Westbank, Bosa have $105M deal with Hong Kong buyer

Westbank, Bosa have $105M deal with Hong Kong buyer

Two leading Vancouver developers are selling several adjacent buildings in the city’s downtown for $105 million to a Hong Kong-based buyer, one of the biggest land deals in the region in the past two years. In 2015 and 2016, Westbank Corp. and Bosa Properties had independently set out to buy up units in a seven-storey condo building and four adjacent townhomes. The land could be rezoned for a tower of some 50 storeys.

Globe and Mail

Concert acquires prime Toronto development site

Concert Real Estate Corporation beat out 13 other bidders to acquire an approved residential mixed-use development site near the intersection of Toronto’s Sherbourne and Bloor Streets. “We were certainly willing to step up and be aggressive on the price,” said Concert president and chief executive officer Brian McCauley. He acknowledged paying a premium because zoning is already in place for his firm to redevelop the property.

Property Biz Canada

Montreal’s Plaza St-Hubert to get a facelift

Wider sidewalks, more trees and a new overhead awning are some of the changes Plaza St-Hubert will undergo when the aging outdoor mall is rebuilt, starting in August. Construction on the $55-million refurbishment project is expected to be completed in 2020. “We will be working with the business owners to make sure that we still keep (the street) alive,” Montreal Mayor Valérie Plante said.

CBC

OPG sells Lakeview generating site to development group

Ontario Power Generation has sold the former Lakeview Generating Station, a 177-acre waterfront development site in the City of Mississauga just west of Toronto, to a consortium of developers for $275 million. OPG says the 800 Hydro Road site, formerly home to a large coal-fired hydro plant, was purchased by a group called Lakeview Community Partners Limited.

Property Biz Canada

Luxury hotel ready to open in Gatineau Park

An abandoned and derelict lodge in Gatineau Park overlooking Meech Lake has completed its transition into a luxury hotel and is ready to open the doors. Co-owner Robert Milling wants to restore O’Brien House, a four-storey mansion built in the 1930s, to its former glory.  “When we started the construction there was nothing more than studs and the stone fireplaces,” he said.

CBC

Hoteliers bet on bright future for Prince George, B.C.

Ron Mundi is betting on downtown Prince George, B.C., investing millions in a pair of hotels — one new, one refurbished — just a few blocks apart in the city’s downtown core. Within a few months, another high-profile hotel will open in the downtown core, while two more are being built along highways leading in to the city. All are hoping to tap into the city’s growing conference sector.

CBC

B.C.’s CRE sales unlikely to top record 2017: AY

The value of British Columbia’s commercial real estate sales last year smashed the record set in 2016 by an astonishing $3.4 billion, according to Avison Young’s Year-End 2017 BC Real Estate Investment Review. In 2017, 230 office, industrial and retail properties changed hands for a value of $7.5 billion, the report said. That easily topped the previous record, set in 2016, of $4.1 billion involving 147 deals.

Property Biz Canada

PIRET unitholders approve $3.8B takeover by Blackstone

Pure Industrial Real Estate Trust (AAR-UN-T) announced unitholders at a special meeting today approved the previously announced plan in which an affiliate of Blackstone Property Partners (BX-N) , the Core+ real estate investment unit of Blackstone, will acquire all of the issued and outstanding trust units of the trust for $8.10 per unit in cash, a transaction valued at $3.8 billion. Approximately 99.66% of the units represented at the meeting voted in favour of the transaction.

Canada Newswire – Property Biz Canada

Roca Homes proposes six-storey mixed-use building in Ottawa

An Ottawa homebuilder wants to construct a six-storey mixed-use building on the site of a vacant store property in Westboro. Roca Homes’ proposal for the development at 386 Richmond Rd., includes commercial space on the ground floor, office space on the floor above and 16 residential units on the top four storeys as well as a rooftop patio. The residential units will consist of studio and one-bedroom apartments.

Ottawa Business Journal

B.C. developer follows his dream across the globe

Charan Sethi’s long journey from his humble beginnings in India to success in his adopted home of Canada took a few twists and turns along the way but was kept on track by hard work, strong ambition and a clear sense of personal destiny. Sethi, founder of Richmond-based development corporation Tien Sher Group of Companies, was born in 1951 in Jalandhar, India.

Business In Vancouver

‘Great time to be expanding’: Simons CEO

With the departure of Sears Canada, any business resembling a department store with a substantial percentage of apparel, softlines and home décor could hope to enjoy an upside from the retailer’s recent demise. But Peter Simons, CEO of the 178-year-old family-run Simons, at best sounds cautiously optimistic about the retail industry’s future.

Financial Post

Nordstrom rolls out its first Canadian discount outlet

After the Target Canada debacle, Nordstrom (JWN-N) executives took particular care to not expand too quickly across this country. Three years and six upscale department stores later, Blake Nordstrom is hoping the Seattle-based retailer’s Canadian investments will begin to pay off with the debut of its first deals-driven subsidiary, Nordstrom Rack.

Financial Post – Toronto Star

Retail real estate a ‘falling knife’: Sam Zell

Retail’s well-publicized struggles are still far from over, according to Sam Zell. The chairman of Equity International Group and Equity Residential discussed the state of the industry Tuesday morning on Bloomberg Daybreak, where he described retail as “still a falling knife.” The United States has more retail per population than any other country, which has led to “an enormous number of obsolete shopping centres,” he added.

The Real Deal

2017 a less-than-stellar year for grocery retailers

Across the board, retailers had a rough go of it in 2017. The tumultuous year was marked by store closures (so long, Sears Canada!), changing consumer expectations and behaviours, rapidly evolving technological advancements and the looming threat of Amazon and what it might do next. Contending with all of the above pressures — along with unprecedented competition and a lingering price war—Canada’s grocery retailers had a rough year.

