Vancouver plans ‘New York-style High Line’

Vancouver plans ‘New York-style High Line’

Vancouver has reached a deal with CP Rail to settle the contentious fight over an abandoned rail line in the west end, with the city agreeing to purchase the land for $55 million and turn it into a public greenway. The dispute began when CP announced plans to reactivate its tracks along the Arbutus corridor, where it hasn’t run trains since 2001.

Globe and Mail

Major growth coming east of downtown Toronto

Since the opening of the Distillery District in 2003, the eastern stretches of downtown Toronto have been rapidly redeveloping. Former warehouses and factories are being transformed into lofts, while new condo towers continue to sprout out of old surface lots and brownfields, returning vibrancy to an area which has been relatively dormant since its industrial heyday half a century ago.

Urban Toronto – Urban Toronto – Urban Toronto – Urban Toronto

Why did Genesis CEO, CFO leave the company?

A rift between management and the board in terms of outlook and strategic plans were the reasons behind the surprise departure last month of the top two executives at Genesis Land Development Corp. (GDC-T). The Calgary–based land developer and residential homebuilder announced in mid-February president and chief executive Bruce Rudichuk and executive vice-president/chief financial officer Mark Scott had left the company. 

Property Biz Canada

Expect lower cap rates in top cities: CEOs

For the past three RealCapital conferences in Toronto, a major source of concern has been rising interest rates in the U.S. That is a source of amusement for Slate Asset Management partner and co-founder Brady Welch. “Everyone has been calling about rates moving in the U.S.,” he said at the closing CEO panel.

Property Biz Canada

Desjardins moving into Olympic Stadium tower

The Olympic Stadium tower will soon be home to 1,000 employees from the Mouvement Desjardins. The news was made official Monday. The employees will move in starting in 2018. Built in 1987, the tower — now known as the Montreal Tower — will be home to employees of the AccèsD Desjardins service for 15 years. They will occupy seven floors. 

Montreal Gazette – CBC News

CPPIB invests in Hermes mixed-use project

The Canada Pension Plan Investment Board (CPPIB) is investing in a Birmingham development with Hermes Investment Management. The Toronto-based institution is taking a 50 per cent share in the $284-million Cdn first phase of Hermes’ $1.9-billion Paradise Birmingham development. CPPIB recently took a 50 per cent stake in Hammerson’s nearby Grand Central mall.

IPE Real Estate

McDonald’s real estate empire financed by French fries

Ray Kroc, the founder of McDonald’s (MCD-N), once asked a group of MBA students to tell him what business they thought he was in. The hamburger business of course, they told him. No, he replied, “My business is real estate.” McDonald’s owns some of the most valuable real estate across the globe.

Motley Fool

Northlands reno would boost Alberta economy: Study

Artistic renderings gave Edmonton residents a glimpse last week into what the future of Northlands might look like. Now, an economic impact study done by Edmonton firm Nichols Applied Management and released Friday suggests the province would see between $680 million and $1 billion of benefit in the next 20 years if the Vision 2020 plan comes to fruition.

Edmonton Journal

Oilpatch work camps grow quiet in downturn

A slowdown in oilpatch activity means fewer tradespeople on site, putting a squeeze on businesses that house and feed workers in remote locations. Before the downturn, it was a challenge to entice enough skilled labourers to work for weeks on end far from home. Fat paycheques were one draw, but quality lodging was also key.

Winnipeg Free Press

Edmonton’s aging strip malls finally get a little love

In Edmonton’s Newton neighbourhood, business owners are nearly giddy with enthusiasm over their bright new facade and the possibility of a barbecue/bouncy castle grand opening. After years of debate, city planners believe they’ve finally found a solution to help reinvigorate at least some of the aging strip malls tucked out of sight in mature neighbourhoods across Edmonton.

Edmonton Journal

Staples closing another 50 stores

Office supplies retailer Staples (SPLS-Q) is planning to keep closing more North American stores in 2016, adding to the hundreds of locations it has shuttered in recent years. Staples, in the midst of a battle to win government approval to buy rival Office Depot (ODP-Q), said Friday it would close 50 of its 1,607 North American stores this year.

Fortune

World’s best REIT hands Fortress major gain

Fortress Investment Group LLC (FIG-N) is betting one of the real estate industry’s greatest contrarian wagers has more room to run. The manager of $70.5 billion piled into Japanese property after a tsunami and nuclear meltdown battered valuations in 2011. Invincible Investment Corp., a hotel-focused REIT managed by Fortress, has returned eight-fold in the past five years. 

Bloomberg

The incredible rise of developer Donald Bren

California native Donald Bren is the wealthiest real estate developer in America, according to our list of the 50 richest people on earth, produced in collaboration with Wealth-X. The mogul has an estimated net worth of $17 billion that comes primarily from his development and property investments in Southern California.

Business Insider

AMC buying Carmike to create largest U.S. theatre chain

In a bold move to consolidate ownership of U.S. movie theatres, AMC Entertainment (AMC-N) announced an agreement to acquire Georgia-based Carmike Cinemas (CKEC-Q) to create the largest movie theatre chain in the U.S. controlling more than 600 theatres and 8,380 screens. The entire transaction is valued at about $1.1 billion US.

CoStar Group – Globest.com

Technology disrupting real estate industry

In 2012 just under $300 million was invested in real estate technology. In 2015 that number increased to an estimated $1.5 billion according to venture capital database CB Insights. That’s a lot of money and one might expect to see big disruptions in real estate as a result.

Techvibes

Featured Column

Boomers huge influence on future multi-res

In 2015 I wrote a book called The Stackable Boomer. Here is the introductory chapter. In subsequent posts on this blog I will share insights from the book, from our research, and ideas contributed by developers, architects, planners, designers, authors and Harvard professors.

