Huge Halifax Gate ind. site for sale, draws global interest

RENX  Commercial  •  Industrial, Land  •  International, Atlantic Canada

The words “unique” and “rare” appear in many CRE sales pitches. Seldom have they been more appropriate than for Halifax Gate. The 475-acre site includes land which could accommodate 6.5-million square feet of development, a water lot and more.

IBM opens new hybrid office of the future in Toronto

Commercial  •  Toronto Star

At IBM’s new headquarters in downtown Toronto, in the entire 63,000-square-foot space, there are only three private offices. It has movable walls, adjustable workstations, and conference rooms lined with monitors to connect workers in the office and those at home.

Calgary’s Neo Financial hits $1B ‘unicorn’ valuation

Commercial  •  Calgary Herald

Calgary-based tech startup Neo Financial has completed a new $185-million fundraising and joins a growing number of tech companies in Calgary worth over $1 billion. It has 7,000 retailers on its platform and partners with H&R Block, Boston Pizza and Home Depot.

Altus acquires property tax mgmt. software itamlink

Commercial  •  Financial Post

Altus Group Limited (AIF-T) has acquired Toronto based Rethink Solutions Inc., the developer of the itamlink property tax management software which helps owners and occupiers of multi-property real estate portfolios manage their multi-jurisdictional property tax processes.

Calgary’s Chroma offers tenants rental payment platform

Commercial  •  Calgary Herald

Calgary-based company Chroma Technologies has created a financial platform to address affordability and convenience for renters across the country that allows tenants to ‘rent now, pay later’. Chroma was co-founded by CEO Myles Shedden, an alumnus of the successful SkipTheDishes.

The Industrial Real Estate Show › Podcast: How you can benefit from proptech, with Unissu’s Eddie Holmes

Chad Griffiths: Partner, NAI Commercial

Retail drone delivery closer than ever

Commercial  •  Retail Insider

Drones have moved a step closer to scaling in Canadian cities with their deployment expected to be used more and more by retailers in the coming years, according to Khan Bashir Khan, chief executive officer of AirMatrix.

Simons opens Point-Claire location, plans for Halifax

Commercial  •  LaPresse

Managers of clothing retailer Maison Simons claim to have made the right choice with “bricks and mortar”, having opened its 16th store in Pointe-Claire with 14,000 square feet devoted to administrative and 74,000 to retail. Total investment is $26.5 million.

Emerging Nexus REIT yielding five per cent

Commercial  •  Globe and Mail (Sub. required)  •  Motley Fool  •  Motley Fool

Nexus Industrial REIT (NXR-UN-T) surfaced on the positive breakouts list in late April when its unit price closed at a 2022 high of $13.93 on April 20. The unit price has declined eight per cent over the past seven trading sessions.

How 11 Canadian REITs stack up on cash flow

Residential, Commercial  •  Globe and Mail (Sub. required)

Given recent news regarding the real estate and rental markets, it is a good time to evaluate Canadian REITs as potential investment opportunities. Today we focus on a key performance indicator for the REIT market – funds from operations per share.

We didn’t abandon REM, we’re saving it: Montreal mayor

Commercial  •  Montreal Gazette

The $420-billion infrastructure division of CDPQ backed out of the REM de l’Est, a proposed $10-billion, 32-km., light-rail project which angered citizen and heritage groups due to its perceived disfiguration of swaths of Montreal.

REIT Q1 financial results

Residential, Commercial  • 

Artis REIT, (AX.UN-T), PR Newswire

City Office REIT, (CIO-N), PR Newswire

Dream Office REIT, (D.UN-T), PR Newswire

True North Commercial REIT, (TNT.UN-T), PR Newswire

Killam Apartment REIT, (KMP.UN-T), PR Newswire

Melcor REIT, (MR.UN-T), PR Newswire

Plaza Retail REIT, (PLZ.UN-T), PR Newswire

Aritzia CEO Brian Hill stepping down after 38 years

Commercial  •  Toronto Star  •  Business in Vancouver

Aritzia says founder and chief executive Brian Hill is stepping down from the role after leading the clothing retailer for 38 years. The Vancouver-based company, which went public in 2016, says president and chief operating officer Jennifer Wong will step into the CEO role.

NY office giants look to prune portfolios

Commercial  •  Bisnow NewYork

Office leasing in Manhattan has picked up so far in 2022, and the nation’s largest office market’s record availability appears to have stabilized, but even amid signs of improvement, the city’s biggest landlords are eyeing storm clouds that could dent their recovery.

BentallGreenOak JV plans 2.2 MSF Florida industrial park

Commercial  •  Commercial Property Executive  •  Gulfshore Business

Butters Group and BentallGreenOak have formed a partnership to develop Gulf Landing Logistics Center, a 2.2-million-square-foot business park in Fort Myers, Fla. The initial phase will yield approximately 740,000 square feet at a cost of over $130 million.

Caesars seeks over $1-billion for famed Flamingo Hotel

Commercial  •  BNN Bloomberg

Caesars Entertainment is selling its Flamingo casino in Las Vegas, listing it at over $1 billion. The 3,450-room Flamingo is one of the Strip’s oldest properties, opening in 1946 at cost of $6 million under the direction of gangster Bugsy Siegel.

Home developers bet big in small-town Ontario

Residential  •  Globe and Mail

Developers are speeding up their expansions into small Ontario cities and semi-rural areas including vacation spots like Niagara, Wasaga Beach and Collingwood, as well as condo development in cities like Hamilton, Guelph, Ancaster, St. Catharines and Waterloo.

Surburban GTA home prices, sales dip faster than downtown

Residential  •  Toronto Star

The housing market cooldown prompted by rising interest rates is being felt more acutely in the suburbs of Toronto, where sales and selling prices are trending downward at a fast pace as borrowing costs rises and offices reopen.

GTA homebuyers set to lose deposits for Ideal project

Residential  •  CBC

Prospective buyers at Boss Luxury Towns’ 72-townhouse project could lose up to $150,000 apiece after Ideal Developments was charged by Ontario’s Home Construction Regulatory Authority for operating without a licence, and later refused a licence by the provincial body.

Nova Scotia reverses course, scraps non-resident tax hikes

Residential  •  Globe and Mail

The Nova Scotia government has reversed course on a plan to hike taxes on properties owned by non-residents, saying it is concerned about the damage it would cause to the province’s reputation as a place to visit, live and invest.