Canadian cities eager to host massive Amazon HQ

Canadian cities eager to host massive Amazon HQ

The mayors of several Canadian cities say they want to compete for an irresistible economic prize: The right to become the home of Amazon.com Inc.’s so-called second headquarters, a massive complex the company says comes with up to 50,000 jobs and more than $5 billion US in investment over the next 15 years. Seattle-based Amazon announced Thursday it was soliciting bids to house “HQ2.”

Globe and Mail – Vancouver Sun – Ottawa Business Journal – Bloomberg

Inside the retail revolution of TO’s tony Yorkville

There’s new buzz in the 40 acres north of Bloor Street West between Yonge Street and Avenue Road. Not only are Chanel, Dior, Hermès and Jimmy Choo building new flagships, but property developer First Capital Realty (FCR-T) has sunk $600 million into the ongoing retail evolution of the tony area. 

Globe and Mail

Burnaby’s Metrotown ripe for (re)development

Burnaby is attempting to shed its reputation as a suburban cousin with a new, bold plan to transform its burgeoning Metrotown neighbourhood into a downtown core that could eventually rival Vancouver’s. The Metrotown Downtown Plan,  approved unanimously by city council in late July despite protests, signals to developers and investors that Burnaby’s Metrotown is ripe for more large, mixed-use towers, more business and more people.

Property Biz Canada

Vancouver property sales flirting with 2016 record: Altus Group

The residential land market set the tone as approximately $6.9 billion in property sales were transacted across Metro Vancouver in the first half of 2017. That pace matched the torrid first-half dollar total of last year, according to Altus Group’s new Vancouver Investment Transaction Stats – Q2 2017 report.

Property Biz Canada

Real Property Management picks Vancouver for Canadian HQ

U.S.-based Real Property Management (RPM) has chosen Vancouver as the headquarters for Canada’s first property management franchise business and it plans to develop a tight team of franchisees to build its network. Kap Hiroti, vice-president of operations, has already signed up three franchises in Metro Vancouver and Victoria since opening earlier this year. 

Western Investor

Vancouver condo developer cancels Langara West

Vivagrand Developments, a Vancouver-based firm which describes itself as the North American office of a property developer in southern China, has cancelled its Langara West condo project in the Cambie Street corridor. It’s a rare move that comes as land prices in the area, as well as end prices for condos and townhomes in general, have surged.

Vancouver Sun

Slate buys 2 more U.S. shopping centres after busy summer

It’s been anything but a quiet summer at the lake for executives at Slate Retail Real Estate Investment Trust (SRT.UN-T). In the past three months, the REIT has purchased 10 U.S. shopping centres. Two of those announcements have come in the past five days, namely the purchases of North Lake Commons in Chicago and Dorman Centre in South Carolina. 

Property Biz Canada

IPD ‘magic’ being used on $85-million Barrie build

A team that includes a joint venture of Toronto-based Gillam Group Inc. and Alberta’s Chandos Construction is delivering an $85-million project in Barrie. using an Integrated Project Delivery (IPD) model. The Barrie-Simcoe Emergency Services Campus will house the Barrie Police Service headquarters, Simcoe County Paramedic Services and Barrie Fire and Emergency Service dispatch communications in one location.

Daily Commercial News

Emily Carr’s new home becomes a catalyst for urban renewal

With a building conceived as a blank canvas, Emily Carr University of Art + Design (ECUAD) is painting a new vision for Vancouver. In its new facility on Great Northern Way, East meets West, natural light reigns and walls were literally crossed out of the design to encourage cross-pollination with purpose-built studios and classrooms and multiple common areas.

Globe and Mail – CBC – Business In Vancouver – Vancouver Sun

Developers find new uses for ex-theme parks

In early 2013, the town of Renfrew, Ont., was abuzz with the news of the pending sale of Storyland, a local amusement park for almost half a century. After poking around the property in the snow, Nicole Laframboise, a former commercial developer. recognized the property had “good bones” but didn’t really know what could be done with the 89-acre fairytale-themed park.

