Oxford unveils plan for NYC’s St. John’s Terminal

RENX RENX Main  •  British Columbia, Alberta, Metro Vancouver, Calgary, Edmonton  •  October 2, 2018

Oxford Properties Group has released its plans to redevelop the historic St. John’s Terminal in New York City into 1.3 million square feet of “cutting edge commercial office space” along the Hudson River.

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RENX Commercial  •  Edmonton  •  October 10, 2018

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Trudel Alliance: 20 years of growth in Quebec

RENX RENX Main  •  October 2, 2018

William Trudel started his real estate career in his early 20s when he bought a small, one-bedroom condo and rented it out. Flash-forward about 20 years later and Trudel Alliance, the Quebec City-based real estate investment firm he runs with

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SHARC’s wastewater heat recovery breaks into hotel sector

Alberta’s Lake Louise Inn is the world’s first hotel to install SHARC International Systems Inc.’s Piranha wastewater heat recovery system. The SHARC International Systems

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Longo’s to open first near net-zero supermarket

Longo Brothers Fruit Markets Inc. will open Canada’s first near net-zero supermarket on Nov. 1, with a helping hand from Natural Resources Canada‘s Energy Innovation Program. The federal government program

Yorkdale Shopping Centre parkades earn Parksmart certification

Two parkades at the Yorkdale Shopping Centre in Toronto, owned by Oxford Properties, are the first Canadian sites to be certified under the Green Business Certification Inc. Canada Parksmart sustainability program.

Calgary sees 1.3M sq. ft. of Q3 industrial absorption: C&W

RENX RENX Main  •  October 2, 2018

Calgary’s struggling economy may still be slowly recovering from the punishing recession years of 2015 and 2016, but the city’s industrial real estate market is booming.

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EcoLock Kelowna pushes self-storage into sustainable era

BIZ Sustainable Biz  •  October 2, 2018

When developer Don Redden was asked about buying piece of land in Kelowna that had been permitted to build a self-storage building, he thought: “Why on Earth would I want to do that?” Image courtesy

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Record year for acquisitions for Killam Apartment REIT

RENX RENX Main  •  October 2, 2018

Killam Apartment REIT  (KMP-UN-T) has continued its recent buying spree with an announcement Tuesday it has made $88 million worth of residential acquisitions in three provinces.

EcoLock Kelowna pushes self-storage into sustainable era

When developer Don Redden was asked about buying piece of land in Kelowna that had been permitted to build a self-storage building, he thought: “Why on Earth would I want to do that?” Image courtesy

Great Gulf, OakWood earn top 2018 OHBA Award honours

RENX RENX Main  •  October 2, 2018

Great Gulf and OakWood have taken the top two honours in the 2018 Ontario Home Builders’ Association awards. Great Gulf was named the 2018 Ontario Home Builder of the Year for the

King Street West game-changer for Toronto

Toronto’s King Street West development – by Westbank, Allied Properties REIT, and Bjarke Ingels Group proposed possibly one of the most creative mixed-use developments Toronto has ever seen? Well, we’re guessing by now you’ve heard that thas been approved! The

Churchill Square finally gets its mojo back

Noodle Nami has been running for just a few weeks in the bottom floor of Terrace on the Square, the retail and office complex in St. John’s Churchill Square that has had a few dark corners lately. It had been vacant for

Overflow crowd jams RealTrends panel on cannabis CRE

With Canada’s burgeoning cannabis industry projected to be worth $8-$10 billion annually, it’s no wonder an overflow crowd jammed a RealTrends forum recently to hear CRE experts discuss issues and opportunities in the sector. As more chairs were rushed into the Metro Toronto

Overflow crowd jams RealTrends panel on cannabis CRE

With Canada’s burgeoning cannabis industry projected to be worth $8-$10 billion annually, it’s no wonder an overflow crowd jammed a RealTrends forum recently to hear CRE experts discuss issues and opportunities in the sector. As more chairs were rushed into the Metro Toronto

Overflow crowd jams RealTrends panel on cannabis CRE

With Canada’s burgeoning cannabis industry projected to be worth $8-$10 billion annually, it’s no wonder an overflow crowd jammed a RealTrends forum recently to hear CRE experts discuss issues and opportunities in the sector. As more chairs were rushed into the Metro Toronto

