Kubota, Red Crest offices anchor Pickering Innovation Corridor

Kubota, Red Crest offices anchor Pickering Innovation Corridor

Kubota Canada Limited, Red Crest Developments and The Behar Group will be the first major businesses and developers to anchor the new Pickering Innovation Corridor, which will be located along Highway 407 east of Toronto. Kubota is the largest commitment so far, signing an agreement to build 565,000 square feet of industrial and commercial development as part of its first phase on the site.

Property Biz Canada

Construction begins on Montreal’s $6.3B REM

The largest public transit project in Quebec’s history is officially underway. The $6.3-billion Réseau express métropolitain broke ground Thursday afternoon, at a ceremony held in the shadow of what will be the light-rail network’s Griffintown station near tracks currently used for commuter trains on the Mont-St-Hilaire line. The project will be managed and majority funded by the Caisse de dépôt et placement du Québec.

Montreal Gazette – CBC – Global News – Canada Newswire

Oxford invests $110M to revive Les Promenades Gatineau

Oxford Properties Group has injected more than $110 million into its Les Promenades Gatineau shopping centre since purchasing the mall in 2012, and the investment is starting to pay dividends. With the recent opening of its HomeSense and Marshalls stores, Les Promenades has added two more major assets. The 36,000-square-foot additions are just the latest in a series of changes and improvements to the mall by Oxford.

Property Biz Canada

Crombie, PrinceDev JV on Montreal, Oakville developments

Crombie Real Estate Investment Trust (CRR.UN-T) says it has entered into joint ventures on mixed-use projects in Montreal and Oakville valued at $402 million, with Quebec-based Prince Developments (PrinceDev).  “We are delighted to be working with PrinceDev, an excellent Canadian urban developer, to develop these two exciting projects,” said Crombie president and CEO Don Clow in a release

Property Biz Canada

Ivanhoe, SL Green sell NYC office condos for $633M

Ivanhoe Cambridge and joint venture partner SL Green Realty Corp. (SLG-N) Wednesday announced they have entered into a contract to sell the leasehold office condominium at 1745 Broadway in Manhattan for a sale price of $633 million, or $939 per square foot, to an institutional client of Invesco Real Estate. 1745 Broadway is a 674,000-square-foot class-A property located in the heart of Midtown West.

Business Wire – CP Executive

Nine West closure hits Simon, Tanger Outlets hardest

Shoe and apparel wholesaler Nine West Holdings Inc.’s Chapter 11 bankruptcy reorganization filing this week hit two publicly traded retail landlords hardest. Simon Property Group (SPG-N) will lose 35 stores. Simon owns and operates a portfolio of 91 centres through Simon Premium Outlets. Tanger Factory Outlet Centers (SKT-N) will see 19 stores closed out of its portfolio of 44 upscale outlet shopping centres.

CoStar Group

Vision Capital takes stand on Pure Multi-Family, GGP acquisitions

Vision Capital Corporation isn’t afraid to take a public stand when it comes to takeover bids affecting its investments, injecting itself into two prominent, ongoing commercial real estate acquisition attempts in recent days. Toronto-based Vision, which manages the Vision Opportunity Funds, is encouraging Pure Multi-Family REIT LP’s (RUF-UN-X) board of directors to accept Electra America’s proposal to purchase its outstanding class-A units.

Property Biz Canada

How Yorkdale reinvented the shopping centre

Since the advent of e-commerce, retailers have needed to adapt to shifting consumer demands. Some have thrived, keeping pace with digital innovation and even disrupting the status quo. Others have gone the way of the dodo. Yorkdale Shopping Centre in Toronto belongs to the former group, and has secured its future by establishing itself as a luxury destination that rivals the country’s most posh shopping streets.

Globe and Mail – Property Biz Canada

CPPIB increases investment in mall developer

The Canada Pension Plan Investment Board (CPPIB) has invested an additional $185 million into the Island Star Malls Developers Pvt. Ltd. (ISMDPL), the strategic investment platform it co-owns with The Phoenix Mills Limited (PML). CPPIB increased its investment into ISMDPL to a $328 million, for a 49% ownership stake. The additional funding will allow ISMDPL to undertake new developments and acquisitions, creating new retail-led mixed-use assets.

