Summit Industrial Income REIT buys into data centres

Summit Industrial Income REIT buys into data centres

Summit Industrial Income REIT closed off a very busy 2017 by entering a joint venture partnership with Urbacon to develop, own and operate digital data centres across Canada. Toronto-based Urbacon previously developed industrial properties for joint ventures with an earlier incarnation of Summit, and that history makes for a solid fit.

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Canadian Tire taking over Sears’ ‘fabulous’ Calgary property

CT Real Estate Investment Trust CEO Ken Silver said the purchase and leaseback of a Sears Canada distribution centre in Calgary in 2016 gave it a piece of “fabulous real estate”. Now, it is putting that investment to good use. Sears Canada, in bankruptcy, has notified CT REIT it is disclaiming its lease on the 625,000 square foot warehouse. In turn, CT REIT has leased the property to its affiliate Canadian Tire Corporation.

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New homebuyers, developers could be pushed to suburbs

Canada’s new mortgage stress test could push many Metro Vancouver entry-level homebuyers deeper into the suburbs, but it won’t stem an ‘insatiable’ demand, says one local developer. Cressey Development Group vice-president of development Jason Turcotte said the rules that took effect on Jan. 2 would likely “shift” a lot of lower-rung home-buying investment, rather than eliminate it.

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Green Building Initiative buys Canadian rights to Green Globes

U.S.-based Green Building Initiative (GBI) has purchased the global rights to the Green Globes sustainable property ratings system from commercial real estate firm Jones Lang LaSalle (JLL). GBI’s acquisition from JLL allows it to support existing Green Globes users in Canada and to expand the reach of the rating system globally, said Vicki Worden, president and CEO of the non-profit GBI.

Sustainable Biz Canada

Saskatoon’s industrial vacancy declined in 2017

We have to go back to 2014 to find a drop in Saskatoon’s industrial real estate vacancy. After a two-year period where we witnessed a steady increase of three per cent, I am pleased to report that the research for 2017 illustrates a city-wide average decline to 7.7 per cent.

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Six months ago: Chard Development rides Victoria economic wave

Victoria’s property development market over the last 15 years has experienced major swings. The economic tap tends to be either on, or it’s off. “The tap definitely feels on right now,” said David Chard, the president and CEO of Chard Development. The Vancouver-based firm is surfing an economic wave in Victoria — having just finished, or in various stages of developing, several mixed-use residential developments.

Property Biz Canada

One year ago: Busy month for True North Commercial REIT

True North Commercial Real Estate Investment Trust made efficient use of proceeds from its $30-million August public unit offering by acquiring two Ontario properties in November. The Toronto-based REIT continued a very active late summer and autumn by ending November with the closing on a 30-year-old office building in North York, Ont. for $34 million.

Property Biz Canada

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