KingSett buys London, Ont., mall for $31.5M

KingSett buys London, Ont., mall for $31.5M

Westmount Shopping Centre in southwest London, Ont., has been sold to a huge Toronto real estate investment firm in a $31.5-million deal. KingSett Capital purchased the property last month from Penretail Management. KingSett has $12.5 billion in assets including office, retail, industrial and residential properties.

London Free Press – CBC – Property Biz Canada

Halifax CBD office vacancy rate ‘frightening’

A recent market survey conducted by commercial real estate consulting firm Turner Drake & Partners Ltd pegged Halifax’s office vacancy rate at about 15 per cent — nearly 17 per cent if you focus on the central business district alone. Alexandra Baird Allen, Turner Drake’s manager of the economic intelligence unit, called that rate “frightening” and “unsustainable” during a recent interview on the CBC’s Information Morning.

CBC

Brookfield Residential acquires U.S. developer OliverMcMillan

Brookfield Residential Properties Inc. (BAM-A-T) announced Tuesday it has acquired the assets of San Diego-based mixed-use developer OliverMcMillan, which is involved in designing and building projects in several major U.S. urban centres. Financial terms of the acquisition were not disclosed. OliverMcMillan will continue to manage its existing real estate assets, Brookfield says.

Property Biz Canada – Reuters

Colliers, Techstars launch CRE tech accelerator

Colliers International Group Inc. has teamed up with Techstars to launch the first-of-its-kind Colliers PropTech Accelerator program. The goal is to identify and mentor startups around the globe which are developing industry-disrupting technologies capable of transforming the real estate industry.

Property Biz Canada

Parliament Hill buildings getting a second life

The first time Stephen Fai laid eyes on Parliament Hill, he was heading to architectural school in Ottawa. Having grown up on the Prairies, he had never seen anything quite like the tall, stately Peace Tower and the surrounding complex. More than 30 years later, Dr. Fai is director of Carleton University’s Immersive Media Studio – where Canada’s Parliament Buildings have found an extraordinary second life.

Globe and Mail

Ottawa to open LRT by the end of November

The $2.1-billion first phase of the Confederation Line LRT will open to customers by the end of November, Ottawa Mayor Jim Watson said Tuesday. Watson provided the date during a finance and economic development committee meeting. City management will provide more details. The city was scheduled to take possession of its 12.5-kilometre LRT system on May 24.

Ottawa Citizen – Ottawa Business Journal – CBC – Ottawa Citizen

Subway issues raise questions about Toronto’s position as major hub

A combination of emergencies on board a train, signal malfunctions and a cracked rail brought much of Toronto’s subway system to a halt last week, raising questions about the city’s readiness to become a major business, sports and entertainment centre in North America. Even without the frequent service delays, subway overcrowding during rush hours has become a frequent cause of frustration for commuters.

Globe and Mail – Toronto Star – CBC

Kelowna hotel sector reaping rewards of robust economy

Thompson Okanagan hotel prospects exuded a warm glow during an overview of markets across Canada at the Western Canadian Lodging Conference in Vancouver in November. “There hasn’t been a lot of new supply growth in the region, so after more than 10 years of sub-60 occupancy, we’re finally seeing this area breaking through the 60 per cent mark,” said Carrie Russell, managing director of valuation and advisory firm HVS Canada.

Business In Vancouver

BTB sells Montreal property housing head office

BTB Real Estate Investment Trust (BTB-UN-T) Tuesday announced the sale of its property located at 2153-2155 Crescent Street in Montreal, for total proceeds of $3.150 million. This property houses the head office of BTB. Due to its growth in the recent years, BTB’s current premises no longer meet its needs. As a result, BTB will look to relocate its head office in the coming months.  

Canada Newswire – Property Biz Canada

InterRent REIT internalizing property management

InterRent Real Estate Investment Trust (IIP-UN-T) announced today it has entered into an agreement with CLV Group Inc., the REIT’s external property manager), to internalize the REIT’s property management function.  As a result, the property, asset and project management fees payable by the REIT under its existing property management agreement will be eliminated.

Globe Newswire – Property Biz Canada

Lululemon’s CEO resigns over issue of conduct

Lululemon Athletica (LULU-Q) announced Monday Laurent Potdevin has resigned as CEO effective immediately, saying he fell short of the company’s standards of conduct. The Vancouver-based maker of yoga pants and other athletic-inspired clothing didn’t offer specifics but said it expects all employees to “exemplify the highest level of integrity and respect for one another.”

Hamilton Spectator – Globe and Mail – Toronto Star – Financial Post

HBC’s new CEO has her work cut out for her

Between placating activist investors and developing new ways to grow a veteran business in an increasingly unforgiving sector, new Hudson’s Bay Co. chief executive Helena Foulkes has her work cut out for her. Foulkes, a former executive with U.S. drugstore giant CVS, will fill the void left at HBC after the abrupt departure last fall of veteran retail executive Jerry Storch.

Financial Post

Graeme Eadie set to retire from CPPIB

Following an announcement in July 2017 of his stepping back from his role as Global Head of Real Assets, Graeme Eadie will retire from CPPIB effective March 31. He will continue as an advisor to CPPIB and will lend his decades of experience in an advisory capacity focused on the investment review process.

