Aspen, Hazelview buy Calgary’s Millennium office tower

RENX  Commercial  •  Office  •  Calgary

Aspen Properties, in partnership with Hazelview Investments, has purchased the class-A, 24-storey Millennium Tower office building in downtown Calgary, signalling the real estate company’s confidence in the city’s market and its economic future.

AgeCare, Axium to buy 2 Chartwell LTC homes in B.C.

RENX  Residential  •  Seniors Housing  •  National, British Columbia

Chartwell Retirement Residences (CSH-UN-T) announced today it has agreements to divest two British Columbia long-term care homes, which contain 264 beds, to AgeCare Health Services Inc. and Axium Infrastructure Inc. for $112 million.

Pickering approves eight Tribute, SmartCentres towers

Residential, Commercial  •  Daily Commercial News  •  RENX  •  RENX

Pickering’s planning and development committee approved five- and three-tower proposals by SmartCentres and Tribute, respectively. SmartCentres’ buildings range from 25 to 32 storeys with 1,599 residential units and 49,170 square feet of commercial space; Tribute’s include 1,779 residential units and 12,432 square feet of commercial.

Moderna chooses Laval for mRNA vaccine facility

Commercial  •  Ottawa Citizen

U.S. pharmaceutical giant Moderna has chosen Laval’s biotechnology park as the location for its new Montreal-area mRNA vaccine manufacturing facility. Construction, estimated at $180 million, is expected to begin this year. The plant could be operational by the end of 2024.

Developers pitch Mtl. Bridge-Bonaventure revitalization

Residential, Commercial  •  Daily Commercial News

An alliance of developers, architects, builders and planners has joined forces to map out a vision for revitalizing the 2.3-square-kilometre Bridge-Bonaventure and Pointe-du-Moulin areas near old Montreal with more than 7,500 new housing units, retail businesses and offices.

Osmington, WJ propose 4 infill towers

Residential  •  Urban Toronto

Osmington Gerofsky Development Corp and WJ Properties have proposed 34-, 42-, 46- and 52-storey residential infill towers at 10 Grenoble in Toronto’s Flemingdon Park neighbourhood. 10 Grenoble’s towers, designed by architects—Alliance, would offer a total of 2,197 new units to the area.

Three 13-storey res buildings proposed for Etobicoke

Residential  •  Urban Toronto

MHBC Planning on behalf of developer NJS Capital proposes three staggered 13-storey residential buildings at 251 through 285 The West Mall, Etobicoke. The development on the 2.34-acre site would consist of 610 residential units, comprising 121 studios, 300 one-bedrooms, 127 two-bedrooms and 62 three-bedrooms.

Non-profit proposes 19-storey mixed-use

Residential, Commercial  •  Urban Toronto

The Learning Enrichment Foundation has proposed a 19-storey mixed-use at 1240 Weston Rd., near the soon-to-open Mount Dennis station. The LGA Architectural Partners-designed building would include 132 residential units, 8,783 square feet of retail/commercial and 25,575 square feet of office space.

Food-anchored retail tops CRE investment menu

Commercial  •  REMI Network  •  RENX  •  RENX

Food-anchored retail plazas again emerge as the preferred CRE asset type in Altus Group’s survey of Canadian investment trends in Q2 2022. Other retail venues fall further down the rankings of 16 types of properties.

Sustainable construction tech draws $326M investment

Residential, Commercial  •  Sustainable Biz Canada  •  RENX

REIT second-quarter financial results

Residential, Commercial  • 

Crombie REIT, (CRR-UN-T), Canada Newswire
Flagship Communities REIT, (MHC-U-T), Canada Newswire
Killam Apartment REIT, (KMP-UN-T), Canada Newswire
Marwest Apartment REIT, (MAR-UN-X), Canada Newswire
PROREIT, (PRV-UN-T), Canada Newswire

REOC second-quarter financial results

Residential, Commercial  • 

Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire
Firm Capital Property Trust, (FCD-UN-X), Globe Newswire
Melcor Development Ltd. (MRD-T), Globe Newswire
Sienna Senior Living Inc., (SIA-T), Globe Newswire
Skyline Investments Inc., (SKLN:IT), Globe Newswire

Home Capital rejects unsolicited takeover offer

Residential  •  Globe and Mail  •  Business Wire  •  Financial Post

Home Capital Group Inc. (HCG-T) says it has received an unsolicited, non-binding and conditional takeover offer which its board has decided is not in the best interests of the company or its shareholders.

Starlight major purchaser of Victoria multires in 2022

Residential  •  Western Investor  •  RENX

Starlight Group was the most active buyer of Victoria multiresidential properties in the first half of 2022, keeping activity on par with 2021 despite a pending shortage of product. According to CBRE, of the 26 properties that changed hands in the period, 14 were picked up by Starlight.

Real estate’s ‘fall from grace isn’t done yet’: TD

Residential  •  Georgia Strait

TD Economics expects more bad news for the Canadian housing market: “Based on early readings of transaction data over July, we are expecting the peak-to-trough decline in prices since the first quarter to continue to push towards our forecast of 19%.”

Canada home prices fall for fourth month in a row

Residential  •  Financial Post  •  Canada Newswire  •  Toronto Star

Canada’s real-estate correction deepened, with prices falling for fourth straight month as the central bank ratchets up interest rates. Benchmark home prices declined 1.7 per cent in July, to $789,600 according to data released Monday from the Canadian Real Estate Association.

Crow Holdings, Panattoni to build Washington ind.

Commercial  •  Commercial Property Executive

Crow Holdings and Panattoni have received the environmental green light to move forward with FRED310, a four-million-square-foot industrial development in Frederickson, Wash. The partners will commence construction on the 2.3 million-square-foot initial phase.

Silicon Valley giant backs Neumann firm Flow

Residential  •  Financial Post

Venture capital giant Andreessen Horowitz said on Monday it would be investing in Adam Neumann’s residential real estate company Flow, backing the WeWork Inc co-founder who has often drawn criticism for his allegedly erratic management style.

Hines launches $900M Aussie office tower

Commercial  •  Hines media release

Global real estate firm Hines announced the launch of 600 Collins, a new premium-grade office tower in Melbourne’s central business district. 600 Collins will stand 591 feet tall and boast over 646,000 square feet of premium-grade office space.

Where China’s real estate troubles could spill over

Residential, Commercial  •  CNBC  •  Bloomberg  •  Bloomberg

China’s real estate troubles could spill into other major sectors if the problems persist — and three particular businesses including asset management companies are most vulnerable, according to ratings agency Fitch.