CentreCourt JV to redevelop Pickering Town Centre site

CentreCourt will launch sales this fall for the first two condominium towers of a master-planned development on the 55-acre site of the Pickering Town Centre mall with over 6,000 residential units in at least 10 buildings upon completion.

Skyline Industrial REIT busy retooling its portfolio

Mike Bonneveld has had a pretty eventful first 13 months as Skyline Industrial REIT president, overseeing a number of acquisitions and dispositions along with advancing new developments.

Manga Hotels Group acquires Marriott Ottawa

Ottawa’s second-largest hotel has a new owner. Toronto-based Manga Hotels Group acquired the Marriott Ottawa in a deal that closed last week. The purchase price was not released. The 489-room property was previously owned by Toronto-based InnVest Hotels. 

First Capital sells three properties for $91M

In its Q2 financial report, First Capital REIT (FCR-UN-T) announced $91 million in new dispositions which include: remaining development land at Place Panama, located in Brossard, Que.; Yonge-Davis Centre in Newmarket; and 30, 30A Hazelton Ave. in Toronto. 

N. Ontario's Station Mall receiving $60M facelift

Station Mall, in Sault Ste. Marie, Ont., announced its $60-million redevelopment is scheduled for completion in early 2024. A 50,000-square-foot area will combine entertainment and dining and a sports bar/restaurant will be announced later this year.

CentrePort Canada Rail Park welcomes first tenant

Vaughan-based Fastfrate Group, which deals in transportation and supply chains, is set to become the first tenant of Manitoba’s new rail park. Fastfrate plans to spend $55 million on CentrePort Canada Rail Park facilities for four of its companies.

True North completes $24M sale of B.C. office property

True North Commercial REIT (TNT-UN-T) announced it has completed the sale of a 52,300-square-foot office property located at 32071 South Fraser Way in Abbotsford for a sale price of $24 million, excluding transaction costs.

Loopstra Nixon LLP opens downtown Ottawa office

Loopstra Nixon LLP announced the opening of an office at 150 Elgin St. in the heart of in Ottawa's business district. The office is located within the former headquarters of Ottawa-based Shopify and will serve the firm's growth ambitions.

Edmonton's Londonderry Shopping Centre adding tenants

Recently, a 38,000 square-foot-No Frills grocery store opened at Edmonton's Londonderry Shopping Centre. Other new tenants include Service Canada. Meanwhile, the Hudson’s Bay store, which was supposed to shut this month, will now be staying open in a smaller footprint. 

CRE permit turnaround times firming up in Manitoba

Beginning March 1, proponents applying for Manitoba building permits for commercial projects larger than 6,458 square feet can expect approvals authorities to provide a decision within a maximum of 30 business days.

Infrastructure gaining popularity among investors

Highways, light rail transit, wind farms, airports and hospitals have been receiving billions of dollars in funding from government and the private sector. It’s one reason investment industry experts have considered infrastructure an asset class to hold.

REIT second-quarter financial results

Dream Industrial REIT, (DIR-UN-T), Business Wire

First Capital REIT, (FCR-UN-T), Canada Newswire

Melcor REIT, (MR-UN-T), Globe Newswire

Slate Office REIT, (SOT-UN-T), Business Wire

Sun Residential REIT, (SRES-X), Newsfile

U.S. retail rents rise in Q2 as availability tightens: CBRE

Net absorption of U.S. retail space in Q2 — vacancy at the start versus the end of the period — was 5.9 million square feet, the lowest demand since Q3 2020, according to a report from real estate investment firm CBRE.

JLL puts nearly 1/3 of HQ on sublease market

JLL is looking to slash its Chicago footprint by more than 30 per cent. JLL is looking to sublease out about 61,300 square feet of its 202,000-square-foot headquarters space in the 83-storey Aon Center.

In the office sector, MOBs a star attraction

Medical office buildings are becoming increasingly attractive due to the challenges posed by remote and hybrid work in the office sector, the latest CommercialEdge report shows. These buildings offer a safe haven with consistent demand for health-care services.

Abu Dhabi consolidates RE assets under $12B firm

Abu Dhabi is consolidating key real estate assets under one entity, Q Holding, creating a $12 billion property giant to help bolster the emirate’s economic transformation efforts.

GTA new condo prices fall for first time in 10 years

New condo prices in the city of Toronto declined for the first time in a decade, as developers cut rates and offered more incentives in an attempt to entice prospective buyers. according to a report from Urbanation Inc. 

Real estate deals timed to mortgage rate moves

These days, potential hsellers are trying to read the tea leaves to decide whether they should sell and when. Some are timing their listings around the dates the Bank of Canada’s governing council gathers to decide the direction of rates.

Calgary home sales set July record: CREB

The Calgary Real Estate Board says rising interest rates had little impact on last month’s home sales, which reached a record level for July. The Albertan board says sales for the month totalled 2,647, up 18 per cent year-over-year.

Record $40-million Whistler estate sold: Realtor

Luxury realtor John Ryan says an architecturally breathtaking estate and its neighbouring parcel have set a record for the highest-priced real estate deal in Whistler’s history: $40 million. The home's plot is about three average city blocks in size.