Concert sees ‘transformation’ in Vancouver’s False Creek Flats

President and CEO Brian McCauley says Concert Properties has had its eye on the attractive False Creek Flats neighbourhood in Vancouver for some time as it focuses on areas undergoing transformations. The company recently entered the False Creek Flats district through Concert’s CREC Commercial

Concert sees ‘transformation’ in Vancouver’s False Creek Flats

President and CEO Brian McCauley says Concert Properties has had its eye on the attractive False Creek Flats neighbourhood in Vancouver for some time as it focuses on areas undergoing transformations. The company recently entered the False Creek Flats district through Concert’s CREC Commercial

Concert sees ‘transformation’ in Vancouver’s False Creek Flats

President and CEO Brian McCauley says Concert Properties has had its eye on the attractive False Creek Flats neighbourhood in Vancouver for some time as it focuses on areas undergoing transformations. The company recently entered the False Creek Flats district through Concert’s CREC Commercial

REITS at 25: Portfolio managers look back, and ahead

Canadian real estate investment trusts have come a long way since they emerged 25 years ago, and a group of portfolio managers discussed some of the issues affecting the trusts at the recent RealREIT conference. Vision Capital chairman and portfolio manager Frank Mayer said

REITS at 25: Portfolio managers look back, and ahead

Canadian real estate investment trusts have come a long way since they emerged 25 years ago, and a group of portfolio managers discussed some of the issues affecting the trusts at the recent RealREIT conference. Vision Capital chairman and portfolio manager Frank Mayer said

REITS at 25: Portfolio managers look back, and ahead

Canadian real estate investment trusts have come a long way since they emerged 25 years ago, and a group of portfolio managers discussed some of the issues affecting the trusts at the recent RealREIT conference. Vision Capital chairman and portfolio manager Frank Mayer said

PROREIT continues move toward $500M in assets

PRO Real Estate Investment Trust (PRV-UN-X) is taking another major step toward its next goal of holding $500 million in assets by the end of 2018. PROREIT president and CEO Jim Beckerleg told RENX the planned acquisitions of $62 million in office

PROREIT continues move toward $500M in assets

PRO Real Estate Investment Trust (PRV-UN-X) is taking another major step toward its next goal of holding $500 million in assets by the end of 2018. PROREIT president and CEO Jim Beckerleg told RENX the planned acquisitions of $62 million in office

PROREIT continues move toward $500M in assets

PRO Real Estate Investment Trust (PRV-UN-X) is taking another major step toward its next goal of holding $500 million in assets by the end of 2018. PROREIT president and CEO Jim Beckerleg told RENX the planned acquisitions of $62 million in office

Cushman & Wakefield embroiled in two lawsuits

Cushman & Wakefield is facing lawsuits from two former high-ranking executives who independently allege the brokerage giant used race, gender and/or a baseless performance improvement plan to withhold promotions and ultimately end their employment. Former president of Valuation & Advisory Americas

Minto CEO eyes intensification opportunities

Fresh off its $230-million initial public offering of Minto Apartment REIT (MI-UN-T), Ottawa-based Minto Group is looking to expand both through acquisitions and new developments in Canada’s largest urban markets, the firm’s chief executive said. Earlier this year, Minto spun off

PROREIT yields nine per cent with acquisition growth

Management anticipates PRO Real Estate Investment Trust (PRV-UN-X) will graduate to the Toronto Stock Exchange from the TSX Venture Exchange in early 2019. The Montreal-headquartered REIT is focused on building a portfolio of commercial properties located in primary and secondary (suburban)

How can CRE investors protect their property in the digital age?

With a growing number of employees working from home and 96 per cent shopping online, protecting your commercial investment property is more important than ever. Keeping commercial renters is becoming increasingly difficult, as more and more retailers shutter their doors. You need

Ottawa hotels dodge grim summer season

Buoyed by crowd-pleasing tourist attractions such as the Canada Science and Technology Museum’s Art of the Brick exhibit, some local hotels say they enjoyed a better summer season than they’d anticipated in 2018. According to the Ottawa Gatineau Hotel Association,

JLL report portrays tenant-favourable office market

In the six quarters ended June 30, nearly 95 million square feet of new office space had been delivered in the U.S., and another 25 million sf were under construction for delivery in 2019. With available office space outpacing demand,

Tech companies account for one-fifth of U.S. office leases

While all eyes have been on Amazon’s astronomical growth and its imminent decision on where to locate a second headquarters, the rest of the technology community has been gobbling up space to establish offices near hubs of talented workers across

Amazon to occupy 450,000-sq.-ft. facility at Delta iPort

Amazon (AMZN-Q) Thursday announced its third major fulfillment centre project in Canada in the past six months. The e-commerce giant will occupy a 450,000-square-foot facility on the B.C. Lower Mainland on Tsawwassen First Nation land at the Delta iPort.

