Harrison Street fund keeps buying, on track for $1B in first year

RENX  Residential  •  Seniors Housing  •  Ontario, Toronto / GTA

The Harrison Street Canada Alternative Real Estate Fund has invested in its seventh property, a 50 per cent stake in the 125-unit Pearl & Pine independent senior living community in Burlington, Ont.

IBM setting up Calgary innovation centre

Commercial  •  Calgary Herald  •  CBC  •  Canada Newswire

Calgary will become home to another major technology hub as IBM announced Wednesday the creation of a client innovation centre for Western Canada based in the city, creating 250 jobs.

CEGEP to lease 52K sq. ft. in Espace Montmorency

Commercial  •  La Presse  •  Canada Newswire

Collège Montmorency is expanding into the office tower of Laval’s Espace Montmorency complex, whose final delivery is scheduled for winter 2023. Located next door, the Collège Montmorency will rent two complete floors of 52,000 square feet for 10 years.

Real Estate by the Numbers › Predicting market cycles: How to be less wrong – Chapter 2

Volodya Gusak: President, Denciti Development

CarbiCrete works to develop carbon-negative concrete

Residential, Commercial  •  Sustainable Biz Canada

Carbon removal technology company CarbiCrete has received $3.4 million in funds from Next Generation Manufacturing Canada (NGen), for the next stage of its project to develop the world’s first commercially available carbon-negative concrete blocks.

Sponsored by PROPetual REIT PROPetual REIT: Land development opportunities for all

PROPetual REIT is a private real estate investment trust that provides accredited and retail investors alike with the opportunity to create wealth through land development investment opportunities within Metro Vancouver, British Columbia.

Shawcor finalizes $49M sale, leaseback of Rexdale site

Commercial  •  Globe Newswire

Shawcor Ltd. (SCL-T) announced it has finalized the $49-million sale, and three-year leaseback agreement, for its Rexdale facility. The company will relocate to a modernized location in the Greater Toronto Area.

Nash Distribution plans 5,200-sq.-ft. Ottawa warehouse

Commercial  •  Ottawa Business Journal

Ohio-based Nash Distribution has chosen Ottawa as its first location outside of the U.S. for a warehouse facility. The 5,200-square-foot warehouse, located at 2764B Sheffield Rd., is positioned to serve Eastern Ontario’s basement restoration industry.

RENX vacation week: July 4-8

RENX  Residential, Commercial  •  Human Resources  •  National

TO OUR VALUED READERS: RENX staff will be taking a break for a hard-earned vacation during the week of July 4-8.

NFP acquires Toronto-based Newport Private Wealth

Commercial  •  PR Newswire

NFP, a property and casualty broker, benefits consultant, wealth manager and retirement advisor, has entered into an agreement to acquire Toronto-based Newport Private Wealth, which has approximately $4.3 billion in assets under management and offices in Waterloo, Kingston, Calgary and Kelowna.

Winnipeg apt. building to feature automated parkade

Residential  •  Winnipeg Free Press

A new ownership group now controls two properties on the west side of Osborne Street, north of the rapid transit station, and expects to begin construction this fall of a 17-storey apartment building — featuring Winnipeg’s first fully automated parkade.

Couche-Tard takes US$56.2M charge

Commercial  •  Toronto Star  •  Canada Newswire  •  Toronto Star

Alimentation Couche-Tard Inc. (ATD-T) says it took a US$56.2-million pre-tax charge for the impairment of its Russian subsidiaries. The Laval-based company said in April that it suspended operations of 38 stores in Russia following the country’s invasion of Ukraine.

Colliers acquires 75% stake in investment manager

Commercial  •  Globe Newswire

Colliers (CIGI-T) has entered into a definitive agreement to acquire a 75 per cent ownership interest in Versus Capital, a U.S. alternative real asset management firm with approximately $6.0 billion of assets under management. Financial terms were not disclosed.

Hines sells trophy SoCal office campus for $235M

Commercial  •  Commercial Observer  •  Market Screener  •  Commercial Property Executive

Global development and investment firm Hines has completed the largest office deal in Orange County, Calif., this year, by unloading a trophy campus called Intersect for $235.25 million. MetLife Investment Management and PGGM acquired the 15-acre site in Irvine.

Amazon buys 120 acres for 3.4M-sq.-ft warehouse

Commercial  •  Bisnow

Amazon recently purchased 120 acres in Southern California Coachella Valley that are approved for a multi-storey, 3.4 million-square-foot warehouse and distribution centre that would span more than 90 acres. Amazon paid Atlanta-based Seefried Industrial Properties $13.4 million for the land.

Nicola acquires Las Vegas industrial property

Commercial  •  Globe Newswire  •  RENX

Nicola Wealth Real Estate has acquired 3814 Donna St. in Las Vegas. The 9.14-acre site in an established industrial node includes structures comprising 19,148 square feet and ample yard space supporting the current use as an industrial outside storage facility.

Ontario landlords can raise rent 2.5% in 2023

Residential  •  CP 24  •  Toronto Star  •  RENX

Ontario landlords can raise rents a maximum of 2.5 per cent on most units without seeking special approval next year. The province announced its rent increase guideline Wednesday for 2023, which will apply to rent increases taking effect between Jan. 1 and Dec. 31.

Home prices expected to drop 19% by 2023: TD

Residential  •  Toronto Storeys

TD Bank has officially downgraded its forecast for the housing market quarter-over-year, due to monetary policy tightening at a faster-than-expected rate. In all, it says sales will drop 23 per cent on an annual basis this year, and 12 per cent next.

27% of homeowners have a HELOC

Residential  •  Bloomberg  •  Globe and Mail (Sub. required)

Home equity lines of credit (HELOCs) were a common way for Canadian homeowners to tap into their home’s equity during low interest rates and rapidly rising home prices. However, vulnerabilities could be lurking amid the rise in interest rates.

Airbnb makes its party ban permanent

Residential  •  CTV  •  Globe and Mail (Sub. required)  •  Toronto Star

Airbnb on Tuesday announced a global ban on parties, following a temporary restriction it put in place two years ago. The company is permanently banning “disruptive parties and events,” which include open-invite gatherings.