Lenders to seize 13 Fortress real estate projects

Lenders to seize 13 Fortress real estate projects

Senior lenders have moved to seize control of 13 real estate development projects co-ordinated by Fortress Real Developments Inc. as the loans mature or fall into default. A new report from FAAN Mortgage Administrators Inc. says 24 of the 45 syndicated mortgage loans it is overseeing have matured but the principal has not been repaid, while 13 projects are now facing enforcement actions from senior lenders who rank first on any prospective claim.

Globe and Mail (Subscription required)

Think Research to be anchor tenant at TO’s 25 Ontario Street

Think Research, a leading digital healthcare platform provider, announced on Thursday it will become the anchor tenant at 25 Ontario Street, one of the most anticipated commercial developments in downtown Toronto. 25 Ontario Street, which is under development, will be 18-storeys and 460,000 square feet once completed. Think Research will occupy nearly 90,000 square feet as the anchor tenant.

Canada Newswire

‘State-of-the-art’ cold-storage facility Canada’s largest

VersaCold’s 572,192-square-foot facility in Milton, Ont., will be Canada’s largest temperature-sensitive warehouse once construction wraps up in the next few months. The facility, on a 38.72-acre site at 2701 High Point Dr., is owned by Greystone Development and managed by Triovest. It was acquired through a sales leaseback with Sobeys. Before the redevelopment, it had 96,000 square feet of freezer space and surplus refrigeration capacity.

Property Biz Canada

University Studios student condos opens in Oshawa

Podium Developments and Building Capital recently celebrated the opening of 308 trademarked SmartStudios in their University Studios mixed-use student condominium in Oshawa. “University Studios was conceived through our existing knowledge of the specific location and competition around the campus at UOIT and Durham College in Oshawa,” said Podium managing director Bernard Luttmer.

Property Biz Canada

Podium builds student housing from Ontario to Florida

Podium Developments has completed 16 urban infill projects in Ontario and it’s busier than ever with several more on the go at various stages. Podium was originally based in Kingston, but has since moved to Toronto and undertaken developments in the Greater Toronto Area, Kingston, Barrie and Guelph. It’s also now involved in Miami.

Property Biz Canada

Ontario strikes deal with Vandyk for new Mimico GO station

In what Ontario is calling a “brand new kind of partnership,” a private developer will rebuild Mimico GO station in exchange for development rights above the site. Developer Vandyk will refurbish and add new features to the existing station in exchange for receiving the air rights above the property. The company intends to build a mixed-use development above the station, though specific details about it are not yet available.

CBC

WiredScore marks one year in Canada with KingSett

SPONSORED CONTENT: WiredScore, the company behind the international standard for rating Internet connectivity in commercial buildings, has made major strides since it launched with Toronto as its first Canadian flagship market in October 2017. WiredScore announced an $11.6-million Series A capital raise from leading commercial real estate investors — including KingSett Capital, Legal & General, U+I, Town Centre Securities, MOMENI Digital Ventures and Savitt Partners — this week. The investment group has been supported by a recommitment from WiredScore’s existing investors: Bessemer Venture Partners, Fifth Wall and Sterling.VC.

WiredScore

Yorkdale Shopping Centre parkades certified Parksmart

Two parkades at the Yorkdale Shopping Centre in Toronto, owned by Oxford Properties, are the first Canadian sites to be certified under the Green Business Certification Inc. Canada Parksmart sustainability program. Parksmart is the world’s only rating system designed to advance sustainable mobility through smarter parking structure design and operation, according to GBCI Canada.

Sustainable Biz Canada

Tightening vacancy adds pressure for Ottawa office build

With class-A office vacancy rates dipping below four per cent in Ottawa’s central business district, talk among some real estate watchers is turning to when ground will be broken on the city’s next office tower. “We certainly believe that it’s time,” said Nathan Smith, managing director of Cushman & Wakefield Ottawa, speaking on the sidelines of this year’s Ottawa Real Estate Forum.