Globe Newswire – Winnipeg Free Press

Madison Pacific to JV on mixed-use redevelopment

Madison Pacific Properties Inc. (MPC-C-T) today announced it has entered into a 50/50 joint venture with a residential developer to rezone and redevelop to residential and commercial use, a 4.5-acre commercial property it currently owns in Coquitlam, B.C. Madison Pacific Properties Inc. is a Vancouver-based real estate company with approximately $501 million in investment properties.

Globe Newswire

Construction’s ‘retirement bubble’ is here: BuildForce

With 21 per cent of Canada’s current construction workforce anticipated to retire this decade, the industry needs to focus on recruitment and retention to prevent a skills and capacity gap, BuildForce Canada’s  2018–2027 Construction and Maintenance Looking Forward forecast indicates. Construction activity could “soften” in most provincial markets due to the aging population and weaker demand for natural resources

Daily Commercial News

Market Trends and Research

Another year of solid CRE investment in store: Morguard

The 2018 Canadian Economic Outlook and Market Fundamentals Research Report released Tuesday by Morguard Corporation (MRC-T) predicts another year of robust commercial real estate investment activity in Canada, given healthy demand for quality assets across the country. “Investors remain enthusiastic about the Canadian commercial real estate market after a record volume of transactions in 2017,” said Keith Reading, director of research at Morguard.

Canada Newswire

Calgary CRE market saw substantial investment increase in 2017

Throughout 2017, Calgary’s commercial real estate investment market continued to see strong quarterly investment. The first three quarters posted substantial year-over-year increases in dollar volume averaging more than $365 million. The fourth quarter alone saw more than $860 million transacted, bringing total CRE investment to $2.35 billion. On a year-over-year basis, Calgary also saw a substantial uptick in CRE investment activity, with 25% more properties changing hands than in 2016.

Barclay Street Real Estate media release

Little change in Toronto’s CRE lease rate: TREB

TREB Commercial Network members reported 364,392 square feet of combined industrial, commercial/retail and office space leased through the TREB MLS  System, on a per square foot net basis with pricing disclosed, in January. This result was similar to January 2017, when a total of 367,526 square feet was reported leased. Typically, in January, annual changes in average per square foot lease rates can be volatile.

Globe Newswire

Real Estate Companies

Former home of American Stock Exchange up for lease

A joint venture between GHC Development and Clarion Partners is opening up space at 123 Greenwich St. in Manhattan—the original home of the American Stock Exchange—the first time that space has been made available to lease in the building’s nearly century-long history. The mixed-use space is being made available for retailers and other commercial users, including entertainment options.

CP Executive

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Retail

InstaBuggy CEO upping grocery home delivery game

The light bulb moment that would launch Julian Gleizer into the grocery world happened in 2014, when he was helming a startup in the daily deals space. As an entrepreneur, Gleizer was clocking long hours: six or seven days a week until late in the evenings. He was also tending to his father, who was ill at the time.

Canadian Grocer

Restaurants and Eateries

Tim Hortons: The killing of another Canadian business icon

As minimum-wage increases slowly spread across the nation, Tim Hortons – or perhaps parent corporation Restaurant Brands International (RBI) (QSR-T) – is displaying what many would consider unwise resistance to the wage evolution. The act seems almost deliberate, even calculated and tactical. Most executives and members of the RBI board have unquestionable business and financial acumen. RBI’s shares have almost doubled in value since its inception in 2014.

Business In Vancouver

Cannabis industry news

B.C. to allow private cannabis retailers

Adult recreational marijuana users in B.C. will be able to buy cannabis from private retailers, in urban centres, and in government-run stores across the province, the B.C. government announced Monday. The B.C. Liquor Distribution Branch (LDB) is opening “a new standalone network of public retail stores,” and will manage online sales. In urban areas, private stores will be allowed, although their retail activity will be limited.

Financial Post – Business In Vancouver – Globe and Mail

New Development

College tower divides London neighbourhood

To its developers, Imperial College London‘s new White City campus tower is a 35-storey iconic landmark; to its British neighbours like Henry Peterson, it’s an eyesore. “The Imperial tower is nearly finished. I don’t think local people are very happy about it,” says Peterson, chair of the St. Helen’s Residents Association, which tried to prevent the tower from being built.

Globe and Mail

Human Resources

Jones Lang LaSalle beefs up Calgary industrial team

When Jones Lang LaSalle Commercial Real Estate (JLL), the world’s second largest publicly traded real estate brokerage, decided in 2012 to open a Calgary office it aggressively sought experienced agents. The local JLL office is housed in the historic, six-storey Hollinsworth Building that was integrated into the east tower of Bankers Hall. The latest addition is Chris Saunders, whose business card reads senior vice-president, industrial.

Calgary Herald

Dean Holmes joins QuadReal’s residential team

QuadReal Property Group Tuesday announce the appointment of Dean Holmes as senior vice-president of Residential Operations. Holmes will be responsible for QuadReal’s national property operations, with emphasis on property management, marketing, leasing, resident services and overall portfolio performance. Holmes has more than 25 years of experience working with some of the best residential operators in the United States and Canada. 

Canada Newswire

Prometheus Real Estate Group founder dead at 89

Sanford Diller, the San Francisco real estate developer and philanthropist whose foundation has donated hundreds of millions of dollars to Bay Area hospitals, Jewish causes and the arts, died Friday at his Woodside home. He was 89. Diller was best known as founder of Prometheus Real Estate Group, the largest privately held owner of apartments in the Bay Area.

San Francisco Chronicle

Other

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