LaSalle, European partner buy GTA industrial portfolio

RENX  Commercial  •  Industrial  •  Toronto / GTA

LaSalle Investment Management Canada’s LaSalle Canada Property Fund (LCPF) has acquired 21 industrial properties in Mississauga with an unnamed European investor.

Kelowna ‘leader’ of West’s secondary markets: WCAIC

RENX  Residential, Commercial  •  Apartments, Condominiums, Homes  •  British Columbia, Alberta

Solid economies and favourable vacancy rates in B.C. and Alberta secondary markets offer some good opportunities for the multifamily sector, developers said at the Western Canada Apartment Investment Conference.

Allied plans 23-storey office building in T.O.

Commercial  •  blogTO

Allied Properties REIT is pushing forward with a plan to build a 23-storey office building at 460 through 468 King St. West and 78 Spadina Ave. The plan features a warehouse-inspired design from New York City-based Morris Adjmi Architects.

Wrong way for Broadway Plan: Revisions jeopardize 30,000-plus rental units

Mark Goodman and Cynthia Jagger: Mark Goodman, Principal, Goodman Commercial Inc.

B.C. CRE companies expand management portfolios

Commercial  •  Business In Vancouver

After trending down for the past several years, the median real estate holdings for B.C.’s largest CRE brokers has grown for the first time in at least five years, according to BIV’s Biggest Commercial Real Estate Brokers in B.C. list.

Canadian Net buys four retail properties for $18.8M

Commercial  •  Globe Newswire  •  RENX

Canadian Net REIT (NET-UN-X) announced the acquisition of four retail properties in Truro, N.S., and in Chénéville, St-André-Avellin and St-Jérôme, Québec, Que., for a total of $18,800,000. The purchase price represents a capitalization rate of approximately 6.5% for the portfolio.

Harden breaks ground on Quartier Beauharnois

Commercial  •  Business Wire

Harden has broken ground on Quartier Beauharnois in Greater Montreal. The $25-million project will consist of over 65 000 square feet of leasable area. The first phase, to be completed in 2022, will be anchored by a Super C of over 35 000 square feet.

Tsawwassen Mills owner eyes entertainment offerings

Commercial  •  Daily Hive

After acquiring Tsawwassen Mills, a 1.2-million-square-foot indoor outlet mall with 200 businesses from Ivanhoe Cambridge, Nanaimo-based Central Walk has indicated its short-term strategies include focusing on establishing a “prominent entertainment presence,” along with diversifying and strengthening food uses, retail and services.

Ground broken on Surrey’s 35-storey Flamingo tower

Residential  •  Business In Vancouver

Tien Sher Group of Companies has broken ground on Surrey’s 35-storey Flamingo tower, which sold out 365 condos last November in a weekend blitz. Since 2005, Tien Sher Group of Companies and Charan Sethi have been developing in Surrey’s Whalley district.

Sales open for SmartVMC’s Park Place

Residential, Commercial  •  Urban Toronto  •  RENX

The next phase of SmartCentres REIT’s Vaughan Metropolitan Centre (VMC) master plan, Park Place, is now in sales. Park Place is at the northeast corner of Highway 7 and Commerce Street and features two towers of 48 and 56 storeys containing 1,100 residential units.

Triovest’s three-tower proposal bad for Calgarians

Residential, Commercial  •  CBC  •  Calgary Herald  •  RENX

OPINION: Triovest‘s proposal to build 24-, 45- and 66-storey mixed-use towers linked by a 10-level podium would diminish downtown Calgary’s best public space on Stephen Avenue.

Top 10 Atlantic, Manitoba, Saskatchewan projects

Residential, Commercial  •  Daily Commercial News

The accompanying tables show the top 10 largest upcoming Atlantic and Manitoba, Saskatchewan construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.

American Dream mall lost $60M in 2021

Commercial  •  Commercial Observer

U.S. retail sales are up as consumers are flush with cash, and spending on goods surged during the pandemic. However, Edmonton-headquartered Triple Five‘s 3.5 million-square-foot American Dream mall in Rutherford, N.J., recently reported it lost nearly $60 million last year.

Neumann, Invictus sell Connecticut portfolio for $293M

Residential  •  The Real Deal

Adam Neumann’s latest reinvention has the former WeWork whiz doing real estate the old-fashioned way. Neumann’s family office, 166 2nd Financial Services, and Invictus Real Estate Partners combined to sell a two-property multifamily portfolio in Connecticut for $293.5 million.

Walmart drone deliveries to reach 4 million households

Commercial  •  CNBC

Walmart is expanding drone delivery across six states this year. Through an expansion with operator DroneUp, the big-box retailer said it will be able to reach four million households in parts of Arizona, Arkansas, Florida, Texas, Utah and Virginia.

Bus maker NFI to close North Dakota plant to cut costs

Commercial  •  Financial Post

Winnipeg-based NFI Group Inc announced Friday that it will close a plant in North Dakota as the bus maker continues to try to cut costs. The bus maker aims to cut US$67 million off costs by the end of 2023.

Newly built GTA home prices slip for a second month

Residential  •  Toronto Star  •  Globe Newswire

In April, the GTA new home market showed signs of slowing down from the exceptionally strong pace of the past year, the Building Industry and Land Development Association announced today. New home sales of 3,645 units were down 29 per cent year-over-year.

Calgary market coming back down to earth

Residential  •  Calgary Herald

April was another record month for real estate resales in Calgary, even though sales eased slightly from March. “It’s not at the same pace we had seen, but it’s still pretty strong,” says Calgary Real Estate Board’s Ann-Marie Lurie.

Edmonton resales fall after months of high demand

Residential  •  Edmonton Journal

Edmonton real estate sales are falling — at least from the all-time highs set earlier this year. April saw 2,919 resales in the Greater Edmonton Area, down almost 11 per cent from March, based on the latest statistics from Realtors Association of Edmonton.

Lack of housing slows Northern construction: electrician

Residential  •  Globe and Mail  •  Globe and Mail

Electrician and entrepreneur Daniel Gabois is working 10- to 12-hour days, trying to finish more work than he can keep up with as companies and governments scramble to fill a critical housing gap in the Northern Quebec region of Nunavik.