BGO, Hullmark JV tops $500M with Toronto acquisition

RENX  Commercial  •  Industrial, Office  •  Toronto / GTA

BentallGreenOak (BGO) and Hullmark have closed on their sixth acquisition in a six-year-old strategic partnership that has surpassed $500 million in value. They’ve acquired a 263,000-square-foot industrial and flex office complex at 250 Bowie Ave. in Toronto.

Mach to reposition vacant downtown Ottawa office

RENX  Residential, Commercial  •  Office, Apartments, Condominiums  •  Ottawa

A vacant downtown Ottawa office building just minutes from Parliament Hill is a prime candidate for repositioning, according to Groupe Mach. It acquired 110 O’Connor St., a 202,000-square-foot tower, as part of a portfolio from the former Cominar REIT.

140K-sq.-ft. Walmart coming to Mtl.’s Marché Central

RENX  Commercial  •  Retail  •  Greater Montreal

Marché Central owner and developer QuadReal Property Group has confirmed Walmart (WMT-N) will occupy a state-of-the-art 140,000-square-foot store with “sustainable features” as an anchor tenant at the Montreal power centre.

Apple suing Mizrahi to terminate The One lease

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

Technology giant Apple Inc. (AAPL-Q) is suing Mizrahi Developments to terminate its lease at The One, the long-planned 85-storey tower in downtown Toronto, saying it is “disappointed” in the company and is owed millions in damages for missed deadlines.

Oil boom fuels rally for Boardwalk REIT

Residential  •  Bloomberg  •  RENX

Boardwalk REIT’s (BEI-UN-T) share price has surged 54 per cent in the past year, climbing along with oil and gas prices as economies dropped their pandemic restrictions and Russia invaded Ukraine. The REIT’s climb bucks the trend of other housing stocks.

Sponsored by First National Financial LP A First National progress report

First National published their financial results earlier this week and Jeremy Wedgbury, Senior Vice President, Commercial Mortgages shares the highlights.

Bosa, Kingswood add more rental to Van. towers

Residential  •  urbanYVR

Bosa Properties and Kingswood Properties have reworked their upcoming 48- and 49-storey towers in Vancouver’s West End. The new design will add 636 rental units to the east tower. The west tower will consist of 365 strata condominiums and 99 social housing units.

Strand plans seven-storey Vancouver industrial/office

Commercial  •  urbanYVR

Vancouver-based Strand is planning to develop a seven-storey commercial building in Mount Pleasant across from Vancouver’s Olympic Village. The design, by Yamamoto Architecture, will consist of manufacturing use on Floors 1 and 2, and office use on Floors 3 through 7.

TCU, EMBLEM launch 138-unit Ottawa project

Residential  •  Canada Newswire

Ottawa-based TCU Development Corp. and Toronto-based EMBLEM Developments announced the launch of Capital Park, a three-building, 138-unit mid-rise development in Ottawa’s Robinson Village. Capital Park, situated near the University of Ottawa, offers studio, one-bedroom and two-bedroom units.

Office, industrial markets strive to keep up in Halifax

Commercial  •  Globe and Mail

The office and industrial market is trying to keep up with the Halifax region’s red-hot housing. The relatively high office vacancy rate is expected to tighten and to meet the anticipated demand, three large office projects are now under construction.

Shift toward teleworking irreversible: Desjardins CEO

Commercial  •  Montreal Gazette

Working from home is here to stay, according to the head of North America’s biggest financial services co-operative. “We will never again have 50,000 employees who physically work in the office at the same time . . .,” Mouvement Desjardins CEO Guy Cormier said.

CentreCourt closes $406M equity raise

Residential  •  Canada Newswire

CentreCourt announced the final closing of its second private real estate fund, CentreCourt Platform II, which has raised $406 million of committed capital. CentreCourt Platform II is focused on acquiring strategic properties with potential for high-density GTA residential redevelopment projects.

Starlight fund to buy 264-unit Fla. multires. for $91.75M

Residential  •  Canada Newswire

Starlight U.S. Residential Fund (SURF-A-X) has entered into an agreement to acquire Eight at East, a 264-suite class-A institutional quality multiresidential property completed in 2017 and located in the East Orange County submarket of Orlando, Fla., for $91.75 million US.

NYC’s class-B, -C office owners mull flex to fill space

Commercial  •  Commercial Observer  •  CBS

Two years after COVID-19 ravaged the city, the owners of New York’s aging commercial buildings are at a crossroads. Some landlords rode out the pandemic without making additional investments in their assets and now aim to compete on price alone.

Industrial leading U.S. CRE rebound from COVID

Commercial  •  Globe Newswire  •  Commercial Property Executive

Sales for all types of U.S. commercial real estate decreased in 2021, with the exception of three categories: land, industrial warehouses and industrial flex spaces, up three, two and one per cent, respectively, according to the National Association of Realtors.

Russians pile into Istanbul, Dubai property

Residential, Commercial  •  Financial Post

Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow’s invasion of Ukraine and Western sanctions, according to many property companies.

No capital gains exemption would hammer market

Residential  •  Financial Post  •  Canada Newswire

What if Ottawa removed the capital gains tax exemption on principal residences? That’s just one of the possible scenarios in RE/MAX Canada’s five-year outlook out this morning, but it’s a doozy.

B.C. set to introduce homebuyer protection period

Residential  •  Victoria Times Colonist  •  CTV  •  BC Business

B.C. will introduce what it calls a homebuyer protection period later this year after amendments to the Property Law Act were introduced Monday. The changes will allow the province to establish a cooling-off period in B.C.’s overheated real estate market.

Toronto-area rents soar 11 per cent in February

Residential  •  Toronto Star

Toronto-area condo and apartment rents continue to recover from a pandemic price slump with prices up 11 per cent year over year in February to $2,206 on average, according to a report from Torontorentals.com, part of national listings site Rentals.ca.

Thompson, Man., sells lots for double what buyer offered

Residential  •  Western Investor

Thompson council approved the sale of four city-owned lots for $2.25 per square foot each. Meetah Building Supplies, which plans to build housing on the Northern Manitoba city sites, had proposed a price of $1 per square foot.