Stelco land deal leaves Hamilton out of loop

Stelco land deal leaves Hamilton out of loop

Mayor Fred Eisenberger was getting on a plane for England Friday night when he learned Hamilton had been cut out of a land deal that has Stelco (STLC-T) Monday acquiring nearly all surplus U.S. Steel property at what he feels is a bargain-basement price of  $114.1 million. For months, the city has been asking stakeholders for updates on the future of the surplus lands.

Hamilton Spectator – CBC – Toronto Star

Shopify eyes Allied, RioCan office space

Shopify Inc. (SHOP-T) is close to a deal with Allied Properties REIT (AP.UN-T) and RioCan REIT (REI.UN-T) to lease new office space as it expands in Toronto’s surging tech industry, a source said. The space under negotiation is part of The Well downtown development.

Bloomberg – Property Biz Canada

Cadillac Fairview buys 100% of Ritz-Carlton Toronto

UPDATED with comment from CF: Cadillac Fairview says it has acquired full ownership of The Ritz-Carlton, Toronto hotel from its former partner in the flagship downtown property, Simcoe Wellington Hotel Ltd. Partnership. Cadillac Fairview told RENX it acquired the 60 per cent it did not already own, via the transaction. Marriott International will continue to operate the hotel under The Ritz-Carlton brand.

Property Biz Canada

True North Square changes Winnipeg office market

True North Square is a historic development in Winnipeg in many ways. It’s not just its scope: several hundred thousand square feet of office, retail and residential space, along with a massive public plaza to host future fan “Whiteouts” for Winnipeg Jets Stanley Cup playoff runs.

Property Biz Canada

Inside Frank Gehry’s Toronto project

Frank Gehry is ready to go big. Seated in a downtown Toronto office tower, the world’s most famous architect is looking at the skyline that he’s about to remake with two skyscrapers, including the tallest residential building in Canada.

Globe and Mail (Subscription required)

Looking ahead with Oxford Properties’ Michael Turner

For Michael Turner, the new president of Oxford Properties, the next decade in commercial real estate won’t be as easy as the last. Since the Great Recession, Oxford has benefited from ultralow interest rates and a protracted commercial real estate boom.

Globe and Mail (Subscription required)

VillaNova to transform former Montreal industrial lands

A $1-billion housing development to be built on decontaminated industrial sites in the historic Montreal borough of Lachine points the way forward for future urban developments, its developer says. VillaNova is designed to create 4,000 housing units, ranging from townhouses and duplexes to multi-storey condo towers.

Property Biz Canada

Business leaders appointed to guide GBCI Canada

Green Business Certification Inc. Canada (GBCI Canada) has announced the five board members from Canada and the U.S. who will provide green building leadership and expertise to the new joint venture between GBCI and the Canada Green Building Council (CaGBC).

Sustainable Biz Canada

Fortress faces foreclosure battles as lenders circle

Real estate developer Fortress Real Developments Inc. is facing a flurry of legal actions from mortgage lenders who have filed applications to foreclose on land earmarked for development projects. Court documents show senior lenders have launched actions against at least four Fortress affiliates following recent payment defaults.

Globe and Mail (Subscription required)

Urban Fare, Canadian Tire moving into Mount Royal West

Urban Fare and Canadian Tire, who will occupy the first two floors of Calgary’s Mount Royal West, the new mixed-use development by First Capital Realty (FCR-T), are setting up shop for an opening this fall. The block-long project is directly across from Mount Royal Village.

Calgary Herald – Property Biz Canada

Winnipeg breweries boost commercial leases

A rash of microbreweries have sprung up throughout Winnipeg over the past couple of years to give the city’s industrial and retail markets an unexpected boost. Following provincial legislation that reduced red tape and costs, Winnipeg has become a hotbed of IPAs, stouts and pilsners.

Western Investor

Ex-city planner offers first choice for Saskatoon arena

VIDEO: Former City of Saskatoon city planner Alan Wallace explains why he thinks the parking lot north of Midtown Plaza/TCU Place is the best place to build a new arena in the city.

