Oxford, EverWest create $1.3B U.S. industrial JV

RENX  Commercial  •  Industrial  •  International

Oxford Properties Group and Denver-based EverWest Real Estate Investors have acquired six U.S. industrial properties as the first assets in a $1.3-billion Cdn joint venture to acquire and develop infill industrial assets.

Edmonton, Prince Rupert pitch supply-chain alternative

RENX  Commercial  •  Industrial, Retail  •  National, Edmonton, British Columbia

As supply-chain network disruptions continue due to the B.C. flooding disaster, Edmonton has become a more attractive industrial market because of its connection to the Port of Prince Rupert and potential to help solve backlog and constraint issues.

Ont., LG in talks to build $2.1B battery facility: Sources

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

Ontario is in advanced talks with South Korean electronics giant LG Corporation to build a battery manufacturing facility, according to two sources. LG has exchanged term sheets with both the Ontario and federal governments for a potential $2.1-billion investment.

Back to drawing board for Pointe-Claire’s master-plan

Residential, Commercial  •  Montreal Gazette

Pointe-Claire’s new administration will have its hands full dealing with a potential revised proposal by Brivia to redevelop an old Mazda dealership lot with apartments and future scenarios for the reutilization of commercial lots in the St-Jean-Hymus boulevards corridor.

Devron, Great Gulf propose 39-storey mixed-use

Residential, Commercial  •  Urban Toronto

Devron Developments and Great Gulf have submitted applications for the construction of a 39-storey residential tower with retail at grade at 101 Spadina Ave. in downtown Toronto. The AUDAX Architecture-designed  building would be home to 394 residential units.

SerCo proposes 16-storey Ottawa mixed-use complex

Residential, Commercial  •  Ottawa Business Journal

Ottawa’s SerCo Realty Group has filed an application to build a 16-storey high-rise with 160 rental suites at 1400 Bank St. The Figurr Architects Collective-designed building would include approximately 6,200 square feet of office space and nearly 3,800 square feet of retail.

Sponsored by National Capital Commission Build more than an attraction. Build a legacy.

Rarely are there opportunities to make your mark at a new waterfront community in the heart of a Capital city. The National Capital Commission’s Building LeBreton project is poised for just such a legacy-building opportunity.

Bounteous to open 28,000-sq.-ft. Toronto office

Commercial  •  Business Wire

Bounteous, a digital innovation partner, announced a new office in downtown Toronto that will open its doors in early 2022. The 28,414-square-foot location in the Globe and Mail Centre at 351 King St. E. will represent one of its largest collaboration centres.

OPINION: Vancouver industrial market being strangled

Commercial  •  Western Investor

The recent devastation caused by flooding in communities and along essential highway and transport links in southern British Columbia has taught us our supply chains are vulnerable and far too dependent on centralized distribution and warehousing centres in Metro Vancouver.

Empire profits rise on Longo’s purchase, strategic shifts

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

The acquisition of the Longo’s grocery chain and other strategic shifts helped to increase second-quarter profit for Sobeys owner Empire Company Ltd., (EMP-A-T) even as shoppers continue to dine out more and buy fewer groceries.

Dollarama profit jumps 13% due to Halloween demand

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

Strong demand at Halloween helped to boost profits at Dollarama Inc. (DOL-T) despite supply-chain headaches. The Montreal-based discount retailer Wednesday reported its third-quarter net earnings grew more than 13 per cent year-over-year, to $183.4 million or 61 cents per share.

REOC fourth-quarter financial results

Residential, Commercial  • 

Mainstreet Equity Corp., (MEQ-T), Canada Newswire

Inovalis closes on $104.5M sale of Paris office building

Commercial  •  Business Wire

Inovalis REIT (INO-UN-T) has closed on the sale of the Jeuneurs asset in Paris for $104.5 million. Jeuneurs, which the REIT has held since its 2013 IPO, is a seven-storey, 50,400-square-foot, fully occupied office building in the central business district.

CP shareholders back purchase of Kansas City Southern

Commercial  •  Financial Post  •  Globe and Mail

Canadian Pacific Railway Ltd. (CP-T) said Wednesday shareholders have overwhelmingly supported its deal to buy U.S. railway Kansas City Southern (KSU-N), voting 99.9 per cent in favour of issuing up to 278 million common shares to KCS shareholders.

Israeli firm to sell NYC’s HSBC Tower for $855M

Commercial  •  Reuters

Israel’s Property and Building Corp. said on Sunday it agreed to sell the 30-storey, 861,000-square-foot HSBC Tower in midtown Manhattan for $855 million to New York-based real estate firm Innovo Property Group, recording a net loss of $45 million.

Fitch downgrades China Evergrande, Kaisa Group

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

Ratings agency Fitch downgraded developers China Evergrande Group and Kaisa Group on Thursday, saying they had defaulted on offshore bonds, while a source said Kaisa had started work on restructuring its $12-billion offshore debt.

Vancouver raises property taxes 6.35% in 2022

Residential  •  Vancouver Sun  •  CBC  •  Globe and Mail

Property taxes will rise 6.35 per cent in the City of Vancouver after council narrowly approved a 2022 budget on Tuesday. Council passed a $1.747 billion operating budget with an increase higher than the five per cent proposed in last month’s draft budget.

Burnaby approves new 10-year housing strategy

Residential  •  Burnaby Now

Burnaby council is moving forward with its new HOME Strategy, a massive, 10-year housing strategy that will touch all corners of the city and address everything from housing affordability and housing stock to those without homes altogether.

Are foreign owners of empty homes to blame for unaffordability?

Residential  •  Globe and Mail

EDITORIAL: The latest batch of data on empty homes in B.C. and the taxes levied on them, offer insight into what first became a hot issue in the mid-2010s with a feeling many homes were left vacant by overseas owners.

Tribe partners with Bluemyth on residential parcel lockers

Residential  •  Canada Newswire  •  RENX

Tribe Property Technologies (TRBE-X) has partnered with Bluemyth Technologies, a Canada-based internet application company that is bringing smart parcel delivery solutions to strata and condo buildings. Tribe manages approximately 40,000 homes made up of more than 100,000 residents.