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Off-market deal spikes Nexus REIT’s value

7 years ago

BizOff-market deal spikes Nexus REIT’s value

Nexus REIT’s recent purchase of a half stake in a Quebec portfolio of Sandalwood Management properties represents about a 50 per cent increase in Nexus’ gross book value to about $450 million. The purchase price for the 1.53 million square feet of gross leasable area works out to about $97 per square foot, “which is well below any replacement value,” Nexus REIT co-CEO Kelly Hanczyk says.

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BizAHIP REIT purchases large hotel portfolio in U.S.

American Hotel Income Properties (AHIP) REIT is set to close on the acquisition of 18 premium-branded Marriott and Hilton hotel properties in the Eastern United States for approximately US$407.4 million. The Eastern Seaboard Portfolio consists of 10 Marriott-branded hotels and eight Hilton-branded hotels in Maryland, New Jersey, New York, Connecticut and Pennsylvania.

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BizMixed-use not always a slam-dunk success: Part I

Municipalities are pushing for mixed-use developments when granting building permits, but planners should be wary of forcing them where they don’t belong. “Municipalities are often pushing a well-intentioned, but tone deaf requirement of having a certain amount of retail with anything that’s multi-storey,” said SmartREIT CDO Mauro Pambianchi at the North American New Apartment Construction and Mixed-Use Symposium and Expo.

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First Source Mortgage

 

BizStarlight U.S. Multi-Family buys properties, completes IPO

Starlight U.S. Multi-Family has purchased three American properties for two of its funds, and completed the Initial Public Offering for its Value-Add No. 1 fund. Two of the purchases, made for the Starlight U.S. Multi-Family (No. 1) Value-Add Fund, are in Round Rock, Texas and Phoenix, Arizona. They include 943 multi-family residential suites for a total purchase price of US$154.8 million.

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BizReDev Properties sells Edmonton shopping centre

ReDev Properties has closed the sale of the Whitemud Crossing shopping centre in Edmonton. The 93,353-square-foot retail centre is located at 4211 106th St., in a busy Edmonton residential area. It is fully leased and contains 34 tenants, a mix of national and local businesses.

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ICR Commercial

 

Six months ago: RENX top story picks for 2016

The largest wildfire evacuation in Alberta’s history forced tens of thousands of Fort McMurray residents to flee — and was selected as the top CRE story for 2016 by RENX’s editors. Among the other top stories were: RioCan REIT repositioning its Canadian portfolio; Bluesky Hotels buying InnVest REIT; Anbang Insurance Group to take control of Bentall Centre and more…

Property Biz Canada

One year ago: Canada can learn from U.S. student housing

Off-campus, purpose-built student apartments have been much slower to catch on in Canada than the U.S., and three Americans provided tips on June 21 at a forum in Toronto. “Ninety-five per cent of off-campus student product in the U.S. is walkable to campus, which is what lenders and buyers want,” said Greg Faulkner, president of Dallas, Texas-based Humphreys & Partners Architects, L.P.

Property Biz Canada

City of Edmonton Keheewin

 

Property Biz Canada, Tuesday, June 13, 2017
Ivanhoe Cambridge building Paris Duo high-rises
Property Biz Canada, June 13, 2017
More malls set to become mixed-use developments
Property Biz Canada, June 13, 2017
NADG NNN REIT files prospectus for Canadian IPO
Property Biz Canada, June 13, 2017
Market more important than cap rate in apartment valuation
Property Biz Canada, June 13, 2017
Partners REIT sells Thunder Bay shopping centre
Property Biz Canada, June 13, 2017
Six months ago: Greybrook and Fieldgate team up in Shelburne, Ont.
Property Biz Canada, June 13, 2017
One year ago: Conundrum, ManuLife to grow multi-res platform
Property Biz Canada, June 8, 2017

 

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