Downtown Victoria dev. blends heritage, modern needs

RENX  Residential, Commercial  •  Office, Apartments, Hotels and Resorts  •  British Columbia

Merchant House Capital Inc. CEO David Fullbrook has embarked on another trademark project in Victoria; blending downtown heritage and today’s demand for hotel rooms, apartments and boutique office space at the mixed-use Montrose-Wintergarden development.

Port Moody approves Wesgroup’s six-tower project

Residential  •  Daily Hive  •  Tri-City News

Port Moody council Wednesday voted in support of Wesgroup Properties’ 14.8-acre Coronation Park TOD. The Boniface Oleksiuk Politano Architects-designed project would include six towers between 26 storeys and 31 storeys, plus various mid-rise buildings, containing a combined 2,655 new homes.

IKEA to sell 170K sq. ft. of Ottawa shopping centre

Commercial  •  Ottawa Business Journal

Swedish furniture giant IKEA will stay put, but nearly 170,000 square feet of retail space in Ottawa’s Pinecrest Shopping Centre is going on the block, which could pave the way for a new wave of residential development.

Crestpoint buys downtown T.O.’s 121 King St. W. tower

RENX  Commercial  •  Office  •  Toronto / GTA

Crestpoint Real Estate Investments Ltd. says it has topped the $2-billion mark in acquisitions over the past 12 months with the announcement it has bought the 25-storey 121 King St. W. office tower in Toronto’s financial district.

Five buildings coming to Saint John waterfront

Residential, Commercial  •  CBC  •  IHEARTRADIO

Developers Fundy Harbour Group will bring five buildings to the Saint John waterfront in five phases. The first building will be a 16-storey mixed-use building. Combined, the five buildings will add 677 residential units on a total floor area of 750,000 square feet.

Calgary approves three office-to-residential conversions

Residential, Commercial  •  CTV  •  Calgary Herald  •  Globe and Mail

City officials announced the first three office buildings to be repurposed as housing in Calgary’s Downtown Calgary Development Incentive Program – Palliser One (Aspen Properties); HAT @ Arts Common (Cidex Group of Companies); and 909 Fifth Avenue S.W. (Peoplefirst Developments).

Sponsored by Landmark Advisory Services How to secure true tenant representation

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CF under no development plan obligation: Planner

Residential, Commercial  •  Montreal Gazette

Pointe-Claire council is set to adopt an Interim Control Bylaw next week that would exclude Cadillac Fairview’s parking lot project from a temporary development freeze. The developer does not need to enter into a Comprehensive Development Plan with the city.

Moderna vaccine plant coming to Montreal region

Commercial  •  CBC  •  CTV  •  Global News

American pharmaceutical giant Moderna has chosen the greater Montreal area to build its new biomanufacturing plant — the company’s first outside of the U.S. The announcement is expected to be made Friday by PM Justin Trudeau and Quebec Premier François Legault.

Medicom building glove facility in London, Ont.

Commercial  •  Canada Newswire  •  London Free Press  •  CBC

Montreal-headquartered AMD Medicom Inc., a manufacturer and distributor of personal protective equipment, announced the creation of Manikheir Canada Inc., a subsidiary to produce nitrile gloves in London, Ont. The new plant represents an initial investment of over $120 million.

The Industrial Real Estate Show › Podcast: Is industrial real estate investment risky?

Chad Griffiths: Partner, NAI Commercial

REIT first-quarter financial results

Residential, Commercial  • 

Allied Properties REIT, (AP-UN-T), Globe Newswire
Choice Properties REIT, (CHP-UN-T), Business Wire
Morguard North American Residential REIT, (MRG-UN-T), Canada Newswire
Morguard REIT, (MRT-UN-T), Canada Newswire

Brookfield, Simon make $8.6B offer to acquire Kohl’s

Commercial  •  Bisnow

Brookfield Asset Management and Simon Property Group have offered to purchase department store chain Kohl’s (KSS-N) in a deal valuing the company at $8.6 billion US. The offer is nearly in line with what HBC and Sycamore Partners offered in March.

Singapore fund buys stake In London offices for $885M

Commercial  •  Forbes

Singaporean sovereign wealth fund GIC has agreed to buy a 75% stake in British Land’s Paddington Central office complex in London for $885 million US, adding to signs of growing Asian investor appetite for real estate assets in the European financial hub.

Zara founder acquires Glasgow office building for $322M

Commercial  •  Bloomberg  •  Reuters

Amancio Ortega, the billionaire behind the Zara fashion brand, has bought a commercial building in Glasgow for $322 million Cdn. The development, which hosts BNP Paribas and Aecom’s offices in the Scottish city, was purchased from HFD Group.

Flagship acquires Illinois MHC for $6.25M

Residential  •  Canada Newswire

Flagship Communities REIT (MHC-U-T) announced it will add a second Illinois community with the acquisition of a manufactured housing community located in suburban Springfield, Ill., for a purchase price of approximately US$6.25 million. The acquisition is 89% occupied.

New Ontario rules target private mortgage lenders

Residential  •  Globe and Mail (Sub. required)

The Financial Services Regulatory Authority of Ontario has seen enough of the growth in private mortgage lending to step in and propose a tougher licensing regime for the 11,826 mortgage agents and 2,592 mortgage brokers (as of 2020) it regulates.

Malibu bringing two condo buildings to North York

Residential  •  Toronto Star

What looked like a rundown industrial area in North York is being transformed by Malibu Investments, which is launching its final phase on Tippett Road with the Express 2 Condos project that will consist of 13- and 16-storey RAW Design buildings.

Apts., rowhouses outpace single-detached homes: Census

Residential  •  Toronto Star  •  Vancouver Sun  •  Financial Post

Single-detached houses are still the most plentiful type of housing in Canada, but apartments and rowhouses are slowly catching up, the latest census data reveals. Canada’s 7.8 million single-detached homes made up about 53 per cent of Canada’s housing supply in 2021.

Behind the big rebound in Calgary real estate

Residential  •  Financial Post

A recovering energy industry, rebounding downtown commercial market and a competitive tax environment — all at a more affordable price point — have been working in tandem to drive a resurgence in Calgary real estate, according to industry watchers.