Keltic to develop new Vancouver MOB for Masimo

RENX  Commercial  •  Office  •  Metro Vancouver

Keltic Canada Development has launched its latest commercial real estate project – a nine-storey medical office building in the False Creek Flats area of Vancouver for Irvine, Calif.-headquartered Masimo, a global innovator in health care technology.

Brookfield hunts for buyouts with $110B to spend

Residential, Commercial  •  Bloomberg  •  RENX

Brookfield Asset Management has more than $110 billion to invest and is eagerly eyeing deal opportunities, including buyouts of mispriced public companies. “There cannot be a better time to be a value investor,” said Brookfield’s head of business development Anuj Ranjan.

Couche-Tard poised for big deal with US$15B at ready

Commercial  •  Financial Post  •  Montreal Gazette

Canada’s Alimentation Couche-Tard Inc. (ATD-T) has the financial strength to do a US$10 billion to US$15 billion acquisition and chief executive officer Brian Hannasch hopes that disruption in the global economy will pave the way for a sizeable deal.

Mixed-use development proposed for Nanaimo

Residential, Commercial  •  Victoria Times Colonist  •  Nanaimo News Bulletin

A numbered company has proposed a development including a six-storey hotel and conference centre, two 16-storey buildings and 760 residential units on a seven-acre site on the northern edge of downtown Nanaimo. About 10,000 square feet would be dedicated for commercial use.

CentreCourt proposes 60-storey mixed-use

Residential  •  Urban Toronto  •  RENX

CentreCourt Developments 119 Church Limited Partnership seeks to redevelop 119 Church St. with a 60-storey, mixed-use building designed by IBI Group. The tower would include 6,275 square feet of ground-floor retail, 17 residential rental replacement units and 701 condominium units.

Fora proposes 32-storey mixed-use tower

Residential, Commercial  •  STOREYS

Fora Developments has proposed a 32-storey, 325-foot tall mixed-use tower at 15-17 Elm St. in Toronto. The Partisans-designed tower would include 174 residential units — 33% of which would be two- and three-bedrooms — as well as retail space at grade.

The Saskatchewan Edge › Where do Saskatoon industrial leasing rates go from here?

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Rate hikes cause pause in condo project launches

Residential  •  Business In Vancouver

Rate hikes are prompting a number of developers to halt or postpone the launch of residential projects. “Anywhere from 50 to 75 per cent of the active, on-the-go developments have been affected one way or another,” says BakerWest president Jacky Chan.

Office workers slow to return to downtown cores

Commercial  •  Globe and Mail (Sub. required)  •  Financial Post  •  Globe and Mail

Many buildings in the downtown cores of major cities are still largely empty. Indeed, Avison Young data shows foot traffic in office buildings in Toronto, Montreal and Vancouver in July was still 54.7 per cent below pre-pandemic levels.

Land costs lead to conversions, multi-storey self-storage

Commercial  •  Western Investor

OPINION: Self-storage development continues to build momentum in Canada, with a high percentage of new supply added annually, particularly in Metro Vancouver and Greater Toronto. This has been the case since our company, StorageMart, entered the market in 2009.

Liberty Utilities buys Sandhill, Wisconsin RNG projects

Commercial  •  Sustainable Biz Canada

Liberty Utilities has acquired Sandhill Advanced Biofuels and its four farm-based renewable natural gas (RNG) projects in Wisconsin to help it meet demand in the high-growth sector.

Real estate podcasts

Residential, Commercial  • 

Tsering Yangki, Dream Unlimited: Impact investing, CRE Podcast
Brian Chesky, Airbnb: COVID has reshaped how we travel, work and live, Down to Business
Ron Lovett, VIDA: Next-level community building, CRE Podcast

Fairfax Financial to take Recipe Unlimited private

Commercial  •  Globe and Mail (Sub. required)

Fairfax Financial Holdings Ltd. (FFH-T) has signed a definitive agreement to take Recipe Unlimited Corp. (RECP-T), the company behind Swiss Chalet, Harvey’s, St-Hubert and the Keg, private. The deal for $20.73 per share in cash values Recipe Unlimited at about $1.2 billion.

Mori Trust acquires D.C. office building for $531M

Commercial  •  Commercial Observer

Tokyo-based Mori Trust has acquired 601 Massachusetts Ave. NW, a 479,000-square-foot office building, for $531 million, according to public records. Boston Properties, which developed the fully leased property on the site of the former NPR headquarters in 2015 for $350 million, was the seller.

Manhattan office leasing up 40% over last year

Commercial  •  Bisnow  •  Bisnow

Office leasing picked up again in August across Manhattan, marking the best month since the onset of the pandemic. Just over 3.4 million square feet were leased in the borough last month, up eight per cent from July and almost 40% year-over-year.

Chinese stocks could plunge by 20% over real estate

Residential, Commercial  •  CNBC  •  Fortune  •  REITSWEEK

China’s struggling real estate sector could significantly drag down the economy and the stock market if authorities don’t provide sufficient support, Morgan Stanley analysts said in a report Wednesday. The Shanghai composite has fallen by more than 12% this year.

Vancouver home sales down 40% year-over-year

Residential  •  Winnipeg Free Press

The Real Estate Board of Greater Vancouver says last month’s home sales plunged roughly 40 per cent compared to August 2021, but were almost unchanged from July 2022. Sales were nearly 30 per cent below the 10-year August average.

Calgary’s benchmark home price up 11% Y-O-Y

Residential  •  Toronto Star  •  CBC  •  Calgary Herald

The Calgary Real Estate Board says August’s benchmark price for a home in the city rose by 11 per cent since last year, while the number of sales was almost unchanged in the same period.

GTA detached house prices down 3.1% year-over-year

Residential  •  Toronto Star  •  Globe Newswire  •  Globe and Mail (Sub. required)

Brisker home sales and an increase in the aggregate average Toronto area home price compared to July has injected a cautious but discernible note of optimism for the Toronto Regional Real Estate Board (TRREB) in its outlook.

Greater Victoria market cooled in August

Residential  •  Victoria Times Colonist

The B.C. capital region’s real estate market ended August with just over 40 per cent fewer sales than the same month a year ago, reflecting an anticipated slowdown due to factors such as higher interest rates.