Vancouver’s McArthurGlen mall to launch Phase 2

Vancouver’s McArthurGlen mall to launch Phase 2

Construction will start within the next six weeks on the long delayed 84,000-square-foot Phase 2 of the McArthurGlen Designer Outlet Vancouver Airport mall, and that expansion is scheduled to open in spring 2019, mall representatives announced this week. A larger 140,000-square-foot expansion had been scheduled to break ground in 2016 and be complete and open by 2017. The plan is to have a separate Phase 3 be built at some point in the future.

Business In Vancouver

All eyes on Anbang after Chinese state takeover

What the Chinese government decides to do with the B.C. properties owned by Anbang Insurance Group Co. – after the investment giant was taken over by a Beijing government agency in late February – will be a major litmus test for China’s promise to be more tolerant of free-market forces.

Business In Vancouver

Artis CEO says capital recycling program ‘not done yet’

Artis Real Estate Investment Trust (AX-UN-T) continued its capital recycling program in 2017, disposing of 23 properties and reducing its exposure in Alberta to maximize unitholder value. “We’ve made meaningful improvements to our portfolio and strategic position, and we’re not done yet,” president and chief executive officer Armin Martens said during a March 2 conference call.

Property Biz Canada

Stable Canadian market attractive for investors

Canadian real estate will continue to attract strong investment interest, Real Capital conference attendees were told at the Metro Toronto Convention Centre. “As the rest of the world becomes more and more volatile and more and more uncertain, the segments of the real estate market that perform best are those which can present stable and reliable cash flow,” said KingSett Capital chief investment officer Rob Kumer. 

Property Biz Canada

Inovalis JVs on German office property; sells another

Inovalis REIT  (INO-UN-T), a leading Canadian-listed REIT focused on managing and owning a portfolio of high-quality assets in Germany and France, announced it has successfully completed the purchase of an office property in Kösching, Germany, as part of a 50/50 joint-venture arrangement with a global institutional investor. The REIT also announced the sale of an office property in Cologne, Germany.

Canada Newswire – Property Biz Canada

Canadian investors buy second Georgia distribution centre

GSK US Properties Thursday announced its acquisition of 120 Royal Woods Ct, a 100 per cent leased, 227,735-square-foot distribution center in Tucker, Ga. GSK earlier closed on 16126 Alcovy Rd, a 302,062-square-foot distribution centre in Covington, Ga. Financial details were not disclosed. GSK US Properties is a joint venture between the principals of Cité Industrielle Lasalle, headquartered in Montreal, and Canadian-based Perceptive Capital. 

Globe Newswire

Used oil wells may heat Alberta town’s buildings

Calgary-based Epoch Energy Development is conducting an extensive research and feasibility study to see if a Geothermal District Energy System is viable in the Town of Hinton, Alta. The study, supported by all three levels of government, is looking at a proposed system that would produce renewable geothermal heat from marginally-producing oil and gas wells to heat the town’s public buildings.

Sustainable Biz Canada

$40-million Canmore hotel nearing completion

Canmore’s first major hotel project in 20 years will open by spring 2018. “Canmore is a highly sought-after tourist destination with minimal accommodation options for the increasing number of visitors,” said Frank Kernick, developer of Spring Creek Real Estate and owner of the Malcolm Hotel.

Western Investor

Surrey appoints architect head of development

From his 18th-floor window, Michael Heeney sees his new job as city builder all around him. Last September the architect took the helm of Surrey City Development Corp. (SCDC), the for-profit agency that works at arm’s length from city hall. It’s a switch from his previous gig as principal at Bing Thom Architects (BTA), where he led projects in Vancouver, Hong Kong, London and Washington, D.C.

BCBusiness

Lost B.C. farmland could be catastrophic: White paper

A white paper urges B.C. to protect farmland, arguing sprawling estates and businesses are assuming “precious” arable tracts future generations will require to survive. Kent Mullinix, co-author of the paper and sustainable food expert with Kwantlen Polytechnic University, says the rising price of land is preventing fertile areas protected under the province’s Agricultural Land Commission Act from being used for their designated purpose: producing food.