Ottawa Business Journal

BSR REIT acquires Arkansas apartment property

BSR Real Estate Investment Trust (HOM-U-T) announced Thursday it has closed on the acquisition of Towne Park at Har-Ber Apartments, in Springdale, Ark., for US$28.9 million. Towne Park, which was constructed in two phases in 2016 and 2017, is a 237-unit multi-family property comprising one-, two- and three-bedroom apartments and townhomes in the high-growth Northwest Arkansas metropolitan statistical area.

Canada Newswire

Industrial investment reaches record high: Morguard

Investment sales activity in the industrial sector continued its robust pace into Q3, according to the latest Research Report issued by Morguard Corporation (MRC-T). “Sales volume for the industrial real estate market already stands at a 20-year high with half a year still to go,” said Keith Reading, director of research at Morguard. “. . . we expect to continue seeing strong activity to finish the year.”

Canada Newswire – PR Newswire

Waterfront Toronto turns to project-critic Balsillie

Waterfront Toronto is consulting one of its biggest critics as it tries to ease concerns over the technology-driven neighbourhood it is developing with Google sister company Sidewalk Labs. Helen Burstyn, chair of Waterfront Toronto, a corporation created by all three levels of government, said she has sought advice from Jim Balsillie, the former Research in Motion (now BlackBerry) co-CEO and current chair of the Canadian Council of Innovators.

Globe and Mail (Subscription required) – Globe and Mail

Online companies click with physical stores at faster speed

Jennifer Fleiss had no plans to open her five brick-and-mortar stores when she co-founded her online clothing rental company, Rent the Runway, 10 years ago. Then she discovered how the combination of physical stores and e-commerce could drive sales and raise brand awareness — and she’s not the only one. A new report by Jones Lang LaSalle (JLL-N) says online retailers plan to open 850 physical stores in the next five years.

CoStar Group

OMERS, Teachers’, CPPIB among top infrastructure investors

One of the oldest infrastructure investment operations, and one of the largest in absolute size, OMERS Infrastructure Management, the infrastructure operations of the Ontario Municipal Employees Retirement System is well-diversified by sector and geography – and the constantly growing portfolio is still seeking opportunities in new regions. With $98.9 billion in net assets, OMERS was running a pool of infrastructure investment valued at $17 billion as of 2017, representing 17% of total assets. 

IPE Real Assets – IPE Real Assets

What can save the average American mall?

American malls are having an identity crisis. On one hand, we’ve all heard of the major decline in suburban shopping centres – too much retail square footage and the surge in online shopping came together to kill them off. On the other hand, class-A shopping centres  in growing markets are doing better than ever — Tysons Corner and Roosevelt Field have reinvented themselves into true multi-use destinations.

Building Design & Construction

Market Trends and Research

M & M’s CEO on what’s shaking up the industry

Hessam Nadji speaking at the 2018 CREW Convention in San Diego. Marcus & Millichap’s president & CEO, Hessam Nadji, spoke about the economy, job growth, the current market cycle, which sectors of the real estate industry are seeing fluctuations and his forecast for the future at the 2018 CREW Convention and Marketplace in San Diego Oct. 18.

CP Executive

The latest RE business is storing rich people’s cars

Just try finding room for a dozen or so vintage Ferraris, Porsches and Plymouth Barracudas. In this dilemma some entrepreneurs and investors are seeing opportunity. Car warehouses that can store a hundred or more pricey vehicles are beginning to pop up across the U.S., according to car collectors and wealth managers who are witnessing the trend.

Bloomberg

Real Estate Companies

Forest City’s ex-CEO against acquisition by Brookfield

Albert Ratner, co-chairman emeritus and former chief executive officer of Forest City Realty Trust, Inc. (FCE-A-N) Thursday issued an open letter to Forest City shareholders publicly announcing, for the first time, his intention to vote all of the Forest City shares he controls against the company’s pending acquisition by Brookfield Property Partners L.P. (BPY.UN-T) and urging his fellow shareholders to vote to reject the transaction on Nov. 15.