Canadian Grocer

WeWork No. 2 private office tenant in Manhattan

Eight years after opening its first co-working space in New York City’s SoHo neighborhood, fast-growing WeWork is now the second-biggest private office tenant in Manhattan. Approaching 50 locations in New York City, WeWork has now amassed more Manhattan office space than any other tenant except banking behemoth JPMorgan Chase (JPM-H-N), according to data from real estate services company Cushman & Wakefield.

Recode

Market Trends and Research

San Diego becoming hot spot for investing: CBRE

San Diego has become a more favourable place for real estate investing among big money players across North and South America, said a recent study. The annual report from commercial real estate firm CBRE is a survey of multi-million-dollar investment groups — from insurance companies to pension funds — that asks where they are investing and why.

San Diego Union-Tribune – Dallas News

Real Estate Companies

Cineplex’s Rec Room coming to Winnipeg

A massive new entertainment complex planned for Winnipeg suggests a different way to bring people to malls and other retail centres, says a University of Manitoba professor — and they should take notice. Cineplex (CGX-T) announced Tuesday plans to build a new location of The Rec Room — which the company describes as a “social playground for grown-ups” — at the Seasons of Tuxedo retail development.

CBC – Winnipeg Free Press – Calgary Herald

REIT Financial Reports

Latest financial results:

* Fronsac REIT, (GAZ-UN-X), Globe Newswire

Real Estate Investment Trusts

CREIT unitholders urged to vote for Choice Properties deal

Canadian REIT (REF.UN-T) announced today Institutional Shareholder Services Inc.  and Glass Lewis and Co., LLC, two pre-eminent proxy advisory firms, have recommended unitholders of CREIT vote for  the plan of arrangement  relating to the combination transaction with Choice Properties REIT (CHP.UN-T) previously announced on Feb. 15, 2018.

Globe Newswire

AHIP expands Asset Management department

American Hotel Income Properties REIT LP (HOT-UN-T) announced it has expanded its in-house Asset Management department, which is responsible for overseeing and enhancing the performance of its hotel portfolio to drive stronger returns for AHIP’s unitholders. Asset Management Managing Director Pankaj Maharjan is overseeing the program, with strong support from Martin Pinsker, senior director, Investments.

Canada Newswire

Retail

Roots opening two new Boston stores

Roots (ROOT-T), an iconic lifestyle brand with a rich Canadian heritage, Thursday announced it is opening two U.S. retail locations in the Greater Boston area in June. “These two new Roots locations mark an important step in executing against our current U.S. expansion plan where we are targeting 10 to 14 new retail locations by the end of 2019,” said president/CEO Jim Gabel.

PR Newswire

Fluevog prepares for life without founder

For John Fluevog, the iconoclast designer of his namesake footwear, shoes have always been about entertainment. Walk into the Fluevog flagship store on Water Street in Vancouver and the shoes on display feel like a party, a kaleidoscope of colours and styles. They are arrayed on three long beams of brown English oak, the wood from trees two centuries old.

Globe and Mail (Subscription required)

Lowe’s CEO Robert Niblock to retire

U.S. home improvement chain Lowe’s Companies Inc (LOW-N) said on Monday chief executive officer Robert Niblock will retire and the board has started a search for his replacement. Niblock, also the chairman and president of the board, took the helm in January 2005. Since then, the company’s sales have risen 88 per cent to $68.62 billion in its latest fiscal year.

Reuters

New Development

University of Windsor unveils new arts school

For more than a century, the Armouries building created soldiers who fought for freedom. “It’s now home to the artists who celebrate that freedom, through expression,” Mayor Drew Dilkens said of the University of Windsor’s new creative arts hub. A 20,000-square-foot arts space with film production, editing, sonic art and “maker-space” studios will share the limelight with  Freedom Way, a 66,000-square-foot creative centre.

Windsor Star

Mixed-use development touted for Winnipeg site

Winnipeg plans to begin demolishing the Public Safety Building and the adjoining Civic Centre Parkade this summer as a prelude to the redevelopment of an entire downtown city block.​ Downtown development agency CentreVenture announced a redevelopment plan that calls for the construction of a mixed-use redevelopment with up to 400 residential units, office and retail space and a park, as well as an enclosed public market.

CBC

Renovation and Restoration

Edmonton music venue close to completion

It’s a world-class acoustic marvel, and with a provincial promise of $13 million, the Francis Winspear Centre for Music is expected to become an even more central part of the city’s creativity and culture. Anniemarie Petrov, president and CEO of the Winspear, is delighted the Alberta government set aside the funds in Thursday’s budget for the expansion of the music venue. “We’re positively thrilled,” she told CBC News.

CBC

Infrastructure

Abbotsford airport undergoing major expansion

The Abbotsford International Airport is in the midst of a major expansion in an attempt to compete with a regional rival. As many as one million passengers could fly out of YXX each year by 2020, according to Abbotsford Mayor Henry Braun. “Our business plan is to become the lowest cost-based platform in Canada, if not North America,” Braun said.

CBC

Tower One to acquire U.S.-based Process Cellular

Tower One Wireless Corp (TOWTF) announced it has entered into an agreement to acquire a 100% interest in Process Cellular Inc. as a wholly owned subsidiary. ProCell has been operating out of Southern California for over 20 years as a turnkey general contractor that specializes in the telecommunications industry & structural engineering/design.  ProCell has the knowledge, equipment, and resources to tackle every aspect of tower construction.

Globe Newswire

Other

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