AY buys Calgary CRE appraisal firm

AY buys Calgary CRE appraisal firm

Fast-growing commercial real estate firm Avison Young is beefing up its Alberta property appraisal expertise by buying 29-year-old Linnell Taylor Lipman and Associates Ltd. of Calgary. The deal announced Monday comes on the heels of Avison Young’s purchase of Toronto-based Metrix Realty Group, a property appraiser with 30 staff, in January.

Calgary Herald

Melcor REIT climbing out of basement

According to the old adage, perception is reality in politics. The same rule applies on Bay Street. Melcor REIT (MR.UN-T) didn’t escape the carnage. The Edmonton-based real estate investment trust, which was spun off by parent Melcor Developments in 2013, saw its unit price slump nearly 24 per cent last year.

Edmonton Journal

ReDev announces sale of Edmonton building

Richard Crenian, president of ReDev Properties Ltd., announced the sale of 105 Street Government Building located at 10242 – 105 Street in Edmonton. The 105 Street Government Building is a 94,901-square-foot office building on .432 acres of land in the Edmonton Central Business District. No purchase price was immediately indicated.

Canada Newswire – Property Biz Canada – Property Biz Canada

Whistler Blackcomb unveils ambitious plan

Whistler Blackcomb Holdings Inc. (WB-T) has announced plans for what it calls its largest and most exciting investment: a $345-million investment that includes a new lift, an indoor ‘adventure centre’, a transformed village at the base of Blackcomb Mountain, two high-end real estate developments, and a “world-class indoor water-based adventure centre” at Blackcomb’s upper bases.

Vancouver Sun – Winnipeg Free Press

Vancouver industrial uses shift east

TransLink’s network of walkways and green space from Gladstone Park through Wesgroup’s East Fraserlands project to Burnaby Fraser Foreshore Park underscores the shift from heavy industry to lighter uses ranging from logistics to residential. In Burnaby’s Big Bend area Oxford Properties Group is redeveloping the former Norampac mill site with distribution space.

Business In Vancouver

Arts Court residential component underway

Construction is underway on ArtHaus, an 89-suite condominium and boutique hotel property that will be part of the innovative Arts Court complex in Ottawa’s ByWard Market. “DevMcGill was delighted to be part of this innovative project involving an art gallery, boutique hotel, university and residential luxury condos,” DevMcGill president Stéphane Côté said.

Property Biz Canada – Urban Toronto

A sneak peek at Expedia’s new office

At Expedia’s (EXPE-Q) new Vancouver office, employees are encouraged to write on the walls. “If it’s shiny, you can write on it,” says Matthew Eichhorst, president of Expedia CruiseShipCenters. All employees have desks that can be adjusted to standing, there are collaboration spots throughout the open plan space, and meeting rooms are wired for videoconferencing.

BCBusiness

Millennials’ spending habits drive CRE ventures

Big-city millennials are spending less time in their small living spaces and more time and money on entertainment elsewhere, said retail and real estate executives during a panel at the Vancouver Real Estate Forum last week. Chris Doulos, the vice-president of real estate, said Cineplex Entertainment is undergoing a transformation and expansion of its business model,

Vancouver Sun

HBC enlists robots as it retools for e-commerce era

Hudson’s Bay Co. (HBC-T) is racing to add robots to its Toronto distribution centre that handles e-commerce orders, betting the investment will give it an edge in the retail digital wars. The new robot system, called Perfect Pick, will operate six to 10 times faster than human stock pickers when it’s running next fall, said HBC CEO Jerry Storch.

Globe and Mail – Winnipeg Free Press – Globe and Mail – Financial Post

Sobeys’ price cuts could trigger grocery war

Sobeys’ (EMP.A-T) decision to slash prices on 8,500 grocery items this week in Quebec stands to trigger a price war with other grocery retailers. The retailer’s decision to drop prices by five per cent to seven per cent “will require a response” from rivals Loblaw (L-T) and Metro Inc., (MRU-T) said analyst Keith Howlett at Desjardins Securities.

Financial Post – Montreal Gazette – Canada Newswire

Major acquisitions drive seniors’ care consolidation

A­mica Mature Lifestyles’ $578 million sale to BayBridge Seniors Housing Inc. in December comes on the heels of other mega-deals in the seniors’ housing sector, but the industry remains relatively fragmented and ripe for more consolidation. Achieving that consolidation could be challenging, however, as analysts say the sector has many more buyers than sellers.