Globe and Mail

Tweed Farms to expand three-fold

Tweed Farms Inc., wholly owned subsidiary of Canopy Growth Corporation (WEED-T) and operator of the largest known licensed cannabis production facility in the world, has finalized the purchase of a parcel of land adjacent to its current facility in Niagara-on-the-Lake, Ont., including an operational 458,000-square-foot greenhouse. Construction has commenced on an additional 212,000 square feet of state-of-the-art greenhouse. 

Canada Newswire – Toronto Star – Maclean’s – Winnipeg Free Press

	U.S. hurricanes’ impact on real estate
	The following section of the RENX newsletter is dedicated to news about Hurricanes Harvey and Irma n the U.S. and its impact on real estate.

 

Most Florida flood zone property not insured

As Hurricane Irma bears down on Florida, an Associated Press analysis shows a steep drop in flood insurance across the state, including the areas most endangered by what could be a devastating storm surge. In just five years, the state’s total number of federal flood insurance policies has fallen by 15 per cent, according to Federal Emergency Management Agency data.

Winnipeg Free Press – GlobeSt.com

Pure Multi-Family properties suffer minimal damage

Pure Multi-Family REIT (RUF.U-X) announced Broadstone Walker Commons has suffered only minor leaks and minimal damage. Deer Park Apartments requires further assessment, but the REIT does not anticipate any material damages. Repairs are underway at both properties. “We feel very fortunate that both of our Houston properties have avoided any material damage from this major storm,” CEO Steve Evans said. 

Canada Newswire

Starlight Fund properties suffer no damage

Starlight U.S. Multi-Family (No. 5) Core Fund (STUS.A-X) Wednesday reconfirmed none of its multi-family Texas properties located in Houston, Dallas, Austin or San Antonio have incurred any material damage as a result of Tropical Storm Harvey. The fund also advised ongoing property level communication has reconfirmed tenants at its properties remain safe and without injury. 

Canada Newswire

No retail crisis for Dollarama as sales soar

Dollarama Inc.‘s (DOL-T) decision to introduce credit card payment as an option at its stores is clearly paying off. The retailer, which began allowing customers to use credit cards during the second quarter ended July 30, reported blockbuster earnings results on Thursday, with sales growth of 11.5 per cent and earnings per share growth of 31 per cent.

Financial Post – Toronto Star – Bloomberg

BTB sells Trois-Rivieres property

BTB REIT (BTB.UN-T), further to the conclusions of its strategic review of its portfolio, announced the sale of a property located at 665-669 Thibeau Boulevard in Trois-Rivières, Qué., for total proceeds of $1.825 million.  The net proceeds will be mainly allocated to fund future accretive acquisitions in its strategic markets. 

Canada Newswire

Mitsui Fudosan buys stake in Hudson Yards project

Major Japanese real estate developer Mitsui Fudosan has taken a 90 per cent stake in the $3.6-billion 50 Hudson Yards in New York, through its subsidiary Mitsui Fudosan America. The 2.8 million-square-foot office skyscaper will be one of the largest standalone office buildings in Manhattan upon completion, which is scheduled for 2022.

CP Executive – Reuters – The Real Deal

Invesco acquires European hotel portfolio for three mandates

Invesco Real Estate has bought 13 hotels in Germany and the Netherlands for $782 million Cdn on behalf of three mandates. The portfolio was acquired for the newly-established open-ended European Hotel Fund and two separate account mandates. Danish pension fund ATP also said Invesco had sourced its acquisition of a Munich hotel – in joint venture with a Dutch investor – for $277 million,

IPE Real Estate – Hotel Management Magazine

Featured Column

Making grocery shopping more convenient since 1974

I’m about to really date myself here, but as a kid do you remember going to the grocery store and watching the cashier type each item into a till? Bar code scanning changed many business practices, but none more significantly than grocery stores.

Read more

Market Trends and Research

Downtown Edmonton development changing perceptions: Survey

A new Downtown Business Association survey suggests billions of dollars invested in Edmonton’s downtown are changing public perceptions of the area while highlighting challenges ahead as the city looks to double the number of people living in the core. Mapping Growth: A Comparative Look at Downtown’s Transformation compared survey results from 2010.

