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Foreign investors open wallets for Canadian CRE
Foreign investors open wallets for Canadian CRE
Canadian commercial property deals soared to new heights in 2016 as a surge of foreign buyers aggressively bought up office, shopping and hotel properties across the country. It’s a trend expected to continue this year as real estate investors look for safe havens. Investors bought $34.7 billion worth of commercial property valued at more than $10 million last year, according to CBRE Group Inc.
Globe and Mail (Subscription required)
Titan Business Park announces first tenants
Plans are forging ahead for Regina’s former Sears Warehouse, with the announcement of the first two tenants at Titan Business Park. Vancouver-based Hungerford Properties announced it has leased 12,000 square feet to Sears and 34,000 square feet to Canature WaterGroup, bringing the total leased area to 27 per cent.
New CEO leads Lanesborough’s Alberta comeback
Given its heavy exposure to Alberta’s economy and the fire-ravaged epicentre of Fort McMurray in particular, it has been a challenging couple of years for Lanesborough REIT (LRT.UN-T). The job of chief executive of the REIT remains the same as it has for the past few years – sell off properties to pay down debt.
12-storey tower part of Chateau Laurier expansion plans
The owners of Ottawa’s iconic Fairmont Château Laurier are pushing ahead with their controversial expansion plans and recently filed a site plan application with the city New details include the height of the two towers planned for the rear of the property, which was not disclosed when property owner Larco Investments released its plans last year.
Marriott International betting on Dartmouth
It’s a tale of two Marriotts (MAR-Q). Last October, a trio of hotel-related companies — developer Southwest Properties, Fred George’s JLK Global Fund International and hotel operators New Castle Hotels & Resorts — announced the launch of a new, $40-million two-hotels-in-one project on Fyne Lane in Dartmouth Crossing.
Airbnb listings to rise amid regulatory scrutiny
Airbnb Inc.’s presence in Canadian cities is set to keep growing, even as regulators across the country take a closer look at bringing in tighter rules for short-term home rentals. Airbnb listings in Toronto, Canada’s biggest city, grew to more than 15,000 in 2016, according to a report Airbnb released Wednesday.
CMLS Financial releases commercial mortgage commentary
CMLS Financial, one of Canada’s largest, independently owned mortgage services companies, has released its latest Commercial Mortgage Commentary, an in-depth analysis of the commercial mortgage market in Canada. The February 2017 commentary looks at recent world events with potential to influence profitability and success in 2017.
Morguard partners with Cineplex Digital Media
Cineplex Digital Media (CGX-T) announced it has been selected to install, maintain and operate a state-of-the-art digital signage network at Morguard Investments Limited-managed (MRC-T) shopping centres in Canada. CDM is developing, installing, operating and supporting a network of nearly 175 digital displays at 21 Morguard-managed retail properties.
Osborne Village on ‘upward trajectory’
Despite having a number of high-profile vacancies, Winnipeg’s Osborne Village hasn’t lost its appeal as a popular retail destination, real estate industry officials say. Bryn Oliver, a retail sales and leasing specialist with the Winnipeg office of Colliers International, the leasing agent for the former American Apparel space, said there’s been lots of interest in the space.
Tim Hortons owner eyes rapid U.S. expansion
The parent company of Tim Hortons and Burger King sees fertile ground for rapid expansion for both chains in the U.S., regardless of uncertainty around President Donald Trump’s policies. The U.S. is “one of the biggest opportunities” for expanding the coffee and burger chains, said Daniel Schwartz, CEO of Restaurant Brands International Inc (QSR-T).
Ottawa Business Journal – Financial Post – Reuters
The business case for heritage building preservation
Heritage advocates in Edmonton are making the case building preservation can not only beautify the city but make economic sense. A new report commissioned by the Edmonton Historical Board says heritage properties in the city provide significant long-term return on investments for buyers and generate a greater return on taxpayer dollars.
