Crombie REIT has plans for its new Toronto retail site

Crombie REIT has plans for its new Toronto retail site

Crombie Real Estate Investment Trust (CRR.UN-T) is eyeing adding a “significant” residential component to its most recent purchase, a $42-million strip plaza on McCowan Road in Toronto. The REIT announced Thursday it has closed on the purchase of 1215-1255 McCowan Road, the McCowan Square, from a third-party vendor. The site includes 4.5 acres of land next to the McCowan TTC Station.

Property Biz Canada – Property Biz Canada

Grouse Mountain to be sold to Chinese investor

North Vancouver’s Grouse Mountain Resorts is under contract to be sold in a deal expected to finalize soon, company officials confirmed Thursday. The property has been on the market since September when the McLaughlin family retained CBRE Canada to sell with an asking price of $200 million. Reports indicate the buyer is  Shanghai-based investor. China Minsheng Investment Group (CMIG).

Vancouver Sun – Business In Vancouver – Globe and Mail (Subscription required)

Cogir buys DevMcGill, eyes Toronto expansion

Real estate firm Cogir immobilier has purchased Montreal condo developer DevMcGill and hopes to expand into the Toronto area. First off the mark could be a Toronto version of its $200 million-plus Humaniti project in Montreal, Mathieu Duguay, president and CEO of Cogir, told RENX.

Property Biz Canada

Menkes adds retail anchors at Toronto’s One York Street

WINNERS, Coppa’s Fresh Market and Harbour Eats by Mercatino will be anchor tenants in a new retail podium at Menkes Developments’ One York Street in Toronto’s burgeoning South Core. Menkes made the announcement this week, noting 85,000 square feet of the 151,500 square foot podium is now leased.

Property Biz Canada – Property Biz Canada

Tribute, Greybrook submit plans for 30-storey TO tower

Tribute Communities and Greybrook Realty Partners have submitted rezoning and site plan applications for their redevelopment of the properties at 286 through 294 Main Street. The Turner Fleischer Architects–designed proposal would see the demolition of four existing commercial buildings to be replaced by a 30-storey mixed-use condominium, with retail and office space incorporated in the lower levels.

Urban Toronto – Property Biz Canada – Property Biz Canada – Property Biz Canada

Ivanhoé buys U.S.-based Evergreen Industrial

Ivanhoé Cambridge has completed the acquisition of U.S.-based light industrial specialist Evergreen Industrial Properties from TPG Real Estate. A person familiar with the transaction told the Globe and Mail the purchase price was approximately $1 billion US.

Property Biz Canada – Globe and Mail (Subscription required) – Property Biz Canada

Sears Canada gets the green light to sell itself

An Ontario judge has given Sears Canada Inc. (SCC-T) the green light to immediately proceed with reaching out to potential buyers while it’s under creditor protection. Ontario Superior Court Justice Glenn Hainey approved the motion for the sale and investor solicitation process Thursday, following hours of discussions between lawyers representing the company, its lenders and retirees and laid-off employees.

CBC – Financial Post – Globe and Mail (Subscription required) – Globe and Mail (Subscription required)

Pearson seeks bidders for massive transit hub

Toronto Pearson International Airport is preparing to seek bidders to design a massive regional transit centre as behind-the-scenes talks heat up with Ottawa, the province and potential private investors. A source told The Globe and Mail the Greater Toronto Airport Authority (GTAA) is preparing to launch a request for proposals to produce an initial concept design of the transit hub.

Globe and Mail (Subscription required)

Morguard N.A. Residential REIT closes on U.S. transactions

Morguard North American Residential REIT (MRG.UN-T) recently announced: the acquisition of Coast at Lakeshore East, a 515-suite apartment building in Chicago for $287.5 million; the acquisition of Northgate at Falls Church, a newly built, 104-suite mid-rise apartment building in Falls Church, Va., for $55.7 million; the waiving of  conditions on the acquisition of Fenestra Apartments, in Rockville Town Square, Rockville, Md., for $165 million; and the closing on the disposition of four properties comprising 1,329 suites located in Mobile, Ala., for $89.3 million. 

Canada Newswire – Property Biz Canada – Property Biz Canada – Property Biz Canada

Regina industrial outshines Saskatoon market

Regina and Saskatoon could hardly be more different when it comes to real estate. While Saskatoon’s industrial and office sectors are experiencing high vacancy rates, Regina’s industrial market continues to be stable, according to a new report from Avison Young Commercial (Saskatchewan). While industrial vacancy is north of 8 per cent in Saskatoon, it’s just 3.2 per cent in Regina.

Western Investor

Zeidler designs consistent approach to Calgary projects

Toronto-based Zeidler has designed some of Calgary’s most impressive buildings, including a recent addition to the city’s skyline – the first phase of Calgary City Centre. The office tower has 34 floors of offices above five levels of underground parking. The Cadillac Fairview development will include a five-star Fairmont hotel, luxury residences, restaurants and retail.

Calgary Herald

Mactaggart remade Edmonton in his own image

He was one of Edmonton’s most generous philanthropists. And he was a developer and entrepreneur, a city builder. He was Sandy Mactaggart. And his death at 89 should be an occasion to reflect on how different Edmonton might have been if he had not made it his home and co-founded the property development company Maclab Enterprises Ltd.

