WeWork signs deal for third Vancouver location

WeWork signs deal for third Vancouver location

WeWork, the New York-based office co-working company, has signed a deal to add a third location to Vancouver. The seven-year-old start-up will take over five floors at 333 Seymour St., adding more than 1,100 desks to Vancouver’s quickly expanding co-working landscape. The new space on Seymour is expected to open in September and will increase the total number of desks WeWork has in Vancouver to 3,800, the company said.

Vancouver Sun – Property Biz Canada

Westbank planning Vancouver office development

Westbank Corp. is set to to announce a new strata office development in downtown Vancouver. It recently won approval from the city for a 24-storey tower at 400 West Georgia Street with 353,000 square feet of office space and is planning to redevelop the Creative Energy plant at 720 Beatty Street with a mix of residential units and 18 storeys of office space. Westbank leasing executive Roz McQueen disclosed the strata plan.

Business In Vancouver

IAM Group buys 20 former Cominar properties from Slate

The president of Integrated Asset Management Corp.’s real estate group says the acquisition of  20 industrial properties in Atlantic Canada is part of a strategy to diversify its geographical holdings.  The properties, primarily in New Brunswick, were purchased from Slate Acquisitions Inc., which itself had recently acquired the properties from Cominar REIT (CUF-UN-T). 

Property Biz Canada

Bombardier to sell Toronto Downsview site to PSP Investments

Bombardier Inc. (BBD-B-T) will sell its Downsview airport and manufacturing property in Toronto to Public Sector Pension Investments (PSP Investments) for $635 million. Bombardier also has a letter of agreement with the Greater Toronto Airports Authority (GTAA)  for a long-term lease of approximately 38 acres of property at Pearson International Airport where it will open a new centre of excellence and assembly plant for its Global business jets.

Property Biz Canada

Vancouver’s Four Seasons to close in 2020

The Four Seasons hotel in downtown Vancouver is shutting down after operating for more than 40 years. The hotel, located on West Georgia Street next to CF Pacific Centre, will close for good on Jan. 31, 2020. A statement said the hotel’s landlord, Cadillac Fairview, didn’t renew its lease for the property.

CBC – Globe and Mail – Vancouver Sun

Food firm signs Vancouver’s biggest industrial lease of 2018

Daiya Foods has leased 396,770 square feet at 3100 Production Way in the Lake City Business Centre, representing Metro Vancouver’s largest industrial lease deal of 2018. “Deals over 200,000 square feet are incredibly rare in this market as there are few buildings that size,” said Colliers Vancouver industrial vice-president Stefan Morissette. He represented Daiya, which makes plant-based food products.

Property Biz Canada

AIMCo eyes Edmonton’s newest office tower

Alberta Investment Management Corp. is in talks to buy Edmonton’s newest office property, according to sources. The 27-storey Edmonton Tower was put on the market earlier this year along with Stantec Tower, which is expected to be one of the tallest buildings in Western Canada when construction of its 66 storeys are completed. 

Globe and Mail (Subscription required)

Greengate plans $1B in Alberta energy projects

Calgary-based renewable and clean energy developer Greengate Power Corporation has major plans for the Alberta market and beyond after securing a multi-year $100-million equity commitment from Fengate Real Asset Investments. Dan Balaban, president and chief executive officer, said Greengate Power plans to develop $1 billion in projects in Alberta.

Sustainable Biz Canada

Mixed-use tower coming to downtown Hamilton

Mohawk College will buy 8.5 hectares of former Hamilton Psychiatric Hospital land on the Mountain brow — including Century Manor — and the province will use the proceeds toward a new mixed-use tower downtown. Infrastructure Ontario is in negotiations to sell the West 5th land to the city, which will in turn sell it to Mohawk College. The college will spend $9.51 million on the Fennell Avenue West property.