Edmonton Joμrnal

Real Estate Companies

Firm Capital’s portfolio exceeds $500-million mark

Firm Capital Mortgage Investment Corporation (FC-T) reported that as of Aug. 31,the investment portfolio stands at $517 million, a six per cent increase over the $489 million investment portfolio reported as at June 30. The investment portfolio is well diversified, consisting of 263 mortgage investments with an average yield on investments of 8.20 per cent.  First mortgages comprise 72 per cent of the investment portfolio 

Canada Newswire

Hard Rock clears hurdle to operate Ottawa casino

Florida-based Hard Rock International inched closer to taking over operations of the Rideau Carleton Raceway this week after a city committee voted to turn the Albion Road property into a full gaming site. The issue now goes before full council for approval. The city says Hard Rock is poised to take over operations of the Rideau Carleton Raceway later this month.

Ottawa Business Journal

Real Estate Investment Trusts

Easterly Government has FBI on its Most Wanted List

Easterly Government Properties (DEA-N), a REIT focused on commercial properties leased to U.S. government agencies, recently acquired the Salt Lake City field office, making it the single largest private owner of FBI field offices in the U.S. Easterly, a Washington, D.C.-based company which acquires, develops and manages class-A commercial properties leased to government entities, now owns seven of the 56 FBI field offices. 

CP Executive

High-priced REIT shares creating problems for index funds

Consider these investment questions: If you own shares of all the stocks in a particular sector or industry, do you want to see all the underlying companies flourish? Or do you want to have a perpetual state of some killing off others — to the ultimate benefit of consumers?

MarketWatch

Legal Corner

Vancouver developer faces lawsuits, extradition to U.S.

Mark John Chandler claimed “to be one of the biggest real estate developers in Canada” when he reached out to a New York money lender in 2011, according to court filings. Now, the Vancouver developer faces the prospect of being shipped to the U.S. to face charges in an alleged “fraudulent scheme” involving Los Angeles real estate.

Vancouver Sun

Retail

Indochino expands HQ, moves to Granville Street

Custom suit-seller Indochino has more than doubled the size of its head office by taking 14,700 square feet of space above the Old Navy store at the corner of Robson and Granville streets, CEO Drew Green said. The new headquarters has an additional 4,000 square feet of patio space. “We designed the head office in a way that really complements the brand,” Green said.

Business In Vancouver – Marketwired

HBC signals no interest in selling Galeria Kaufhof

Hudson’s Bay Co. (HBC-T) signalled on Friday it had no intention of selling German department store chain Kaufhof, after sources said Austrian real estate company Signa Holding was considering a bid. “We stand 100 per cent behind Galeria Kaufhof,” a German spokesman for Hudson’s Bay said. “We have no interest in doing business with Signa.” Signa tried to buy Kaufhof in 2015, but HBC outbid it by paying $3.53 billion Cdn. 

Reuters – Ottawa Business Journal – Financial Post – Globe and Mail (Subscription required)

Gap to shift focus to Old Navy, Athleta stores

Gap Inc. plans to shift its focus to its growing Old Navy and Athleta stores, and away from the Gap and Banana Republic brands. The company said Wednesday it will close about 200 Gap and Banana Republic stores in the next three years and open about 270 Old Navy and Athleta locations during the same period.

Gobe and Mail

Toys”R”Us taps law firm to weigh restructuring options: Source

Toys“R”Us Inc has hired law firm Kirkland & Ellis LLP to help weigh restructuring options ranging from a bankruptcy filing to raising financing as bricks and mortar retail goes through a major downturn, according to a source. The privately held toy retailer had previously said it was working with investment bank Lazard Ltd to help address its approximately $5 billion in debt.

Reuters

New Development

Delta, B.C., casino site receives preliminary approval

The B.C. Lottery Corporation has given preliminary approval for a casino to open in Delta. Gateway Casinos & Entertainment Ltd. wants to relocate the Newton Community Gaming Centre in Surrey to the Delta Town and Country Inn. The Newton facility has operated as a bingo hall since 2014, when the BCLC stripped the facility of its 150 slot machines at the request of Surrey city council.

Vancouver Sun

Other

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