Spaces plans its largest co-working sites in Toronto, Vancouver

Creative workspace company Spaces will open its two largest North American co-working locations, totalling almost 250,000 square feet, in Toronto and Vancouver. The slightly larger of the two locations will be in The Well, a mixed-use development under construction at 460 Front St. W.,

Spaces plans its largest co-working sites in Toronto, Vancouver

Creative workspace company Spaces will open its two largest North American co-working locations, totalling almost 250,000 square feet, in Toronto and Vancouver. The slightly larger of the two locations will be in The Well, a mixed-use development under construction at 460 Front St. W.,

Spaces plans its largest co-working sites in Toronto, Vancouver

Creative workspace company Spaces will open its two largest North American co-working locations, totalling almost 250,000 square feet, in Toronto and Vancouver. The slightly larger of the two locations will be in The Well, a mixed-use development under construction at 460 Front St. W.,

Slate bets on revival in downtown Calgary

Toronto-based Slate Asset Management LP is wagering $60 million on a turnaround in Calgary’s moribund CRE market by launching a top-to-bottom renovation of one of the city’s landmarks, the 40-floor Scotia Centre. The plan starts with renaming the 620,000-square-foot building Stephen

B+H designs PCL Toronto’s new LEED v4 office space

BIZ Sustainable Biz  •  September 27, 2018

PCL Toronto has settled into its new Oakville office space in Westbury International Centre, which reflects both its heritage and future as Canada’s largest construction company. Image courtesy of B+H

Fort Nelson Dene director named B.C. Land Champion

Fort Nelson First Nation director Lana Lowe, who “has made enormous contributions to manage and protect water, land, and wildlife habitat,” will receive the 2018 Land Champion Award from The Real Estate Foundation of B.C. The award recognizes a person who has made

Downtown Nanaimo to get 172-room Marriott hotel

The Utah-based developer of a hotel on Gordon Street in downtown Nanaimo hopes to begin construction before the end of the year. Once PEG Development receives approval for its building permit, it will start the expected 20-month building process on

RRC builds on innovative approach to education

The excavation and piling work has begun on Red River College’s $95-million Innovation Centre just north of the Roblin Building on its Princess campus, and is on schedule to be completed in the fall of 2020. The building is necessary

Smiths Falls: The story of a marijuana boom town

No one saw it coming, not even Bruce Linton or Chuck Rifici, the politically astute entrepreneurs who launched Canopy Growth, the marijuana juggernaut responsible for Smiths Falls, Ont.’s unexpected resurgence. Five years ago, Linton and Rifici rescued a 470,000-square-foot facility

ALDO CEO thinks a climate strategy will help him win

I don’t know how to introduce David Bensadoun. For some, the chief executive of Montreal-based ALDO Group Inc. needs no introduction. But I bet he’s a mystery to a lot of you. The family-owned company that Bensadoun has run since April

Shopify CEO says Amazon is encroaching on its turf

The head of Shopify (SHOP-T) said Amazon (AMZN-Q) is encroaching on its turf — and it’s confident it can compete. “They are creating products now that help small businesses market their products better which is frankly the space we are

Museum of Contemporary Art rises from TO factory building

An art museum that opened Saturday at a new location in an old factory aims to put Toronto on the map of global contemporary art. The Museum of Contemporary Art Toronto Canada, or MOCA, now occupies five floors of a

Nuclear bunkers are the new real estate craze

I am trying really hard to make this nuclear bomb shelter feel like a home. The room is small, just enough to fit a bunk bed, a padded bench, a ladder and an air filtration system, but not much else,

Tishman Speyer European Real Estate Venture VIII raises €750m

Tishman Speyer’s eighth European value-add real estate fund, which planned to raise €600m, has exceeded its fundraising target by 25%. The manager said Tishman Speyer European Real Estate Venture VIII (TSEV VIII) received equity commitments totalling €750m from 20 investors from