Business in Vancouver – Victoria Times Colonist

Maplewood announces conditional offer on property

Maplewood International Real Estate Investment Trust (MWI.UN-X) today announced in connection with the proposed sale of its sole investment property in the Netherlands, it has executed a new all-cash conditional purchase offer on the property in the amount of $10.7 million Cdn from a European private real estate investment fund at arm’s length to the REIT.

Marketwired

Ottawa OKs brownfield grant, special levy

Companies asking for the city’s help to clean up contaminated sites slated for redevelopment should be required to provide affordable housing units in exchange, Ottawa Mayor Jim Watson said Tuesday after the finance committee approved the largest ever brownfield grant application. The committee approved $15.8 million in tax and fee breaks for the Regional Group.

Ottawa Citizen – Ottawa Business Journal

Toronto building rises from the ashes

There’s an apparition of things past on the upper floors of Hullmark Developments Ltd.’s new three-storey building on Toronto’s historic Queen Street West. Etched on the stainless steel panels that screen the building’s glass facade are traces of the eyebrowed windows and crenulated brick trim of a Victorian-era building that previously stood on this site.

Globe and Mail

CBC forced to face ugly truths about French HQ

No non-elected Montrealer has more clout in matters architectural than Phyllis Lambert. When the Bronfman heir and founder of the Canadian Centre for Architecture said this week the CBC’s Maison Radio-Canada (MRC), which others were calling a heritage building, was actually a piece of junk, her opinion was treated by the city’s media as breaking news.

Globe and Mail

Featured Column

PC urban re-imagines Vancouver industrial

Industrial land supply is the biggest issue facing commercial real estate developers in Vancouver. A recent study by Port Metro Vancouver found the current supply of trade-enabling industrial land in the Lower Mainland will be exhausted roughly within the next 10 years.

Read more

Five key benefits of motel investing

During my commercial real estate career, I have had the opportunity to represent many different motel buyers and sellers throughout Saskatchewan.

Read more

Market Trends and Research

CRE leasing activity rises in Toronto

Toronto Real Estate Board commercial network members reported year-over-year growth in total commercial leasing activity  for the first quarter of 2016. Lease agreements were signed for a combined 6,381,533 square feet of industrial, commercial/retail and office space, a 6.9 per cent increase compared to the first quarter of 2015.

Marketwired

REOC Financial Reports

Real Estate Investment Trusts

U.S. REITs bounce back in March

U.S. REITs posted a strong upswing in March, outpacing broader market gains as investor concerns about global macroeconomic issues eased during the month, according to market observers. The total returns of the FTSE/NAREIT All REIT Index rose 10 per cent in March, while the S&P 500 Index added 6.8 per cent.

REIT.com

Canoe Financial’s DiGregorio likes Artis

VIDEO: Long term, we like remain positive on the equity markets, shorter term we anticipate increased volatility. We see this as a period of time to begin repatriating investments to Canada.

BNN.ca

InterRent REIT an attractive investment

If you are looking for growth combined with income, you may want to consider investing in InterRent Real Estate Investment Trust (IIP.UN-T). Ottawa-based InterRent’s strategy is to acquire underperforming multiresidential properties, unlocking value to unitholders by redeveloping these residences through building and suite renovations.

Globe and Mail (Subscription Required)

Legal Corner

Winnipeg alleges negligence in lawsuit over bridge

The City of Winnipeg is taking another engineering firm to court over a troubled civic project. The city filed court papers March 29 alleging Stantec Engineering was responsible for the March 2014 collapse of an earthen wall that supported the superstructure of the Sturgeon Creek bridge. The documents alleges the city incurred damages of approximately $2.2 million.

Winnipeg Free Press

TO homeowners hit with liens by TTC subcontractor

In the latest headache for people who live near the Toronto Transit Commission’s Leslie Barns project, scores of innocent homeowners have been sucked into a legal dispute over an unpaid $1.4-million bill. Property owners learned Tuesday a subcontractor, Ozz Electric of Concord, Ont., had entered liens on their properties.

Globe and Mail

‘Good cause’ to fire Bill Gross: PIMCO

Pacific Investment Management Co (PGI.UN-T) said former bond manager Bill Gross’ abusive conduct and effort to sabotage colleagues he deemed disloyal gave it “good cause” to oust him, and not pay any of the more than $200 million of damages he now seeks in a lawsuit. PIMCO also said Gross acted unprofessionally when he “abruptly quit” the firm.