CBC – Hamilton Spectator – Global News

Sidewalk Labs, Waterfront talks months behind schedule

Talks between Google-affiliate Sidewalk Labs and Waterfront Toronto on a deal to create a community where new, data-driven “smart city” technologies will be tested are months behind schedule. Waterfront Toronto selected New York-based Sidewalk Labs in October as the “innovation and funding partner” for a controversial project to develop a prime 12-acre plot of land dubbed Quayside near the foot of Parliament Street in Toronto’s Eastern waterfront.

Globe and Mail – Winnipeg Free Press

Western Ottawa LRT extension gets committee’s OK

Light rail trains could someday glide above the rooftops of new neighbourhoods in Stittsville and Kanata after the Ottawa’s transportation committee approved a $1.85-billion route for a future west-end LRT extension, including a section of elevated track. The 11-kilometre extension would run along the Queensway from Moodie Drive to Terry Fox, through residential neighbourhoods to Campeau Drive.

CBC – CBC – CBC – CBC

Choice Properties, CREIT complete merger

Choice Properties REIT (CHP.UN-T) and Canadian REIT (REF.UN-T)) today announced the successful completion of the previously announced plan of arrangement, which immediately results in the creation of Canada’s premier diversified REIT. The combined entity will operate as Choice Properties and will continue to trade as CHP.UN-T.  The enterprise value will be approximately $16 billion.

Canada Newswire – Property Biz Canada

Premium Outlet Collection Edmonton open for business

Premium Outlet Collection Edmonton International Airport (EIA), a joint project from industry leaders Ivanhoé Cambridge and Simon, officially opened its doors Wednesday to much excitement from the public and VIPs. The only fully enclosed outlet shopping centre in the Edmonton Metropolitan area and LEED pre-certified, Premium Outlet Collection EIA offers approximately 100 retailers and six anchors.

PR Newswire

Dalfen breaks ground on Texas industrial development

Montreal-headquartered Dalfen America Corp. (DAC)  has kicked off construction on the McKinney Fulfillment Center, located near the crossroads of US-75 and US-380 at 1581 Corporate Drive in McKinney, Texas. Slated for delivery in November, the new, class-A, speculative industrial building will offer an additional 115,176 square feet of space to the two buildings Dalfen owns and manages in the business park.

Globe Newswire

Britain’s Ocado lands third major deal in six months

British online supermarket pioneer Ocado has signed a partnership with Swedish market leader ICA Group, its third major deal in six months as food retailers race to meet the challenge of online competition. The deal comes with the spotlight on the grocery sector after Britain’s Sainsbury’s agreed a $12.8 billion Cdn bid on Monday to buy Walmart’s Asda, a bold move that would overtake long-time U.K. market leader Tesco.

Reuters

Featured Column

Who bears the costs of crumbling heritage buildings?

It isn’t much to look at – a two-storey brick rectangle like many that dot Ottawa and date from 1940s and ’50s. But it has raised plenty of stink lately at both the municipal and international diplomatic levels. That’s Ottawa, for you. I’m talking about 231 Cobourg St. in the Sandy Hill area adjacent to the University of Ottawa.

Read more

Market Trends and Research

GTA leased CRE space up year-over-year: TREB

Toronto Real Estate Board Commercial Network Members reported 439,206 square feet of combined industrial, commercial/retail and office space leased through the TREB MLS System, on a per square foot net basis with pricing disclosed, in April. This result was up from the 353,373 square feet of leased space in April 2017. Industrial space accounted for 84 per cent of space leased. The average industrial lease rate rose to $7.03 from $6.83 per square foot year-over-year.

Globe Newswire

Real Estate Companies

Mierins Automotive sells 10 dealerships to Alpha Auto

One of Ottawa’s best-known car dealership chains has been sold. The Mierins Automotive Group has agreed to sell 10 of its 11 dealerships and two collision centres to Alpha Auto Group of Toronto for an undisclosed price. It brings to an end a family tradition that began 60 years ago. The flagship Mercedes-Benz dealership, Ogilvie Motors on St. Laurent Boulevard, is not included in this sale.