Vancouverites increasingly share dim view of developers

For the past three years, housing has consistently topped the charts as the most important issue facing most cities in Metro Vancouver. Aside from Surrey, where crime and public safety are regarded as a more pressing concern, all other municipalities

Vancouver startup aims to open RE investing to the masses

Tech entrepreneur Michael Stephenson’s latest venture sprang from a chat with an employee at one of his companies. Asked about his financial plan, Stephenson explained that he invests in real estate developments as a limited partner. When the employee learned

One year ago: Challenges remain in hot Toronto office market

Confidence is high due to historically low vacancy rates in downtown Toronto offices, but how long will the good times last? “This is a great office leasing environment that we’ve all benefitted from, but there are still some significant challenges,”

One year ago: Challenges remain in hot Toronto office market

Confidence is high due to historically low vacancy rates in downtown Toronto offices, but how long will the good times last? “This is a great office leasing environment that we’ve all benefitted from, but there are still some significant challenges,”

One year ago: Challenges remain in hot Toronto office market

Confidence is high due to historically low vacancy rates in downtown Toronto offices, but how long will the good times last? “This is a great office leasing environment that we’ve all benefitted from, but there are still some significant challenges,”

Swift Current, Sask., diversifies commercial activity

Walk through Swift Current and it’s likely you’ll encounter a handsome brick-and-glass office building that’s the headquarters of the local credit union. It’s down the road from the hockey arena, and that’s not far from the gas-fired power plant that’s

Canadian auto-parts maker develops tech near Detroit

At first blush, the timing seems good for Vaughan, Ont.-based auto-parts maker Martinrea International Inc., with its new plant in Michigan which opened in May. As the Trump administration tosses tariff threats to the Canadian auto industry like tacks on

The rehabilitation of Parliament Hill’s West Block

The Parliament buildings were first constructed in the lead-up to Confederation in 1867. Political representatives from the new country needed a place to gather and debate the issues of the day. The centrepiece of Parliament Hill is Centre Block, which

University of Montreal expansion changes neighbourhoods

The old economy making way for the new can have a significant impact on neighbourhoods and the people who live there. Several adjoining Montreal neighbourhoods are feeling the pressure these days – socially, economically, culturally – as, in their midst,

Six months ago: Bentall Kennedy, Sun Life buy Montreal office buildings

Bentall Kennedy has acquired two “best-in-class” office buildings from Mile-End Investments Inc., 7250 and 7450 rue du Mile End, in Montreal’s dynamic Mile End District. The 400,000-sq.-ft. acquisition, on behalf of Sun Life Financial, is well-positioned to serve a growing

Six months ago: Bentall Kennedy, Sun Life buy Montreal office buildings

Bentall Kennedy has acquired two “best-in-class” office buildings from Mile-End Investments Inc., 7250 and 7450 rue du Mile End, in Montreal’s dynamic Mile End District. The 400,000-sq.-ft. acquisition, on behalf of Sun Life Financial, is well-positioned to serve a growing

Six months ago: Bentall Kennedy, Sun Life buy Montreal office buildings

Bentall Kennedy has acquired two “best-in-class” office buildings from Mile-End Investments Inc., 7250 and 7450 rue du Mile End, in Montreal’s dynamic Mile End District. The 400,000-sq.-ft. acquisition, on behalf of Sun Life Financial, is well-positioned to serve a growing

Pinterest to open first Canadian office in Toronto

Pinterest will open its first Canadian office in Toronto on Oct. 1 as part of an ongoing effort to expand the platform’s presence outside the U.S. The San Francisco-based technology company runs an online platform that allows users to create

Make Waterdown part of Burlington, mayor tells province

Burlington Mayor Rick Goldring is asking the province to make Waterdown part of Burlington to help it solve its growth issues. And an annoyed Fred Eisenberger, Hamilton’s mayor, called the proposal “outrageous” and not “neighbourly,” said he had a better solution: Hamilton should annex all of

Toronto, Vancouver among world’s biggest property bubbles: UBS

Housing prices in Hong Kong are the most overvalued and at the greatest risk of collapse, according to a report focused on 20 major cities. UBS Group’s Global Real Estate Bubble Index puts Munich, Toronto, Vancouver, London and Amsterdam alongside

