Granite buys U.S., GTA industrial, raises distribution

RENX  Commercial  •  Industrial  •  International, Toronto / GTA

The expansion of Granite REIT’s (GRT-UN-T) industrial portfolio continued without pause during Q3 2020, with the additions of 1.3 million more square feet of space, a move into a new U.S. market and an increase in the trust’s distributions to shareholders.

Bombardier to reduce the size of its facilities

Commercial  •  La Presse

Bombardier estimates the impact of the pandemic on its strained liquidity at $2.25 billion. President/CEO Eric Martel intends to present a new plan which will see the company reduce the size of its facilities, whose capacity is currently twice the demand.

Garda has big plans for Aldo’s former Saint-Laurent HQ

Commercial  •  La Presse

GardaWorld is working on the establishment of a global centre of expertise in advanced security which will be housed in Aldo’s former head office in Saint-Laurent. GardaWorld is partnering with Investissement Québec to create a 300,000-plus-square-foot site.

Walmart to move into former Sears store in Victoria

Commercial  •  Victoria Times Colonist

Walmart has announced it’s opening a Supercentre store at Victoria’s Hillside Shopping Centre in early 2022. Walmart will fill the space vacated by Sears in late 2017. A building permit for $3 million has been taken out by DIALOG’s Calgary office.

BOMA Canada holds virtual gala for 2020 award winners

RENX  Commercial  •  Office, Industrial, Retail  •  National

Building Owners and Managers Association (BOMA) of Canada’s annual BOMEX conference needed to be held virtually due to COVID-19 precautions. BOMA’s awards couldn’t be handed out in person either, so the Oct. 29 awards gala also became a virtual event.

Federal parties agree to fast-track CRE rent relief bill

Commercial  •  CBC  •  Winnipeg Free Press

The federal Liberals have reached an agreement with opposition parties to fast-track a long-awaited bill to provide businesses with direct access to emergency rent relief. It will still need to be approved by Senate before it can be enacted.

Future of Ottawa’s Lansdowne Park in doubt

Commercial  •  Ottawa Citizen  •  CBC

The future of Lansdowne Park is murky. There was no CFL season this year, the start of the Ontario Hockey League season has been pushed into 2021, concerts have been postponed and retail tenants have vacated storefronts in the shopping district.

The Saskatchewan Edge › In commercial real estate, a verbal offer is no offer

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Cineplex won’t reopen some Ontario movie theatres

Commercial  •  CBC  •  BlogTO  •  Globe and Mail (Sub. required)

Cineplex Inc. says it will not reopen some of its Ontario movie theatres after the province introduced new COVID-19 capacity restrictions. The film exhibitor says it would be allowed to admit only 50 people into the building.

Large unitholder invests $3.8M in Cominar

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

On Oct. 30, Sime Armoyan, with an ownership position exceeding 10 per cent, invested over $3.8 million in units of Cominar REIT (CUF-UN-T). She purchased 536,800 units at a price per unit of $7.1173 for G2S2 Capital Inc., increasing the account’s holdings to 19,381,900 units.

REOC third-quarter financial results

Commercial  • 

Bridgemarq Real Estate Services, (BRE-T), Canada Newswire
Brookfield Property Partners, (BPY-UN-T), Globe Newswire
Brookfield Renewable Partners, (BEP-UN-T), Globe Newswire
Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire
Genesis Land Development Corp. (GDC-T), Canada Newswire
Morguard Corporation, (MRC-T), Canada Newswire

REIT third-quarter financial results

Commercial  • 

Artis REIT, (AX-UN-T), Canada Newswire
Dream Office REIT, (D-UN-T), Business Wire
Melcor REIT, (MR-UN-T), Globe Newswire
True North Commercial REIT, (TNT-UN-T), Canada Newswire

American Tower enters Canada; buys InSite for $3.5B

Commercial  •  MarketWatch

American Tower REIT (AMT-N) Thursday announced a deal to buy privately held InSite Wireless Group LLC in a deal valued at $3.5 billion, including debt. InSite owns and operates about 3,000 communications sites, primarily in the U.S. and Canada.

Marriott posts surprise profit on improved bookings

Commercial  •  Reuters  •  CTV  •  PR Newswire

Marriott International Inc. (MAR-Q) on Friday reported a surprise third-quarter profit, helped by cost cuts and a near doubling of occupancy rates in its North American hotels from the previous quarter as leisure travel rebounded on easing COVID-19 curbs.

Pet Valu to wind down U.S. operations

Commercial  •  CNBC  •  USA Today  •  PR Newswire

Pet Valu has joined the list of retailers permanently shuttered. The specialty retailer of pet food and supplies said Wednesday it will wind down operations at its Pennsylvania headquarters and close all of its 358 stores and warehouses across the U.S.

WP Carey buys $102M European supermarket portfolio

Commercial  •  IPE Real Assets

WP Carey has acquired a $102M portfolio of 27 supermarket properties in northern Spain and the Balearic Islands in a sale and leaseback deal. The U.S.-listed net lease REIT said the portfolio is triple-net leased under three 20-year master leases.

New Mtl. bylaw gives developers more flexibility

Residential  •  Montreal Gazette

A revised version of Mayor Valérie Plante’s draft bylaw— which responds to 16 recommendations by Montreal’s consultation bureau — gives developers more flexibility and restricts the requirements for affordable housing to two zones slated for residential development in St-Laurent and Nuns’ Island.

COVID hammers Griffintown neighbourhood: CMHC

Residential  •  La Presse

The negative impact of COVID-19 on the real estate market is particularly felt in the Griffintown neighbourhood, southwest of downtown Montreal, says an analysis by the Canada Mortgage and Housing Corporation (CMHC) released Friday.

Time to streamline home building process: BILD

Residential  •  Toronto Star

The provincial government has taken action and made regulatory changes that will help Ontarians find homes. This is why the Building Industry and Land Development Association (BILD) is calling on municipalities to take swift action and adopt the changes.

Startups offer way to address hefty B.C. vacancy taxes

Residential  •  Vancouver Sun

Instead of letting oft-empty houses become infested with rats or tossed by vandals, Aaron Hutchinson and Property Sage co-owner Sage Brocklebank seek to reach deals with Vancouver homeowners to help them sidestep high vacancy taxes, while also providing accommodation.