Globe Newswire

Montreal moves to restrict short-term rentals downtown

The City of Montreal is trying to crack down on how many short-term rentals are permitted in the heart of downtown, in an effort to combat the influx of Airbnb-type listings in the city centre. Currently, people renting out units for short terms need a special permit. By limiting the locations for these permits, the city hopes to cut down on the total number of properties being listed altogether.

CBC – Canada Newswire

Airbnb to help Vancouver enforce new rules

The global vacation-rental company Airbnb has agreed to help the City of Vancouver enforce new rules for short-term rentals, which will see hosts blocked from registering unless they have a city business-licence number. The company says the agreement, which comes as Vancouver and other cities crack down on Airbnb and similar services amid concerns they are hurting local housing markets, is a first in North America.

Globe and Mail

NAC, Second Cup to operate pot dispensaries, lounges

Shares of coffee retailer The Second Cup Ltd.  (SCU-T)  soared nearly 30 per cent Thursday, after the company announced plans to turn some of its coffee shops into recreational marijuana dispensaries. The second-largest specialty coffee chain in Canada, which has struggled to stay competitive in recent years, said it is partnering with National Access Cannabis Corp. (NAC-X), a marijuana retail and dispensary company.

Financial Post – Globe and Mail – CBC – CTV

Ikea prepares for mega cities and ‘thin wallets’

Ikea Group, the world’s largest furniture retailer, is getting ready for a future where people have little to spare: both in their wallets and in terms of space.  The Swedish furniture giant is abandoning its custom of planning five to 10 years ahead, setting a new three-year approach to keep pace with a rapidly transforming society. The strategy will ensure the company caters to an urbanized world.

Bloomberg

Regulators want better disclosure from investment companies

Canadian securities regulators are demanding better disclosures about accounting and distributions from real estate investments, following a review of the sector that includes REITs and real estate operator companies. “Given strong investor interest in this sector and the inherent pressure on issuers to pay distributions, the sustainability of distributions and the accompanying disclosures are important to investors,” the Canadian Securities Administrators said Thursday.

Financial Post – Canadian Business – Canada Newswire

TA Realty attracts $2B to new core property fund

TA Realty, among the largest real estate investment management firms in the U.S., is set to get larger – much larger. The Boston-based firm has launched a new core property investment with initial funding of $2.08 billion. The main fund, TA Realty Core Property Fund, and three affiliated feeder funds held their first capital call late last month.

CoStar Group

Market Trends and Research

The winners of the 2018 OAA Design Excellence Awards

The Ontario Association of Architects (OAA) recently announced the winners of the 2018 Design Excellence Awards, recognizing the best of the province’s architecture firm in buildings around the world, from temples in Chile to residential buildings in Canada. “Every year it is a privilege to honour the very best in Canadian architecture and design,” said John Stephenson, OAA president. “

Newinhomes.com

As China pulls back from U.S., Japan waits in wings

The impact of heightened capital controls on Chinese outbound investment is being keenly felt across the U.S. commercial real estate landscape. Experts point to places like Canada, Singapore, South Korea and the Middle East as strong candidates to pick up the slack left behind by the Chinese buyers. But many are looking at Japan as investors begin to ramp up offshore investments.

Bisnow

Neighbourhood retail facing squeeze

It’s not just residents facing the pinch from high property values. Retailers are also being squeezed by the effect high-cost neighbourhoods are having on their operating margins, while a shifting consumer mix changes what’s rung up at the till. Adieu, the traditional mix of grocer, pharmacy and gift shop with a postal outlet at the back. Welcome, another real estate sales centre, beauty shop and coffee bar.

