No offers for Toronto’s Trump tower

No offers for Toronto’s Trump tower

The court-run sale of Toronto’s Trump International Hotel & Tower received no initial bids and ownership will likely fall to its main debt holder. With no rival bidders emerging, the hotel’s ownership will likely fall to JCF Capital ULC, which on Sept. 29 bought the C$301 million owed on the tower’s construction loan.

Reuters – CBC

Trump Tower Vancouver gives developer credibility

Developer Joo Kim Tiah, the man who brought the Trump brand name to Vancouver, looks relaxed. “I know in Vancouver there are more protests than there are days,” he says. “What can I do? . . . . All the politics they are angry about or whatever, it has nothing to do with me. I’m just trying to build the best building.”

Globe and Mail – Winnipeg Free Press

2017 looks bright: RealCapital executive panel

The U.S. economic and political uncertainty around the election of Donald Trump, Brexit and the future of the European Union might have some real estate executives pulling in their horns. Not so the four executives providing their insights at the closing panel of the RealCapital conference in Toronto this week.

Property Biz Canada – GlobeSt.Com

Trump effect good for Canadian RE: CBRE

At the start of last year, few could have predicted the U.K. would vote to leave the European Union or that a billionaire real estate investors and reality TV star would become the U.S. president. Or that both occurrences would be a good thing for Canadian real estate.

Property Biz Canada – CoStar Group

Groundwork laid for World Trade Center Saskatoon

A Saskatoon-based commercial real estate developer is banking on the local economy as it lays the groundwork for a new $50 million, “eight- or nine-storey” office tower in the heart of the city’s downtown core. Canwest Commercial and Land Corp. plans to start work on its proposed “World Trade Center Saskatoon” project this summer.

Saskatoon StarPhoenix – CBC – Global News

RE prices could hurt B.C. high-tech prospects

Could real estate prices be hurting B.C.’s high-tech industry? B.C.’s real estate tsunami ominously parallels slowing growth in high tech, which is weighed down by the size of the industry in the Lower Mainland. Where the province’s tech sector once grew by 22 per cent (2004-09), over the past five years it has slowed to a six per cent growth rate.

Business In Vancouver

Cara shopping for restaurants

Cara Operations Ltd., (CARA-T) having scooped up some of Canada’s biggest restaurant chains during the past three years, is on the lookout for more. Cara, operator of 1,237 restaurants across the country under banners such as Swiss Chalet, Harvey’s, Milestones and New York Fries, reported a 39 per cent jump in overall system sales to $641 million in the quarter. 

Financial Post

Toronto should require Airbnb permits: Fairbnb

Airbnb landlords should have to register for a renewable city permit, be subject to inspections and be restricted to a single rental unit that can be let for a maximum of 30 days per year, says a group pushing for limits on Toronto’s short-term rental industry. Fairbnb also proposes Toronto keep a registry of condo buildings where Airbnbs are not allowed.

Toronto Star – CBC

North Van. mayor calls for subway tunnel study

City of North Vancouver Mayor Darrell Mussatto says it’s time to start discussing the possibility of a rapid transit line to downtown Vancouver via a tunnel under Burrard Inlet. The North Shore has yet to see its long-promised third SeaBus and 10-minute rush- hour service but Mussatto said it’s already time to start thinking longer term.

Business In Vancouver

Chinese investors could exit U.S. for Asia

Chinese real-estate investors are losing interest in the U.S. as their concern over yuan depreciation eases and questions swirl around President Donald Trump’s stance on protectionism. Andrew Haskins, executive director of Asia research and advisory services at Colliers International, expects Chinese capital to return to Asia as investors pull out of America.

Bloomberg

CBRE’s Levy ‘optimistic about the Americas’

CBRE’s Americas head of research Spencer Levy enumerated the many reasons he believes things are looking up economically for the Americas. Levy’s presentation provided a realistic view of where we stand economically and what the future holds. Levy believes an upcoming recession will be good for the economy as a “clearing event.”

GlobeSt.com

E-commerce growth drives U.S. industrial market

U.S. industrial vacancy is at an all-time low, declining by 70 basis points from a year ago to an aggregate nationwide vacancy of 5.6 per cent in the fourth quarter of 2016, according to the year-end industrial market report from real estate services firm JLL. 

National Real Estate Investor

Marriott to speed up expansion of Starwood brands

Hotels group Marriott International (MAR-Q) is planning to speed up the expansion of brands acquired in the takeover of rival Starwood, and is not ruling out further additions to its portfolio, its chief executive said on Monday. Arne Sorenson also said 2017 was shaping up to be a solid year, though with some clouds on the horizon.  

Reuters

PGIM CEO paring NYC, London property bets

David Hunt, CEO of Prudential Financial Inc.’s PGIM, said the $1-trillion asset manager is scaling back CRE bets in some major markets where competition drove up property prices. “Whenever you see that kind of heating-up of demand, you have to scratch your head and say, ‘At what point does this become a little bit overblown?’ ” Hunt said.

Bloomberg – Bloomberg

Standard Life, Aberdeen merger creates huge property arm

Standard Life’s merger with Aberdeen Asset Management will create a new $66.6 billion Cdn real estate investment manager. Combined, the two companies will represent the U.K.’s biggest asset management firm and the country’s largest in terms of global real assets under management (AUM). 

IPE Real Estate – Wall Street Journal

Market Trends and Research

GTA CRE leased space falls 25 per cent

Toronto Real Estate Board Commercial Network Members reported a combined 271,918 square feet of industrial, commercial/retail and office space leased through TREB’s MLS System, on a per square foot net basis with pricing disclosed, in February 2017. This result was down by 25 per cent compared to 362,720 square feet of leased space reported in February 2016.