Canada Newswire – Property Biz Canada

Real Estate Investment Trusts

Artis, Morguard and Agellan defensive REITs

Go back in time by one month, and you’ll see Artis REIT (AX.UN-T)  was discounted by 40 per cent compared to its future cash flow value. This time four weeks ago, Morguard REIT (MRT-UN-T) was trading at a discount of more than 50% its future cash flow value; today that’s dropped to 37%. Last month, Agellan Commercial REIT (ACR.UN-T) was discounted by 48% compared to its future cash flow value.

Motley Fool

Legal Corner

Aquilini Group allegedly refused to lease office space

An advocacy group that represents current and former drug users has filed a human rights complaint against Aquilini Investment Group alleging discrimination after the company refused to lease office space to the group. Aquilini owns the Vancouver Canucks hockey team, which this year participated in a province-wide campaign aimed at eliminating stigma associated with substance use and addiction.

Globe and Mail

Retail

Indigo opens first U.S. store in Short Hills, N.J.

Indigo (IDG-T), the world’s first cultural department store, Thursday announced the official opening of its first U.S. location at The Mall at Short Hills in New Jersey. The 30,000-square-foot store is dedicated to inspiring, informing and indulging the community with a rich assortment of books, Indigo’s assortment is organized around several shops including Books, IndigoKids, IndigoBaby, Wellness, Home, Joy of the Table, A Room of Her Own, and IndigoPaper.

PR Newswire

Shopify shares jump 12 per cent on positive Q3 news

Shopify Inc. (SHOP-T) shares jumped 12 per cent Thursday after the Ottawa firm reported a 58 per cent year-over-year jump in third quarter revenues to $270.1 million. This was significantly ahead of the consensus estimate of $255 million US.  The e-commerce technology firm also reported an unexpectedly wide operating loss of $31.4 million for the third quarter ended Sept. 30, compared to the consensus projection of a loss of $24.4 million, according to Thomson Reuters.

Ottawa Citizen – Financial Post

Amazon tumbles on disappointing holiday forecast

Amazon.com Inc. (AMZN-Q) issued a disappointing revenue and profit forecast for the busy holiday quarter, suggesting sales growth is slowing for the e-commerce giant while higher pay for warehouse workers could hurt the bottom line. Revenue will be $66.5 billion to $72.5 billion in the current period, the Seattle-based company said Thursday in a statement, falling short of analysts’ average estimate of $73.8 billion.

Bloomberg

Resorts

Ski resorts embracing the backcountry boom

For many resorts, the sport’s hottest trend is their biggest problem. Ski destinations throughout North America are struggling to cope with the revival of old-fashioned ski touring, now called alpine touring, which scoffs at chairlifts as it scours the backcountry for ungroomed powder snow. Watching as young people especially flock to the backcountry, resort operators worry about losing an entire generation of paying customers.

Globe and Mail (Subscription required)

Infrastructure

New Champlain Bridge might not open until June

The new Champlain Bridge will open by the end of June 2019 at the latest, months after its expected completion date, according to the federal government. The multi-billion-dollar bridge, which will link Montreal to the South Shore, was supposed to open Dec. 21. While the main structure of the bridge will be done by the due date, other work can only be done after the winter.

CBC – Montreal Gazette

6.9% increase in passenger traffic at Montréal-Trudeau

Aéroports de Montréal (ADM) Tuesday announced its financial results as of Sept. 30, showing continued strong growth in passenger traffic of 6.9% and a significant increase in EBITDA (earnings before interest, taxes, depreciation and amortization). Montréal-Trudeau welcomed 5.8 million passengers in the third quarter of 2018, bringing the total number for the first nine months of the year to 15 million. This represents increases of 6.8% and 6.9%, respectively, compared with the corresponding periods of 2017.

Canada Newswire

Hamilton port sees strong year so far

Volatility in the United States helped deliver a strong year for Hamilton’s port so far, with more steel imports and grain exports than the same timeframe in 2017. Overseas cargo shipments are up 81 per cent through September compared to last year, said the port authority, and total cargo is up 18 per cent. President and CEO Ian Hamilton says there’s been an uptick in steel imports with the revival of Stelco, high demand and foreign countries turning to Canada to avoid U.S. tariffs.

CBC

Other

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