Ottawa Citizen – Canada Newswire

Movie-goers, investors heading for Cineplex exits

The market continues to punish Cineplex Inc. (CGX-T), as fears persist of a long-term trend away from movie-going. Shares in the company fell 4.7 per cent Wednesday to close at $28.05 in Toronto after the company posted earnings that met analyst expectations but disappointed investors. The shares are now down about 48 per cent since reaching an all-time high of $54.35 on May 2, 2017.

Financial Post – Toronto Star – Canada Newswire

REOC Financial Reports

Latest financial results:

* Brookfield Property Partners L.P., (BPY-UN-T), Globe Newswire

* Lakeview Hotel Investment Corp., Canada Newswire

REIT Financial Reports

Latest financial results:

* Allied Properties REIT, (AP-UN-T), Globe Newswire

* Melcor REIT, (MR-UN-T), Globe Newswire

* Morguard REIT, (MRT-UN-T), Canada Newswire

Real Estate Investment Trusts

Boardwalk unveils Calgary’s Broadway Centre

Boardwalk Real Estate Investment Trust (BEI.UN-T) announced Saturday’s grand opening of Broadway Centre, an amenity-rich affordable luxury apartment building within walking distance of Calgary’s thriving and trendy Mission area. Broadway Centre is located along 4th Street SW, steps from Calgary’s 17th Avenue entertainment district and a kilometre south of Calgary’s downtown core. The CORE Shopping Centre and Calgary’s iconic Stephen Avenue are within walking distance.

Canada Newswire – Property Biz Canada

Retail

Roots announces plans for Chicago store

Roots (ROOT-T), an iconic lifestyle brand with a rich Canadian heritage, Wednesday announced it has signed a lease to open a store on Chicago’s North Michigan Avenue. With an agreement that includes approximately 5,000 square feet in street level retail space, Roots plans to bring its premium lifestyle brand to the city’s famed Magnificent Mile, which is includes more than 460 retailers, 75 restaurants, 60 hotels and many unique attractions.

Canada Newswire

Restaurants and Eateries

Tim Hortons’ U.S. franchisee group to sue RBI

A group of Tim Hortons U.S. franchisees said Thursday it is suing parent company Restaurant Brands International (QSR-T), escalating growing tensions between the company and owners of its U.S. and Canadian coffee shops. The Great White North Franchisee Association-U.S. is challenging a clause in Restaurant Brands’ franchise agreements that requires all disputes to be resolved in Federal Court in Miami, according to an emailed statement from the group.

CBC – Toronto Star

New Development

Greybrook, Marlin Spring invest in TO development

Greybrook Realty Partners Inc.  announced the successful closing of an equity investment by its managed issuer of $6,670,000 to acquire and oversee the development of a prime parcel of land in Toronto. Together with Marlin Spring, the firm will develop the land at 1045 The Queensway into a mixed-use, mid-rise condominium residence. This project is an expansion of an existing project with Marlin Spring on the adjacent parcel of land.

Globe Newswire – Property Biz Canada

Infrastructure

Ontario funding Toronto transit projects

The Ontario government will provide funding for Toronto’s relief line subway, the extension of the Yonge north line as well as the Waterfront LRT, the premier said Thursday at an announcement with Mayor John Tory. The two signed a memorandum of understanding, an agreement that officially gets construction on the city’s SmartTrack project moving along, with the city funding six stations to be ready by 2025.

Toronto Star – CBC

Elections BC approves petition to cancel Site C

British Columbia’s Chief Electoral Officer has approved in principle an initiative petition application attempting to stop construction of the $10.7-billion Site C dam, Elections BC announced Thursday. The petition will be issued to proponent Ion Delsol Moruso, a resident of Duncan, on July 3, according to Elections BC.

Business In Vancouver

Other

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