LRT Cambridge proposed route announced
Proposed route plans for the second stage of the Ion LRT in Waterloo Region as the project moves to its next phase into Cambridge were announced Friday. The project’s focus is an approximate 17 kilometre light rail line that will create a “seamless” link with the Kitchener-Waterloo LRT, expected to start service in late 2018.
Calgary LRT to be phased in gradually
It’ll cost billions of dollars, include an ambitious tunnel or two, radically impact dozens of communities and — eventually — ease commutes for thousands of transit-riding Calgarians. But the enormous cost and scale of the 46-kilometre Green Line LRT has forced councillors and city officials to rein in expectations.
Fort Mac transmission line project approved
A $1.6 billion transmission line project running from just west of Edmonton to the Fort McMurray area has been approved by the Alberta Utilities Commission. The Fort McMurray West 500-kV Transmission Project includes the construction of a 500 kilometre single-circuit transmission line, three optical repeater sites and the expansion of the Livock substation.
CBRE acquires CRE lender, consultant Capstone Financial
CBRE has acquired boutique commercial real estate finance and consulting firm Capstone Financial. Terms of the sale were not disclosed. Based in Clayton, MO, just outside St. Louis, Capstone Financial is a full-service commercial real estate finance company.
Featured Column
A fairer way to implement property assessments?
Last week, I took part in a stakeholders meeting with Ontario’s Municipal Property Assessment Corp. (MPAC) on how the process of determining, implementing and appealing a property’s assessment might be improved.
Market Trends and Research
Manitoba barns could see building boom
New barns could start springing up around Manitoba in the wake of recent changes to the provincial building code requirements for farm buildings, industry officials say. Local farm groups had been complaining for years Manitoba’s building code regulations for farm buildings were too onerous because they required them to be built to commercial-industrial standards.
Winnipeg Free Press – Toronto Star
Real Estate Companies
High Ontario electricity rates concern car makers
The soaring price of electricity in Ontario is top of mind for the province’s auto makers, but it should not yet be considered a competitive disadvantage when the province is bidding for new investment by car companies, a new study by the Automotive Policy Research Centre at McMaster University in Hamilton concludes.
Canning company rides craft beer wave
For a certain generation of connoisseur, beer sold in aluminum cans cannot call itself “craft beer.” But that’s changing to the relief of Peter Love, whose family-owned Calgary manufacturing business specializes in small-scale canning machines aimed at the craft brewing market. “We have a snobby industry,” concedes the 65-year-old president of Cask Brewing Systems Inc.
Rural banks closures irk Saskatchewanians
CIBC informed the town of Radville the bank would be shuttered on July 13. According to the bank’s website branches in Stoughton, Hafford, Turtleford and Norquay will also be closing this year. Meanwhile, RBC plans to close six locations in Saskatchewan this year, including the Wawota branch in May.
REIT Financial Reports
Latest reports:
* CREIT, (REF.UN-T), Marketwired
Real Estate Investment Trusts
Two industrial REITs to consider
WPT Real Estate Investment Trust (WIR.U-T) is focused on the U.S. industrial real estate market; 2016 was a particularly good year in the U.S. market. Canadian REITs such as Dream Industrial (DIR.UN-T) focuses on buying and holding industrial real estate closer to the downtown centres of Canadian cities.
Motley Fool – Property Biz Canada
U.S. REIT talk turns private in 2017
At this time of year commercial real estate executives and investment funds usually look back at how the REIT sector fared in terms of mergers and acquisitions. The outcome in 2016 was mixed, and fell short of generating excitement among shareholders and profitable outcomes for companies.
U.S. REIT indexes trail market in January
The primary US REIT indexes got the year off to a sluggish start by underperforming the S&P 500, according to NAREIT data. However, five property segments outperformed the broader market in January.