CBC – Vancouver Province

Crown land transferred to FN as part of B.C. resort deal

Crown land has been transferred to the Simpcw First Nation as part of a deal related to the development of the Valemount Glacier Destination resort northeast of Kamloops, B.C. The ski and sightseeing resort covers nearly 50 square kilometres across a range of the Cariboo Mountains.

CBC

Texas Teachers invest $600M in Brookfield, Almanac funds

Teacher Retirement System of Texas (TRS) is investing $600 million US in real estate funds managed by Brookfield Asset Management (BAM-A-T) and Almanac Realty Investors. The pension fund told IPE Real Assets it had approved a $300-million commitment to Brookfield Strategic Real Estate Partners III, Brookfield’s latest global opportunity fund.

IPE Real Assets

Tim Hortons taps new leader amid sour franchisee relations

Tim Hortons has handed the reins to a new leader who faces the task of smoothing over relations with its franchisees and boosting sales growth at the coffee-and-doughnut chain. Alex Macedo became president of Tim Hortons in December, parent company Restaurant Brands International Inc. (QSR-T) confirmed Thursday. The company made no public announcement at the time.

Globe and Mail (Subscription required)

L.A. beats Manhattan on office profits

I’ll take Manhattan, the old song goes, but when it comes to making a buck on office real estate, you might take West L.A. Based on recent capitalization rates, office buildings in New York are overpriced by 20 per cent, on average, compared with those in major West Coast markets, particularly West Los Angeles and downtown San Francisco, according to a report by Green Street Advisors.

Bloomberg

U.S. REITs, construction industry warn against tariffs

U.S. President Donald Trump’s plan to impose steep tariffs on steel and aluminum imports have sparked rising concern and dire warnings this week from architects, contractors, REITs and real estate lobbying groups who say tariffs could put more pressure on already rising building costs and cause developers and investors to postpone, cancel or steer clear of new development opportunities. 

CoStar Group – Building Design & Construction

Featured Column

ABCs of leasing: When it isn’t going to work

The lease is signed, you’ve moved in and you’re open for business. Negotiations were tough, but you came to an agreement with the landlord regarding the rate and term. But the universe has thrown you a curveball … you will not be able to complete the obligations of your leasing agreement.

Read more

Market Trends and Research

Industrial demand dominating Waterloo Region’s CRE market

Demand for industrial properties is expected to be front and centre in Waterloo Region’s commercial real estate sector this year. “Vacancy rates are dangerously low,” Karl Innanen, managing director of Colliers International Waterloo Region, told an audience Wednesday at the firm’s annual market outlook breakfast.

Waterloo Region Record

B.C. CRE brokers caught in crossfire over dual agency

Commercial real estate agents in British Columbia are about to be exposed to a crossfire of government regulations targeted at the residential sector.  In June, B.C. will become the first jurisdiction in Canada to outlaw “dual agency” in the real estate industry. Dual agency is the practice that allows a real estate agent to work for both the buyer and seller of a property.

Western Investor

Korean investors hot on U.S. CRE

South Korean capital remains one of the most sought-after sources of funding for US commercial real estate. Although cross-border real estate investments have been coming from Korea for the last 25 years, attorneys at Mayer Brown say there has been “off the charts activity” in the last two or three years. The law firm handled 24 Korean real estate financing deals in 2017, and has 11 deals already underway this year.

GlobeSt.com

Real Estate Companies

Las Vegas Sands selling Sands Bethlehem for $1.3B

Las Vegas Sands Corp. (LVS-N) announced it has entered into a definitive agreement under which Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama, will acquire the Sands Bethlehem property in Pennsylvania for a total enterprise value of $1.3 billion.  The closing of the transaction is subject to regulatory review and other customary closing conditions.   