Business In Vancouver

Real Estate Companies

Clarion acquires multi-state industrial portfolio

Clarion Partners has acquired a 3.8 million-square-foot industrial portfolio from PAULS Corp., comprised of properties in four states. The assets are located in cities including Denver, Dallas, Las Vegas and Atlanta. CBRE represented the seller in the transaction. All of the buildings were completed in 2016 or 2017 and consist of low office finishes and clear heights ranging from 32 to 36 feet.

CP Executive

REOC Financial Reports

Latest financial results:

* Madison Pacific Properties Inc., (MPC-T), Globe Newswire

Real Estate Investment Trusts

Blackstone receives approval for PIRET takeover

Pure Industrial Real Estate Trust (AAR-UN-T) Thursday announced BPP Pristine Holdings ULC, an affiliate of Blackstone Property Partners‘ (BX-N), the Core+ real estate investment unit of Blackstone, has received Investment Canada Act approval in connection with the previously announced plan of arrangement, pursuant to which the purchaser will acquire all of the issued and outstanding trust units of the REIT.

Canada Newswire – Property Biz Canada

Choice Properties welcomes CREIT unitholders’ transaction approval

Choice Properties REIT (CHP.UN-T) welcomed the decision by unitholders of Canadian REIT (REF.UN-T) to approve the plan of arrangement relating to the combination transaction of at a special meeting Wednesday. Choice Properties expects the arrangement to close in the second quarter of 2018.

Canada Newswire – Property Biz Canada

Retail

Nostalgia hasn’t translated into dollars in Toys R Us effort

Nostalgia hasn’t translated into dollars in a long-shot effort to crowdfund a future for Toys R Us. Neither did efforts to recruit other toy makers. A campaign led by a billionaire toy executive who pledged $200 million with other investors in hopes of saving part of the bankrupt chain has foundered, with only $59,000 more raised in three weeks.

Winnipeg Free Press – CoStar Group – Forbes

Walmart closes in on majority of India’s Flipkart

Walmart Inc (WMT-N) is likely to reach a deal to buy a majority stake in Indian e-commerce player Flipkart by the end of June in what could be the U.S. retail giant’s biggest acquisition of an online business, two sources said. Last week, Walmart made a proposal to buy 51 per cent or more of the Indian company for between $10 billion to $12 billion US.

Reuters

Restaurants and Eateries

Ottawa probing Tim Hortons franchisee accusations

Ottawa  is looking into concerns raised by a dissident group of Tim Hortons franchisees about the potential violation of terms placed on a deal that saw the chain taken over by a Brazilian firm. A spokesman for Innovation Minister Navdeep Bains said the government will investigate allegations Tims owner Restaurant Brands International (QSR-T) has failed to live up to promises made to the federal government.

Financial Post – Globe and Mail (Subscription required) – Halifax ChronicleHerald

New Development

A sneak peek at Edmonton’s Premium Outlet Collection

Edmonton’s newest mall, Premium Outlet Collection, aims to cater to locals and beyond. Media members received a tour of the site near Edmonton International Airport set to open May 2. While locals are the “obvious” bread and butter of what drives a shopping centre, tourists and airport trafficare very important, said John Scott, senior vice-president of development and construction at Ivanhoe Cambridge.

Edmonton Journal

Sports Venues

B.C. golf course takes another swing at success

A long-standing attraction in Cache Creek, B.C., is taking a shot at making a comeback. Semlin Valley Golf Course shut down after over 30 years in operation, because of last summer’s devastating wildfires, owner  Brenda Whitehead says. The property, mostly ranch land, is owned by Whitehead and her common-law husband. They have decided to take a chance running it themselves as Bonaparte Ridge Golf Course.

CBC

Renovation and Restoration

Work begins on Stanley Park seawall restoration

Work to restore Vancouver’s popular but weather-battered seawall around Stanley Park is underway. The first phase of the $4.5-million project is expected to be complete in August, during the busy summer tourist season. The Vancouver park board says the project is the largest restoration of the nine-kilometre Stanley Park seawall in its 101-year history. Park board chair Stuart Mackinnon says the seawall has been battered by large storms.

Vancouver Sun – CBC

Other

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