Legal Corner
Fort Mac man launches lawsuit against Wal-Mart
A Fort McMurray man has launched a $10-million class-action lawsuit claiming he and others bought food from Wal-Mart (WMT-N) Canada that was unfit for human consumption. Warehouse technician William Young bought eggs, sausages, energy drinks, milk and water from the multinational retailer last May 25 to 29, according to a lawsuit filed last week.
Retail
B.C. entrepreneur has high hopes for Clikker
Over the past 20 years, Kenneth Ivan Crause has been a pastor, helicopter pilot, financial planner and tea importer, as well as a convicted thief and fraudster. Now, the self-described “serial entrepreneur” from Vancouver Island is actively recruiting people for his latest venture, Clikker, an online “community shopper” website where North American businesses can advertise and promote specials.
Wal-Mart aims to leverage struggling British arm Asda
Wal-Mart (WMT-N) is throwing its weight as the world’s largest retailer behind its struggling British arm Asda after admitting it was too slow to respond effectively to the threat posed by the discount supermarkets. Asda thrived for a decade as Britain’s cheapest supermarket after it was bought by Wal-Mart in 1999 and remains the third-biggest in the country.
Honest Ed’s sign finds a new home
Toronto residents worried the iconic Honest Ed’s sign will be lost to the city’s landscape forever can take heart. A portion of the sign will be saved and added to the exterior of the Ed Mirvish Theatre. David Mirvish said the prospective cost of moving the sign is worth preserving a piece of his family’s history.
L.L. Bean cuts costs; returns policy could change
L.L. Bean is moving to cut costs by freezing pensions and offering voluntary early retirements, and company officials say they are taking a hard look at its generous shipping and return policies. The U.S. outdoors retailer will freeze its defined-benefit pension plan and boost its 401(k) savings contributions to all 5,000 workers.
Restaurants and Eateries
Aquilini expands restaurants with Umberto acquisition
When restaurateur Umberto Menghi was growing up in Italy, his father said: “If somebody wants something that you have and they are willing to pay for it, sell it to them.” Those words came to mind when the deep-pocketed Aquilini Investment Group’s Toptable Group came calling to make a bid on Menghi’s Il Caminetto restaurant in Whistler.
B.C. restaurant owners waiting for service on liquor-law changes
B.C. restaurant owners have long fought against the province’s liquor laws, calling them unfair and tangled in Byzantine complexity. But restaurateurs might be seeing some light at the end of the regulatory tunnel, says Ian Tostenson, president and CEO of the BC Restaurant and Food Services Association.
Infrastructure
City budget contains new cash for TTC
Toronto Mayor John Tory said the city will allocate an additional $80 million to the cash-strapped Toronto Transit Commission in its 2017 budget. Tory, who made the announcement at Broadview station on Monday, said the new money means the city will spend more on the TTC than it ever has in the transit system’s history.
Bombardier seeks injunction to stop Metrolinx contract termination
Bombardier has turned up the heat in its fight with Metrolinx by asking an Ontario court to impose an injunction in response to the provincial transportation agency’s notice to terminate a contract for Toronto light rail vehicles. The transportation manufacturer’s railway division says its application is designed to encourage Metrolinx to resume good-faith discussions as required in its contract.
Public transit options expanded in Banff
Parks Canada and Roam Transit have announced increased public transit service to Lake Minnewanka, Upper Lake Louise and Moraine Lake to help ease congestion and parking concerns in Banff National Park leading into the busy 2017 tourist season.
International
Lantian files plan for suburban DC project
Lantian Development LLC’s vision for a 31-acre site in Rockville, Md., near Washington, just moved closer toward realization. Lantian and partner 1788 Holdings LLC recently filed a project plan bearing an estimated development price tag of $650 million US.
Other
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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Global Property Market
Dec 03 2024
Metro Toronto Convention Centre, South Building
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Toronto Real Estate Forum
Dec 04 2024
to Dec 05 2024
Metro Toronto Convention Centre, South Building
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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