PR Newswire

REOC Financial Reports

Latest financial results:

* Holloway Lodging Corp., (HLC-T), Canada Newswire

* Melcor Developments Ltd., (MRD-T), Globe Newswire

* Starlight U.S. Multi-Family (No. 1) Value-Add Fund, (SUVA-A-X), Canada Newswire

* Starlight U.S. Multi-Family (No. 5) Core Fund, (STUS-A-X), Canada Newswire

REIT Financial Reports

Latest financial results:

* AHIP REIT, (HOT-UN-T), Canada Newswire

* Cominar REIT, (CUF-UN-T), Canada Newswire

* NorthWest Healthcare Properties REIT, (NWH-UN-T), Canada Newswire

* Pure Multi-family REIT, (RUF-U-X), Canada Newswire

* True North Commercial REIT, (TNT-UN-T), Canada Newswire

* WPT Industrial REIT, (WIR-U-T), Canada Newswire

Retail

Abercrombie & Fitch to close 60 more stores

Abercrombie & Fitch announced Wednesday it will be closing 60 stores later this year. The teen apparel retailer, which also owns the brand Hollister, has been reconfiguring its store fleet in malls as more shoppers opt to buy clothes online. Last year, it closed nearly 40 stores, having previously planned to shutter 60 locations. In 2016, it closed about 50 shops.

CNBC

Toys ‘R’ Us prepping to liquidate U.S. operations

Toys “R” Us Inc. is making preparations for a liquidation of its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders, according to sources. Hopes are fading a buyer will emerge to keep some of the business operating, or that lenders will agree on terms of a debt restructuring.

Bloomberg – Winnipeg Free Press

Grocery executives talk delivery and mobile apps

When trying to determine if grocery delivery and meal kit services are worth the investment, Farm Boy co-CEO Jeff York uses basic math. Just two per cent of food is purchased online and that is expected to increase to 12% by 2023, he said. “But I like 100% math, so 100 minus 12 means 88% of business will still be done in stores.”

Canadian Grocer – Business In Vancouver – Canadian Grocer – Canadian Grocer

Cannabis industry news

Aurora successful in offer for CanniMed shares

Aurora Cannabis Inc. (ACB-T) says it has been successful in its friendly offer for CanniMed Therapeutics Inc. (CMED-T) and will begin the process of combining the two companies. The company says 70.66 per cent of CanniMed’s shares have been tendered to its offer and it will take up and pay for them as soon as possible. Aurora struck a stock-and-cash deal valued at $1.1 billion to buy CanniMed in January.

Financial Post

Legal cannabis could crash alcohol giants’ party: Analyst

Major alcohol companies will likely see sales squeezed by legal cannabis in the coming years, according to Wall Street research firm CFRA Research. “Due to shared usage occasions, we view the legalization of cannabis as a threat to alcohol industry consumption growth,” CFRA analyst Joe Agnese, who covers the food and beverage and tobacco industries, wrote in a note published Monday.

Financial Post

New Development

New U. of Saskatchewan campus coming to Prince Albert

Prospective post-secondary students in northern Saskatchewan will soon have a chance to stay closer to home while completing their studies, thanks to a new University of Saskatchewan campus opening in downtown Prince Albert. The university already offers a selection of arts and science, nursing and medicine courses in the city, but the addition of the 110,000 square foot building will be able to bring all of them under one roof.

Saskatoon StarPhoenix

New Cascades casino planned for Chatham-Kent

A new casino is planned for the Chatham-Kent area, pending government approvals and land acquisition. Gateway Casinos & Entertainment Limited announced its plans for a new Cascades branded casino on Thursday. Government and municipal approvals are required before the company can break ground. If approved, the company expects to start construction in the spring.

CBC – Chatham Daily News – Property Biz Canada

Infrastructure

Edmonton councillor pushes for LRT extension

Premium bus service with dedicated lanes and a shortcut bridge over the Calder rail yards would give north-side Edmontonians quicker access downtown — but at almost the same cost as full light rail transit, says a new report for city council. The update is one in a series of reports this year planning out the future expansion of the LRT.

Edmonton Journal

International

Boyuan initiates two new Chinese projects

Boyuan Construction Group, Inc., (BOY-T), announced it has started construction on two new projects with a combined total value of US$40.1 million. A residential development project located in Hainin City of Zhejiang Province has a contract value of US$21.2 million and a manufacturing facility in Jiaxing City, Zhejiang Province has a contract value of US$18.9 million.

Canada Newswire

Other

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