Reuters

Retail

Town Shoes opening six new locations

Town Shoes Limited announced the opening of six new DSW Designer Shoe Warehouse locations in fall 2016. The new stores mark 10 new locations for the company in 2016, including a hotly anticipated entry into the Vancouver market. Since launching in Canada in 2014, DSW’s footprint will have grown to an impressive 23 stores by fall 2016.

Canada Newswire – Edmonton Journal

Van Cleef & Arpels join Vancouver’s jewelry row

High-end Parisian jeweler Van Cleef & Arpels plans to open an 6,200-square-foot store on Alberni Street. The store would be the fifth jewelry store in that block, which is bookended by a 4,700-square-foot Tiffany (TIF-N) store a 1,700-square-foot DeBeers store. 

Business In Vancouver

Bikini Village unveils new logo, store concept

Bikini Village Tuesday presented its new visual signature including an updated logo and a new store design. With this new visual identity, the Canadian retailer with nearly 40 years of history, who carries branded swimwear and beachwear for men and women, is now making a shift towards modernity.

Canada Newswire

Restaurants and Eateries

Starbucks plans to open largest store

Starbucks Corp. (SBUX-Q) is opening a sprawling new Roastery-branded store in New York’s Meatpacking District, part of a push to bolster growth with larger locations that offer experiences to customers. The 20,000-square-foot cafe will be its biggest ever, Starbucks said Tuesday. The location, near Chelsea Market, won’t be ready until 2018.

Bloomberg – Commercial Property Executive – Commercial Observer

Caplansky’s deli goes national

Zane Caplansky lays claim to a string of firsts in Toronto. First pop-up restaurant. First gourmet food truck. The guy is credited with reviving the classic deli and bringing authentic Jewish food back downtown. Now Caplansky hopes to add to his fame (and fortune) by taking his deli national, selling a brand-new franchise concept across the country.

Globe and Mail

New Development

High hopes for Jasper Avenue giant hole

City of Edmonton staff say three developers have submitted competing bids to buy the property on Jasper Avenue, left with a giant hole after contractors dug out contamination 10 metres down then walked away from the condo project. The lot has sat untouched since at least last fall, when BCM Developments couldn’t get financing.

Edmonton Journal

Sports Venues

Arena helped define Edmonton: Editorial

The Edmonton Oilers will play their final game at Rexall Place tonight, marking an end to the era of professional hockey at the old Coliseum on 118th Avenue and Wayne Gretzky Drive. The special events and shared memories of the last several days strike the same chord as a wake for a beloved family member.

Edmonton Journal – Edmonton Journal – Edmonton Journal

Infrastructure

Hydro projects to sustain North Island building boom

The government-funded construction boom on northern Vancouver Island will continue under plans being developed by B.C. Hydro. Hydro is aiming to invest in major infrastructure projects near Campbell River beyond the $1.093 billion already allocated for the new John Hart Generating Station replacement project, which is under construction.

Victoria Times Colonist

More Hydro One shares for sale

The Ontario government is selling more shares of Hydro One Ltd. (H-T) in a move that could raise almost $2 billion for the province. The 72.4 million shares are being sold at $23.65 apiece for total gross proceeds of about $1.71 billion.

CTV News – Globe and Mail – Globe and Mail (Subscription required)

Human Resources

Famed architect Hadid dies suddenly at 65

Iraqi-British architect Zaha Hadid, whose fluid, futuristic designs were used in buildings across the world to widespread acclaim, recently died of a heart attack at 65, Zaha Hadid Architects said in a statement. Hadid’s projects included the MAXXI museum in Rome and the London Aquatics Centre used in the 2012 summer Olympics.

Reuters – Globe and Mail

New CFO named as SNC looks to ‘next stage’

SNC-Lavalin (SNC-T) has promoted one of its executives to be chief financial officer, replacing Alain-Pierre Raynaud, as the construction and engineering company moves to the “next stage” of its evolution. Raynaud has been the Montreal-based company’s CFO since he joined SNC-Lavalin in June 2013.

Globe and Mail – Canada Newswire

Sears Canada names Penrice COO

Sears Canada Inc. (SCC-T) announced the appointment of Becky Penrice as executive vice-president and chief operating officer. Penrice has been senior VP and interim COO since Feb. 1. Previously, Penrice was SVP Human Resources and Information Technology since June 2015.

Canada Newswire

Other