Read more

Choosing a crowdfunded real estate portal

One of the fastest-growing investment vehicles over the last few years have been crowdfunding. Entrepreneurs have recognized the potential of crowdfunding and its ease of accessibility to investors through a variety of social media networks and platforms.

Read more

Market Trends and Research

Recession to continue in Alberta: Conference Board

A new report is predicting another tough year for residents in Calgary and Edmonton, with another recession expected to loom over 2016. The Conference Board of Canada says local recessions are expected for Calgary and Edmonton, with a drop of 1.2 and 1.3 per cent, respectively. In 2015, Calgary’s economy dropped 2.4 per cent, while Edmonton’s contracting by 1.8 per cent. (PLEASE SEE COMPLETE CHART BELOW).

CTV News – Vancouver Sun

Big-box space dominates U.S. industrial investment

In the industrial sector, the hot thing right now is small infill locations near major metropolitan areas, as retailers try to hit next-day and same-day delivery goals and need support facilities along their delivery routes. However, big-box distribution centres have become one of the most sought-after investment properties in the country, according to a study by Colliers.

National Real Estate Investor

U.S. CRE lending surged in fourth quarter

The total amount of commercial real estate loans held by U.S. banks and savings and loans saw a noticeable jump in Q4 2015 over Q3. The total amount of CRE loans outstanding held by FDIC-insured institutions increased 3.1 per cent to $1.85 trillion. That followed an increase of 2.7 per cent from mid-year to third quarter, according to the FDIC.

CoStar Group – Commercial Property Executive

	Canadian Metropolitan Outlook: Winter 2016
	The Conference Board of Canada publishes a quarterly overview of the outlook for the economies of metropolitan centres in Canada.  It provides a national overview and individual city reports, as summarized in this RENX chart. Conference Board of Canada: Metropolitan Outlook Chart: Winter 2016

 

Real Estate Companies

BlueRock Fund acquires German Media Group HQ

BlueRock, a regulated real estate investment fund, announced the acquisition of the “Neven DuMont Haus”, the headquarters of the DuMont Mediengruppe in Cologne, Germany. The property is leased to the traditional media group, one of the largest media companies in Germany, with a lease agreement of 15-years.

Canada Newswire

REOC Financial Reports

	REITs & REOCs – Fourth-quarter 2015 report
	RENX has prepared a table with a convenient list of the companies and a summary of links to their reports that will be updated quarterly. Fourth-quarter results are now arriving. Canadian REITs & REOCs – Fourth-quarter 2015 report

 

Real Estate Investment Trusts

Choice Properties completes issuance of debentures

Choice Properties Real Estate Investment Trust (CHP.UN-T) announced today it has completed its previously announced issuance of $350 million aggregate principal amount of senior unsecured debentures of the trust in two series.

Canada Newswire

Boardwalk REIT scores a nine out of 10

Boardwalk REIT‘s (BEI.UN-T) current score places it within the top 15 per cent of stocks scored. The score category for Boardwalk REIT improved from Neutral to Positive during the past week. The recent change in the Average Score was due to an improvement in the Fundamental, Earnings, and Price Momentum component scores.

Globe and Mail

Brandywine, Drexel JV on huge on Philadelphia project

Drexel University and Brandywine Realty Trust (BDN-N) are partnering to create Schuylkill Yards, a 14-acre master planned community in Philadelphia that will act as an innovative community. The $3.5-billion US Schuylkill Yards project will consist of five million gross square feet of mixed-use real estate on a 10-acre site next to Drexel’s main campus.

Commercial Property Executive

Hilton’s REIT will have a made-for-America look

Christopher J. Nassetta, president and CEO of Hilton Worldwide Holdings (HLT-N), is drawing on his prior experience with Host Hotels & Resorts when he led that company through its transition from a corporation to a REIT. This time he’s upping the stakes, converting Hilton Worldwide into three separate entities, including a publicly traded REIT.

CoStar Group

Retail

PharmaChoice surpasses 600 locations

PharmaChoice announced today it has surpassed the significant milestone of 600 locations, making it Canada’s second-largest independent pharmacy banner. Founded in 1999 by PharmaChoice East CEO Calvin LeRoux and a group of key owners, the banner has nearly doubled its store count in the past five years.

Canada Newswire

Restaurants and Eateries

Alberta downturn eats into Pizza Pizza’s sales

The downturn in Alberta has taken a bite out of sales growth at Pizza Pizza Royalty Corp. (PZA-T). The Toronto-based company says sales at its Pizza 73 locations in Alberta were down, partly offsetting gains at its main banner — primarily in Ontario. Same-store sales — those at restaurants open for at least a year — grew by 3.4 per cent.

Winnipeg Free Press

Renovation and Restoration

Vancouver restoration merges future, past

Back in 1929, the opening of the Vancouver Stock Exchange building generated much local excitement. Stock markets were frothy, and people were excited about having a flagship space to give prestige to the city’s stock exchange. But it was likely not the most talked-about building in town. 

Business In Vancouver

Infrastructure

Megaprojects squeeze out other projects: Stakeholders

Giovanni Cautillo of the Ontario Sewer and Watermain Construction Association (OSWCA) and others welcomed the continued spending on infrastructure promised in the 2016 Ontario budget. But with so much allotted to public transit megaprojects, there’s not as much left over for other projects such as road building or sewers and watermains as the stakeholders would like.

Daily Commercial News

Technology

RKV offers virtual tours of planned developments

I used to find it difficult to picture how a finished building would look when wading through page after page of architectural plans. An investment in advanced software has seen Riddell Kurczaba Architecture spin off a division called RKVisualization. It provides animated renderings like a video promotion to provide a guided tour of proposed CRE and residential projects.

Calgary Herald

Other

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