Edmonton Journal – Edmonton Journal – Global News

Technology creating major shifts in workplace: AY

Although computer technology and robotics have been around for more than 60 years, their increasingly pervasive presence in the workplace is creating significant shifts in the way mainstream work is getting done, notes Avison Young’s white paper: Architecture of the Fourth Industrial Revolution – Distributed Networks and Artificial Intelligence, Impacts and Opportunities for the Real Estate Sector.

Canada Newswire – BCBusiness

Construction sites will be human-free by 2050: Paper

By 2050, construction sites may be completely human-free, according to a new paper from Balfour Beatty titled “Innovation 2050 – A digital future for the infrastructure industry.” The paper claims work currently done by humans will be accomplished via robots work in teams to build complex structures using dynamic new materials.

Building Design & Construction

GM Building makes big bucks: Fitch Ratings

Harry Macklowe may not want to look at these numbers. Boston Properties’ GM Building, which Macklowe lost during the 2008 financial crisis, could make a whopping $184.3 million annually in net operating income over the coming years, according to a new analysis from Fitch Ratings.

The Real Deal

Real Estate Companies

Cineplex adding adult-only comforts in Vancouver

Cineplex (CGX-T) is expanding its adults-only cinema offerings in Metro Vancouver. The Canadian movie theatre giant is opening new cinemas in West Van and Burnaby  that signal its continued march toward more VIP-style service in the company’s expanding local footprint. Cineplex recently announced plans to build a new 44,000-square-foot cinema at Park Royal shopping centre. 

Vancouver Sun

REOC Financial Reports

$453 million in financings completed year to date by Firm Capital Corporation

Firm Capital Corporation announced the completion of $453 million in new mortgage financings year to date 2017.  There are eight sample transactions included in the news release.  The first is a $67,100,000 first mortgage construction loan for a mixed-use condo project in Toronto.

Firm Capital Corporation

Real Estate Investment Trusts

Warren Buffett picky about his REITs

Of the 200 REITs publicly traded in the U.S., Warren Buffett has purchased only one for his 47-stock portfolio at Berkshire Hathaway (BRK.B-N)  and one more for his personal holdings. Buffett purchased both of the REITs in the past two years, suggesting an increase in interest in the sector or in their attractiveness.

Forbes

CAPREIT could be a buying opportunity

For investors looking for new opportunities, shares of Canadian Apartment Properties REIT (CAR.UN-T) may be the best fit. The beauty of the dividend payments for investors is the sustainability. For the past fiscal year, the company paid out a total of 30 per cent of cash flow from operations (CFO) as dividends. The amount was 33 per cent in 2015 and 31% in 2014. 

Motley Fool

Retail

New Aritzia stores on horizon

Vancouver fashion retailer Aritzia saw steady growth in sales and profit as it continues to expand its network of stores and its e-commerce offerings. The womenswear seller (ATZ-T) generated $8.1 million in profit on $145 million in sales during the 13 weeks that ended May 28. That’s a 14.7 per cent rise in sales, or net revenue, compared to the same period in 2016.

Business In Vancouver

C & W names Gorelick head of retail for the Americas

Industry veteran David Gorelick, a Simon Property Group and Ralph Lauren Corporation executive, will join global commercial real estate brokerage Cushman & Wakefield as executive managing director and head of retail for the Americas. Gorelick will be responsible for building stronger client relationships and deepening the firm’s retail platform, including expanding retailer tenant representation and agency leasing services lines.

GlobeSt.com

Tiffany appoints former Bulgari exec as CEO

Jewelry retailer Tiffany & Co (TIF-N) named former Bulgari SpA executive Alessandro Bogliolo as chief executive, months after appointing another executive from the Italian luxury retailer to its board, as part of a deal with hedge fund Jana Partners. A veteran luxury industry executive who has spent 16 years at Bulgari, Bogliolo most recently served as CEO of  Diesel SpA. 

Reuters

U.S. retail sales fall for a second month

Americans curtailed their shopping in June, with less spending at restaurants, department stores and gasoline stations. The spending pullback came despite a healthy job market and suggests that economic growth could remain sluggish. Retail sales fell 0.2 per cent after declining 0.1 per cent in May, the Commerce Department said Friday. 

Winnipeg Free Press

Infrastructure

Meridiam seeks $1.15B for N.A. infrastructure fund

Meridiam plans to raise $1.15 billion Cdn of capital for its latest U.S. and Canadian infrastructure fund, according to one of its investors. According to board meeting documents, the Public Employees Retirement Association of New Mexico and the Ohio Police & Fire Pension Fund have committed $95 million and $102 million, respectively, to Meridiam Infrastructure North America III Fund.

IPE Real Estate

Technology

Shopify partners with eBay

Shopify Inc., the Ottawa-based e-commerce platform dominated by small business owners, is teaming up with EBay Inc. to allow its merchants to sell directly through the online marketplace. The move adds another outlet for Shopify’s roughly 400,000 users, though the EBay integration will be available initially only for U.S. customers selling in U.S. dollars, Shopify said in a statement. 

Bloomberg – Ottawa Business Journal

Other

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