Vancouver industrial land shortage spurs price spike

Vancouver industrial land shortage spurs price spike

One of the last frontiers of developable industrial land in Metro Vancouver is fetching prices up to double the assessed values as developers and businesses scramble for space. One of the more recent sales at Campbell Heights North industrial zone in southeast Surrey involved a 1.72-acre serviced lot that sold for $3.18 million, nearly twice its assessed value of $1.65 million, according to Colliers International.

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Dundee Kilmer builds new condos in Toronto Canary District

Canary District continues to grow in the southeastern part of Toronto’s downtown, with Dundee Kilmer Developments Limited’s Canary Block and Canary Commons slated to be its next two condominiums. “This was Waterfront Toronto’s initial attempt to implement a master-planned community,” Dundee Kilmer president Jason Lester said of Canary District.

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R2 makes strides as online property investor marketplace

R2 Capital & Investments has undergone a significant evolution since launching just over a year ago as Canada’s first online marketplace to connect property owners and developers with investors. “Since inception, our business model has changed and pivoted a lot, and R2 has since evolved into a private equity firm that uses financial technology to scale capital raise — both debt and equity,” says R2 co-founder and chief executive officer Amar Nijjar.

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Bazinga, Tribe use tech to link condo residents, managers

As a young boy growing up in Egypt, Joseph Nakhla learned the importance of community and connecting with neighbours. The founder and CEO of technology companies Bazinga and Tribe grew up in a small, lower middle class neighbourhood, where people knew, and helped their neighbours. Now, he’s trying to use his tech platforms to foster a sense of community in condo developments in Canada and around the world.

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GWLRA’s Finkbeiner: EverWest deal ‘logical’ move into U.S.

When GWL Realty Advisors (GWLRA) decided to expand into the U.S., president Paul Finkbeiner said the Canadian real estate investment and management firm had two key goals; find a company with a similar mix of assets, and a similar mindset. EverWest Real Estate Partners fit the bill so, on Friday, GWLRA announced it has acquired the private Colorado-based firm and its Cdn$2B in assets under management.

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Colliers, Techstars launch CRE tech accelerator

Colliers International Group Inc. has teamed up with Techstars to launch the first-of-its-kind Colliers PropTech Accelerator program. The goal is to identify and mentor startups around the globe which are developing industry-disrupting technologies capable of transforming the real estate industry, according to Colliers president and chief operating officer Dylan Taylor.

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Six months ago: Allied, Westbank JV on Vancouver office tower

Toronto-based Allied Properties Real Estate Investment Trust has reached a deal to buy a half-stake in Westbank’s proposed Japanese lamp-inspired office tower in downtown Vancouver. “It’s a way for Allied to penetrate the Vancouver office market in a fairly material way,” Allied president/CEO Michael Emory told RENX in an interview. “On completion, this would represent about a 60 per cent increase in our Vancouver office portfolio.”

Property Biz Canada

One year ago: Lowest return in decades for IPD index

The weather was appropriate gray, cold and blustery in Toronto last Friday for the release of the annual REALPAC/MSCI 2016 results of the IPD index. Jokes from the stage about real estate executives visiting their cardiologists preceding some heart slowing results. “The 5.7%, if you exclude the financial crisis, is the lowest return that we have seen in literally decades,” said Simon Fairchild, executive director of MSCI. In fact it was 1995 when returns were that low.

Property Biz Canada

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