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Greybrook, Tribute buy $84M Toronto redevelopment site
Greybrook, Tribute buy $84M T.O. redevelopment site
Greybrook Realty Partners and Tribute Communities have acquired an $84-million, five-property assembly just west of Toronto’s Yorkville neighbourhood for a future development. The deals for the Avenue Road and Davenport Avenue properties were brokered by Lennard Commercial Realty.
REALPAC members offer space for COVID-19 response
REALPAC members are offering free use of vacant commercial space across Canada in the effort to battle COVID-19. “We can be part of the solution here by offering space and doing the right thing,” said REALPAC CEO Michael Brooks.
Point Zero owner to build Mtl. tower with 278 units
As the rental vacancy rate skyrockets in Montreal, businessman Maurice Benisti, owner of Point Zero clothing, is building a 25-storey residential tower downtown. The $41-million project will provide 278 rental units at 980 rue Saint-Antoine Ouest.
Skyrocketing insurance costs pummel reeling hotels
• CBC
It seems counterintuitive, since hotels are serving fewer guests and many of their restaurants and lounges are closed, but hospitality insurance rates across the country have increased dramatically in the past year, putting more pressure on an already pinched industry.
CRE land sale value doubles in B.C. Lower Mainland
While total commercial real estate sales declined in Q3 2020, the dollar volume increased, led by a 106.6 per cent surge in the value of land sales, according to the Commercial Edge report from the Real Estate Board of Greater Vancouver (REBGV).
Alberta may sell land title, corporate registry services
• CBC
The Alberta government is thinking about selling its profitable land titles, corporate and personal properties registries to a private company such as Regina-based Information Services Corporation or Toronto-based Teranet, according to public documents posted to its online procurement site.
B.C. Interior’s tallest tower approved for Kelowna
Orchard Park Properties’ HDR Architecture Associates-designed Water Street by The Park proposal in downtown Kelowna has been green-lighted. The project will include mixed-use towers of 24, 30 and 42 storeys and will include the B.C. Interior’s tallest building at 435 feet.
First Parliament area ‘not for sale’: T.O. councillor
The Doug Ford government’s decision to expropriate downtown Toronto properties once home to Upper Canada’s first parliament came as a surprise, city officials say — prompting one councillor to insist the land is “not for sale.”
Couche-Tard seeks to reassure befuddled shareholders
• Reuters
Canadian convenience store operator Alimentation Couche-Tard Inc. (ATD-B-T) has been quietly reassuring shareholders about its growth strategy after its abrupt plan to buy French retailer Carrefour SA befuddled investors and cast doubt about the stock’s short-term prospects.
Retail sales have risen seven months in a row
• Global News • Financial Post • Winnipeg Free Press
Retail sales have risen for seven consecutive months and are now more than five per cent higher than they were before the COVID-19 pandemic began, Statistics Canada said Friday. Canadian retailers racked up more than $55 billion in sales in November.
Retail shakeup here to stay: Report
With lockdowns and restrictions still in effect across much of the country, a business expert says for retailers — big, small, local or national — preparing a pathway to adapt beyond the pandemic remains a muddy prospect, according to fintech firm PayBright.
Podcasts from the real estate world
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Jon Love, KingSett Capital: Building horsepower during a pandemic, Tenant Experience Network. Episode 1
Lauren Giang, Century 21 Bravo Realty: Retail leasing for tenants, The Real World of Real Estate, Season 2 Episode 2
Royce Mendes, CIBC: Outlook for the economy brighter than many think, Down to Business, Episode 84
BentallGreenOak pays $73.5M for Bay Area warehouse
• CP Executive • RENX
BentallGreenOak has acquired North Bay Logistics Center, a 607,208-square-foot warehouse in Fairfield, Calif., from Link Industrial Properties for $73.5 million US, Solano County records show. BentallGreenOak purchased the property on behalf of a discretionary investment vehicle.
Blackstone, LBA recap $1.6B in U.S. industrial assets
Blackstone Real Estate Income Trust Inc. and LBA Logistics, of Irvine, Calif., have recapitalized two industrial portfolios owned by LBA and totaling $1.6 billion of gross value. Blackstone REIT acquired an approximately 60 percent combined interest across the two portfolios.
AMC rules out bankruptcy, shares soar 40%
• Reuters
AMC Entertainment Holdings Inc. (AMC-N) said on Monday any talk of an imminent bankruptcy is “completely off the table” after the cash-strapped movie theater chain raised an additional $917 million to help cushion the blow from the pandemic.
Harris’ gig as Chartwell chairman controversial: OPINION
• Globe and Mail (Sub. required) • RENX
Not long after Mike Harris left the Ontario Premier’s Office in 2002, he embarked on a career as a corporate director. Chartwell Retirement Residences (CSH-UN-T) – Canada’s largest operator of retirement homes – has become his longest-running, and likely most lucrative, part-time gig.
Home reno boom could help solve T.O.’s ‘missing middle’
• CBC
Affordable housing advocates are hoping Toronto can harness the reno boom to help fill the “missing middle” in the city’s housing stock by converting some of those single-family homes into multi-unit dwellings.
Albertans more confident in real estate than economy
“In Alberta, eight per cent were confident about the economy, while 32 per cent were confident about real estate . . .,” Amit Sahasrabudhe, vice-president, home equity financing, products and acquisitions said of RBC’s recent Home Buying Sentiment Poll.
Vancouver laneway home’s long, long paper trail
• Globe and Mail (Sub. required)
The low point in Phase 2 of the Ironman slog to build our infill house in Vancouver came when my patient architect let me know the people at city hall were suggesting we might have to decommission our existing basement suite.
Van. looks to speed up non-profit housing development
• urbanYVR
The City of Vancouver is proposing to remove the rezoning requirement for new, 100 per cent social and co-op housing in RM-3A, RM-4, and RM-4N neighbourhoods, estimating the change would shave one to two years off of the development process.
Q4 results of Canadian Real Estate Sentiment Survey
After plummeting in the second quarter and improving in the third, confidence in the Canadian real estate market waned again to a smaller degree in the fall, according to the “Q4 2020 REALPAC/FPL Canadian Real Estate Sentiment Survey.” The survey
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Oct 22 2024
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