Concert CREC fund acquires Burnaby office bldg.

RENX  Commercial  •  Office  •  Metro Vancouver

Concert‘s CREC Commercial Fund LP has paid $112.5 million to acquire a Metro Vancouver (Burnaby) office building which is fully occupied by a provincial government tenant.

QuadReal, Menkes buy Toronto apt. tower, launch VMC mixed-use

RENX  Residential  •  Apartments  •  Toronto / GTA

QuadReal and Menkes are continuing to expand their partnerships, paying $56.18 million for a one-acre apartment property in midtown Toronto and launching the latest elements at their Assembly Park development at the Vaughan Metropolitan Centre.

Reserve, Westdale propose 50-storey residential tower

Residential  •  Urban Toronto  •  RENX

Reserve Properties and Westdale Properties have proposed a 50-storey residential tower inclusive of a four-storey podium at 77 Roehampton Ave. in Midtown Toronto. The IBI Group-designed building would include a total of 623 residential units – 418 one-bedrooms, 77 two-bedrooms and 47 three-bedrooms.

Van.’s most expensive hotel an art centre … for now

Commercial  •  Western Investor  •  RENX

Nicola Wealth is temporarily turning Vancouver’s 68-year-old City Centre Motor Hotel into 75 low-cost artist studios. Nicola, which in 2021 paid $60 million – at $789,500 per door the highest price-per-room ever paid for a Vancouver hotel – is expected to redevelop the site with condominiums.

Atria proposes nine-storey mixed-use

Residential, Commercial  •  Urban Toronto  •  RENX

Atria Development has proposed the redevelopment of Toronto’s 2489 Dufferin St. with a nine-storey mixed-use building designed by Kohn Partnership Architects. The proposed development would include 98 new condominium units and 11 rental replacement units in addition to 4,219 square feet of retail space.

Sea to Sky proposes six-storey Van. mixed-use

Residential, Commercial  •  urbanYVR

Sea to Sky Architecture has proposed on behalf of XGX Apartment a six-storey, mixed-use building with 33 residential units and ground-floor commercial space. The site sits within Vancouver’s Grandview-Woodlands Community Plan and redevelopment has been in the works for over 20 years.

Sponsored by Trez Capital The demand continues – will supply ever catch up?

Trez Capital’s Eric Horie discusses the demand for homes in Canada, the ongoing pressure on major urban centres, and emerging development trends as governments try to support faster growth.

Two cheap Canadian REITs for passive income

Residential, Commercial  •  Motley Fool

CAPREIT (CAR-UN-T) is a solid name to buy in a defensive asset class. Its portfolio is primarily 59,620 multiresidential suites and manufactured home community sites. Canadian Net REIT‘s (NET-UN-X) portfolio consists of approximately 99 commercial properties under triple-net or management-free leases.

FGC Health acquires five Calgary drugstores

Commercial  •  Retail Insider

Winnipeg-based FGC Health continues to grow its footprint with the acquisition of five Calgary drugstores. FGC, which owns, operates, and services independent pharmacies, medical clinics, home health care and ambulatory care services, has 10 pharmacies in its portfolio.

Full speed ahead: Aritzia’s new CEO

Commercial  •  Globe and Mail (Sub. required)

At some companies, the appointment of a new CEO signals a new strategic direction. At Vancouver-based retailer Aritzia Inc., (ATZ-T), which has seen significant growth in recent years, the main priority is to keep the momentum going.

Real World of Real Estate › Podcast: Commercial real estate, the economy and market conditions

Gerald Tostowaryk:

Ottawa’s Trexity lands $5M financing round

Commercial  •  Ottawa Business Journal

Ottawa-based Trexity, which is pushing to gain ground in the fast-growing last-mile delivery space, has landed a $5-million seed funding round led by Telus Ventures, with participation from New York’s Studio VC and Winnipeg-based firms Shindico and Bold Commerce.

CF, Boreal IM buy European logistics space for $339M

Commercial  •  Cadillac Fairview media release  •  IPE Real Assets

The Cadillac Fairview & Boreal IM JV has purchased the Nucleus Estate in Park Royal and an estate within the Port of Rotterdam for a total of $339 million Cdn. The acquisitions comprise a total of 1.1 million square feet of logistics space.

Recession in 2022 could test U.S. self-storage

Commercial  •  Bisnow

Self-storage is sometimes called a “recession-proof” asset class. It has a history of profitability even during the worst of times. So, with the prospect of a recession looming, self-storage’s mettle might be tested again.

Costco margins hit by rising freight and labour costs

Commercial  •  Reuters

Costco Wholesale Corp. (COST-NE) reported a fall in gross margins on Thursday, hit by soaring freight and labour costs across the United States, sending shares of the membership-only retailer down two per cent and overshadowing an otherwise upbeat quarterly report.

Gap slashes forecast as inflation rips demand

Commercial  •  Globe and Mail (Sub. required)

Gap Inc slashed its annual results forecast on Thursday, sending shares 13% lower after hours as the clothing retailer blamed poor fashion choices at its Old Navy line and weak demand in the face of decades-high inflation.

Van. residential rents skyrocket as economy reopens

Residential  •  Western Investor

Developers are achieving above-average rents on new projects in Metro Vancouver, and an ongoing lack of new supply as the economy reopens will make affordability even worse, Zonda Urban principal Michael Ferreira told the Urban Development Institute, Pacific Region.

Suburban Vancouver home prices soar

Residential  •  CTV  •  B.C. Real Estate Association media release

While prices in Vancouver-proper rose by 18 per cent since the onset of the COVID-19 pandemic, new data from Properly shows that in Maple Ridge the median home price appreciated 49 per cent.

Ontario homebuyers flocking to Quebec

Residential  •  Toronto Star

For the first time, longtime Torontonian Andrew Usher is considering buying a home. The reason? He moved to Montreal, where he noticed condo prices were drastically lower in his new city. A $450,000 mortgage can buy a one- or two-bedroom apartment.

Mtl. non-profits buying up apts. to keep rents low

Residential  •  CBC  •  Montreal Gazette

Between a school, a church that closed down long ago and a red social housing building in Montreal’s Hochelaga-Maisonneuve neighbourhood, stands a stately greystone with the Virgin Mary watching over it. The building will become a lifeline for low-income Montrealers.