B.C. limits rent increases to 2.5 per cent

The B.C. government has chopped the annual rent increase landlords are allowed to charge by two per cent, but an advocacy group is calling for more changes to protect tenants in heated markets. In January, the rent hike will be

Manitoba writes off Blue Bombers’ stadium loan

The Manitoba government is writing off the second of two loan segments that helped finance a new stadium for the Winnipeg Blue Bombers of the Canadian Football League. Premier Brian Pallister said Wednesday there is no reasonable chance the Bombers

Gym, offices planned for London, Ont.,Target

New tenants at Westmount Shopping Centre’s long-shuttered Target store are giving the space a new lease on life. Demolition is underway in the former retail spot at the west-end landmark to make room for new development, director of leasing Tara

The fundamental difference between single-family and CRE investing

When it comes to real estate investing in single-family residences (SFRs) versus commercial real estate (CRE), there is a common misperception of grouping the two into the single broader category of “real estate investing.” Grouping in this manner assumes that

Developer pitches twin towers for Halifax

A twin-tower development proposed for the Halifax block of Robie, College and Carlton Streets is ruffling heritage feathers. Kassner Goodspeed Architects and a numbered-company developer took their proposal for a mixed-use building that would comprise approximately 400 residential units to the

Giant Tiger opens high-tech distribution centre

Giant Tiger Stores Limited, the leading Canadian discount retailer, Thursday announced its state-of-the-art distribution centre in Johnstown, Ont. is now fully operational. The centre, which has 300 full-time employees and counting, supports Giant Tiger’s carefully planned growth strategy, which commits

Goodfood doubles size of Montreal production facility

Goodfood Market Corp. (FOOD-T) announced it is expanding its Montreal facility with the signing of a lease for an additional 72,000 square feet adjacent to the company’s current location. The five-year lease, with three five-year renewal options, will double the

Ontario won’t set limit on number of private stores

The sky’s the limit for private pot shops in Ontario, and recreational tokers will be able to fire up wherever it’s legal to puff on cigarettes under new legislation being introduced by Doug Ford’s Progressive Conservative government. There will be

U.S. homeowners ready to sell in Q3 2018: Survey

New findings from the National Association of Realtors® show that a record high 77 percent of Americans believe that now is a good time to sell a house, while those that think now is a good time to buy continues

New home market quiet in August: BILD

It was a quiet month for the GTA new home market in August, as buyers waited on the sidelines, the Building Industry and Land Development Association (BILD) reported today. There were 974 total new home sales in August, according to

Millennial driving 2018 Hottest ZIP Codes: Report

Realtor.com‘s fourth annual list of the Hottest ZIP Codes in America shows high-income millennials are helping to drive a nearly 10 per cent increase in how fast homes are sold in the most popular areas of the U.S., which spans

160-hectare industrial park planned for Cambridge

A new 160-hectare industrial park in Cambridge will be the ideal location for new advanced manufacturing and other technology-based companies, says the president of the Waterloo Region Economic Development Corporation. The IP Park Industrial Campus will be built in three

69-storey Stantec Tower officially opens in Edmonton

Stantec (STN-T) and ICE District Properties Joint Venture today celebrated the grand opening of Stantec’s new global headquarters, Stantec Tower. At 69 storeys in height (66 functional floors), Stantec Tower will be the tallest building west of Toronto and serves as one

MaRS, U of T to open new waterfront tech hub

MaRS Discovery District and the University of Toronto are partnering on opening a new hub for tech startups at a new building on Toronto’s waterfront. MaRS and the U of T announced Tuesday they will be leasing 24,000 square feet of

Instacart announces plans for new Toronto tech hub

Instacart, the North American leader in online groceries, announced Tuesday it will significantly expand its presence in Canada with a new tech hub in Toronto — “Instacart North” — and plans to hire 200 new employees over the next several years.