Marketwired

Regina playing catch-up on fitness trend

If you look at the eastern part of Regina, you’ll find a YMCA, Orangetheory Fitness, Evolution Fitness, GoodLife Fitness and Wheelhouse Cycle Club, all within blocks of each other. A decade ago, there wasn’t much when it came to choice of where to exercise in Regina, with the main options being the city-owned facilities, YMCA and Ladies California Fitness.

Regina Leader-Post

Canadian business missing out on economic rebound

Forget data showing Canada’s economy is growing at the fastest pace since the collapse in oil prices two years ago. The nation’s businesses seem to be running for the exits. While GDP data show the economy averaged quarterly growth of 3.2 per cent in the second half of 2016, non-residential business investment has fallen in eight of the past nine quarters.

Bloomberg

Real Estate Companies

Ottawa CRE property owners win tax appeals

Ottawa ended 2016 with a $5.4-million surplus even as a growing number of tax-assessment appeals put a major dent in the city’s finances. More and more commercial property tax payers are appealing their assessments, and this year that bill came home to roost for the city. The city spent $26 million more than expected for property tax adjustments.

Ottawa Business Journal

REOC Financial Reports

Latest reports:

* George Weston Limited, (WN-T), Canada Newswire 

REIT Financial Reports

Latest reports:

* Slate Office REIT, (SOT.UN-T), Marketwired

Real Estate Investment Trusts

Is the REIT market overvalued?

RioCan REIT (REI.UN-T) is unfortunately tied to the success of Canadian retailers. Chartwell Retirement Residences (CSH.UN-T) is supported by the fact demand is expected to increase more than the new supply of retirement homes. Another one I would look at is NorthWest Healthcare Properties REIT (NWH.UN-T), currently trading at a dividend yield of more than eight per cent.  

Motley Fool

Partners announces mortgages at Quebec properties

Partners Real Estate Investment Partners Real Estate Investment Trust (PAR.UN-T) announced it has finalized a $4.4 million mortgage at the REIT’s Shoppers Drug Mart property in Gatineau, Que., and a $2.6 million mortgage at the REIT’s Plaza des Seigneurs property in Terrebonne, Que. These new mortgages are both with Otera Capital Inc. 

Marketwired

Become a passive landlord with SmartREIT, CAPREIT

Canadian Apartment Properties REIT (CAR.UN-T) and SmartREIT (SRU.UN-T) will produce passive income without one having to take on the financial burden and headaches of owning a property. CAPREIT has more than 48,000 residential units in major urban centres across Canada, which is where demand for these types of rentals will be the highest.  

Motley Fool

Retail

Emerging shopping trends will impact retail space

The 2016 holiday shopping season proved to be another record-breaker for U.S. retailers. According to the National Retail Federation, more than 154 million consumers shopped during the Thanksgiving shopping weekend. The number of shoppers who purchased online versus in store is nearly tied: 44 per cent of consumers shopped online compared to 40% who shopped in-store.

GlobeSt.com

Winnipeg pop-up gets boost from the Bay

Two local entrepreneurs hope to inject life into one of Winnipeg’s most iconic and under-used retail outlets — the downtown Hudson’s Bay (HBC-T) store — with two pop-up retail events this year. Every spring and fall, Chandra Kremski and Charla Smeall stage a giant urban market to showcase Manitoba products. 

Winnipeg Free Press

Restaurants and Eateries

Booster Juice an Alberta success story

Sitting at the rear of a low-profile, flat-roofed complex in southeast Edmonton is the headquarters of a rarely recognized Canadian business success story. The drab exterior of AW Holdings Corp. is the antithesis of the outrageous hues that identifies its stores from coast to coast. Booster Juice, Canada’s biggest smoothie seller, was born in Wild Rose Country.

Edmonton Journal

Infrastructure

Trump infrastructure dream faces same old nightmares

A month before taking office in 2009, Barack Obama promised “a bold agenda” to create jobs rebuilding U.S. roads and bridges with “shovel-ready projects.” In a Feb. 28 speech to Congress, Trump said he wants legislation to support $1 trillion worth of investments rebuilding roads, bridges, tunnels, airports, and other crumbling infrastructure, putting millions of Americans to work in the process. 

Bloomberg

Scarborough subway no path to prosperity: Opinion

No Toronto taxpayers are helped – and all taxpayers are angered and harmed – when valuable and tight tax dollars are spent on projects that have no chance of fulfilling the stated goal. Such is the case of the extension of the Bloor-Danforth subway up to the Scarborough Town Centre. The project would add one new station.

Toronto Star

Brookfield buying stake in Brazil’s Renova?

Brookfield Asset Management Inc (BAM.A-T) is nearing an accord to buy a 30 per cent stake in Renova Energia SA, which would include $460 million Cdn in fresh capital for the Brazilian renewable energy company, a source said. Under terms of the deal, Brookfield would purchase the 15.7 per cent stake Light Energia SA has in Renova.

Reuters

A parking garage-cum-art gallery

Is it a parking garage or an art gallery? It’s The Z, in Detroit, and it’s the funkiest, most talked about parking garage around. The walls along the entrance ramp and at both ends of every deck are covered with floor-to-ceiling murals. There’s a giraffe napping in a windowsill, a tiger chasing a baseball, abstracts, the serious, the whimsical and lots of bold colour.

Windsor Star

International

Russian RE deals never materialized for Trump

He visited imperial palaces and construction sites, but Donald Trump did not strike any real estate deals in Moscow. The New York real estate tycoon has his name on hotels, resorts and other properties from South Korea to Turkey to Panama, but none in Russia, though he repeatedly said he wanted to build a Trump tower in Moscow.

CTV

Other

	RENX has surpassed 9,755 Twitter followers
	Follower Royal Homes is a custom home builder that uses prefabricated components. All site services available. Your lot, your dream….custom built
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.