Conrad N. Hilton Foundation announced that Eric Michael Hilton, director of the Hilton Foundation & retired vice chairman of Hilton Hotels Corp., passed away on Dec. 10 from natural causes at the age of 83.

CP Executive

Market Trends and Research

Saskatoon boasts best business tax environment: report

Saskatoon has the most competitive business tax environment among the largest cities in every province, and recently pulled further ahead of second-place Calgary, according to a new study from the C.D. Howe Institute.  The study, published Tuesday, found that Saskatoon has the lowest marginal effective tax rate, which measures the percentage increase in rate of return needed to cover the cost of taxes, of the 10 cities considered.

The Star Phoenix

Lopsided tax burden in New Brunswick falls on CRE owners

In the rural community of Doaktown, Bruce the Moose has greeted visitors outside the B&L Restaurant and Convenience Store on Main Street since 1984. B&L is a modest local business but comes with a big city property tax bill: $15,053.

CBC

Saskatchewan’s land titles services back online after disruption

Information Services Corporation (ISC), the company that handles land registry services for the Saskatchewan government, is back in business. ISC had been knocked offline by a widespread computer failure on the Government of Saskatchewan’s computer network.

CBC

Restaurants and Eateries

Burger King’s so-so Tim Hortons deal

It’s not the worst thing in the world, but it probably wouldn’t be your first choice for a meal either, right? That’s how I feel about the merger between Burger King and Tim Hortons, which was engineered by Brazilian private equity firm 3G Capital with some financing help from Warren Buffett’s Berkshire Hathaway Inc. There are some tasty parts, and some less so.

Globe and Mail

	RENX 2017 media kit now available
	A blended ad program, take-over advertising, writing services and a second weekly edition of Property Biz Canada in 2017. Advertising that reaches thousands of professionals in the commercial real estate industry every business day. Contact sales@renx.ca, 1-855-569-6300

 

New Development

Developer awaits answer on proposal for old Moncton high school

The spokesperson for a group wanting to redevelop the former Moncton High School building says he was hoping for an answer from the city of Moncton by now. MH Renaissance Inc. submitted a business plan for a performing arts centre and office space to the city and the province on July 27.

CBC

Infrastructure

Olympics would expedite airport transit link: Nenshi

A successful 2026 Olympic bid could speed up the city’s long-term plans to connect the Calgary International Airport to light rail transit, Mayor Naheed Nenshi told Calgary’s business community Tuesday morning. Nenshi said a train extension to the airport, labelled a medium-term priority in the city’s 30-year transit strategic plan, could be fast-tracked if Calgary secures the Winter Games.

Calgary Herald

How to fix deadly Toronto intersection at Eglinton and Victoria Park

Drivers and pedestrians can sometimes make mistakes that lead to collisions, but some hazards are built right into our roads. Take for example the triple interchange at Eglinton Ave. E., Victoria Park Ave., and O’Connor Dr. Since 2010, at least four pedestrians have been killed at or near the high-speed intersection. It’s expected that more pedestrians will frequent the area in the coming years.

Toronto Star

Other

	RENX has surpassed 9,570 Twitter followers
	Follower Cogir Immobilier est une entreprise québécoise fondée en 1995 qui compte près de 2,700 employés passionnés de l’immobilier.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.