Airbnb a ‘nightmare’ in Paris

The first paying guests to the ground-floor studio flat newly posted on Airbnb were innocuous enough: A family, come to experience the joys of Paris, like many millions of others. Franck Briand, who lives in the apartment directly above, now

Ford urged to sell Crown corporations like LCBO

A review of spending commissioned by Premier Doug Ford is encouraging him to sell Crown corporations, including the Liquor Control Board of Ontario, to bring short-term cash into provincial coffers. The review says the government should maximize the value of

Move afoot to make downtown Edmonton more child-friendly

You’ll find plenty of bars, clubs and other adult-oriented spaces in downtown Edmonton, but now the city is asking how it can make the core more kid-friendly. An online survey released Tuesday asks families for their input on potential additions

Boardwalk bans cannabis use from its properties

A major landlord in Alberta will prohibit tenants from growing, smoking, or eating cannabis on its properties, even after the product is legalized in Canada on Oct. 17. In a notice sent to tenants this week, rental giant Boardwalk states

Co-housing idea taking off in Winnipeg

Imagine living in a tight-knit housing development that strikes a balance between community and privacy. Winnipeg could soon have one if a co-housing idea comes through. Co-housing is where a group of residents live together in individual condo-like units but

Strategic Group to pay $2M in partial class action settlement

Strategic Group, owned by real estate developer Riaz Mamdani, will pay more than $2 million in a partial settlement over a class action lawsuit, allowing investors to recoup roughly half of what they lost in an alleged conspiracy. However, the deal

B.C. far behind on wildfire protection

First, the good news: Experts say that after 15 years of serious neglect, the province is finally taking substantial steps toward reducing the risk of wildfires as well as their impact on British Columbians. The bad news is it won’t

Vancouver tenants rally against looming renovictions

Residents of a 60-year-old West End landmark are planning a rally in an attempt to stop the renovictions planned for their entire 15-storey building. Andre Duchene, one of about 60 tenants facing eviction from Berkeley Tower at the corner of Denman and Davie Streets,

Toronto market strengthens

In the leafy streets of Toronto’s Leaside neighourhood, Patrick Rocca sees signs that the real estate market is moving more briskly. Rocca, an agent with Bosley Real Estate Ltd., recently listed a three-bedroom, Georgian-style house with an asking price of

Oxford, CPPIB build The Stack, Vancouver’s office of the future

The Stack, which will be Vancouver’s tallest office building, has secured three large tenants and will start construction in early 2019. The Stack, a 50-50 partnership between Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB), will rise to 530 feet and offer

Toronto must build transit faster to avoid conflict, delays

Toronto needs to find new ways to build public transit faster in order to keep newly elected governments from scrapping and redrawing existing plans, a new report from the Toronto Region Board of Trade says. Toronto’s next mayor and council

Michael Kors purchases Versace for $2.1B

Michael Kors Holdings announced Tuesday it was buying Versace, the Italian fashion house, for US$2.1 billion. The deal ends the independence of one of the last prominent stand-alone fashion brands and is the biggest effort yet by Kors to build

Six tornadoes hit Ottawa-Gatineau region

CHECK FOR UPDATES Environment Canada has confirmed three additional tornadoes touched down in western Quebec on Friday — bringing the day’s total number of twisters in the Ottawa-Gatineau area to six. At around 3:30 p.m. ET, a tornado touched down

Plaza Retail announces normal course issuer bid

Plaza Retail REIT (PLZ-UN-T) today announced the acceptance by the Toronto Stock Exchange of its notice of intention to make a normal course issuer bid.  Pursuant to the NCIB, Plaza proposes to purchase through the facilities of the TSX and any

Buyers retreat from Metro Vancouver market

Housing sales in the City of Vancouver slumped 24 per cent over the summer as buyers became wary of paying too much, according to a report from Sotheby’s International Realty Canada. Sotheby’s, which studied the sale of all types of housing

WPT Industrial announces block trade by Welsh Property

WPT Industrial Real Estate Investment Trust (WIR-U-T) announced today Welsh Property Trust, LLC sold 2,361,672 REIT units, on a block trade basis at a price of US$13.21 per unit. Welsh acquired such REIT units upon the redemption of an equivalent number of

City of Ottawa to study potential LRT expansion

With plans for the second phase of the LRT a go, the City of Ottawa is now studying ways to extend light rail to Barrhaven. In a news release Tuesday afternoon, the city said it’s looking at how to “convert

Automotive Properties acquires two dealership properties

Automotive Properties REIT (APR.UN-T)  announced it is has entered into an agreement to purchase two automotive dealership properties from AutoCanada Inc. (ACQ-T) for a total purchase price of approximately $55.5 million. The two dealership properties are the BMW Laval automotive dealership property