Saskatoon StarPhoenix – The Saskatchewan Edge

BSR acquires Oklahoma City residential community

BSR REIT (HOM-U-T) announced today it has completed the acquisition of Brandon Place, a 200-unit garden-style residential community in Oklahoma City, Okla., for US$23.4 million. Consideration for the transaction included US$3.7 million in cash. Built in 2011, Brandon Place is a collection of 17 two-storey garden-style residential buildings with considerable outdoor entertainment and abundant nearby commercial activity.

Canada Newswire

Top 100: Real estate investors 2018

The Canada Pension Plan Investment Board (CPPIB) (No. 6) and Caisse de dépôt et placement du Québec (CDPQ) (No. 10) were the top-ranking Canadian firms on IPE Real Assets’ top 100 list of some of the world’s largest real estate investors.

IPE Real Assets – Property Biz Canada

Can corporate China unlock its real estate market?

Fast-growing companies are transforming real estate markets across China, a signal the country is moving further away from its position as “the world’s factory.” Technology firms and service-based companies are filling up towering glass skyscrapers.

The Investor JLL

Market Trends and Research

Real estate vulnerable to Canada-U.S. trade war

High-rise development is expected to be the hardest hit real estate activity in an unfolding Canada-U.S. trade war, but fallout across a wider range of consumer goods has potential negative implications for commercial warehouse and distribution facilities.

REMI Network

Real estate industry brings jobs, revenue to GTA: BILD

What do you think about when you notice cranes and construction in our communities? I see a city looking to the future and I think about the jobs, wages and investment that the home building, land development and professional renovation industry will contribute to the GTA’s economy.

Toronto Star

U.S. CRE deal volume up, but headwinds are blowing

The value of U.S. commercial-property deals rose 6.7 percent in the first quarter from a year earlier, but higher interest rates and softer demand for office and retail real estate will weigh on the market in quarters to come, Ten-X Commercial said.

Bloomberg

Real Estate Companies

AccorHotels eyes stake in Air France KLM

AccorHotels is looking at taking a minority stake in troubled airline Air France KLM to compete better with the broader travel packages offered by online rivals such as Expedia and Booking.com. AccorHotels is Europe’s largest hotel group by room numbers.

Reuters

Real Estate Investment Trusts

CEO purchases further AHIP units

American Hotel Income Properties REIT  (HOT.UN-T) Friday disclosed Rob O’Neill, CEO, purchased 24,900 additional units over the past two weeks, through open-market purchases. Part of O’Neill’s agreement with the company is to take 100 per cent of his 2018 compensation in the form of equity.

Canada Newswire – Property Biz Canada

Vornado selling Interests in 666 Fifth Avenue

Vornado Realty Trust (VNO-N) announced it has entered into an agreement to sell its 49.5% interests in the 666 Fifth Avenue Office Condominium to its partner, the Kushner Companies. Net proceeds to Vornado from the sale will be $120 million.

Globe Newswire

Retail

Herschel opening first Vancouver store

Backpack and luggage company Herschel Supply Co. says it is opening its first bricks-and-mortar store in Vancouver’s Gastown district. The company says the 5,000-square-foot space in a heritage building near the waterfront will have its grand opening on Saturday, June 16.

CTV

Cannabis industry news

Canopy Growth adds five Saskatchewan retail locations

Canopy Growth Corporation (WEED-T) announced it has been selected to apply for five cannabis retail permits by the Saskatchewan Liquor and Gaming Authority (SLGA). The five retail sites will be found at Humboldt, Meadow Lake, the Rural Municipality of Corman Park, Melville, and Fort Qu’Appelle.

Canada Newswire – Winnipeg Free Press – CBC – Regina Leader-Post

Alberta poised to lead Canada’s retail cannabis sector

New entrepreneur Shaun Baid is feeling excited about his prospects these days. Baid, a Calgary accountant who was laid off last year amid the energy sector downturn, is now working with three partners to open a cannabis retail store.

Globe and Mail – Bloomberg

Other

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