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Starlight acquires 5 buildings, 465 apts. in Metro Vancouver

3 years ago

Starlight Investments has continued the rapid expansion of its British Columbia portfolio, acquiring five additional buildings containing 465 apartments in Metro Vancouver. This brings it to 964 units acquired in 14 buildings in Metro Vancouver and Victoria during the past month.

Many retailers have had to change the way they traditionally did business due to the COVID-19 pandemic, and a June 9 panel at the Land & Development Conference examined this evolution.

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Republic DevelopmentsScarborough Junction Masterplan, a proposal to build a complete transit-oriented high-rise community directly adjacent the Scarborough GO Station, presented its plan to the Toronto Design Review Panel in May and received support from the panelists.

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Amacon is bringing 32- and 46-storey towers to Mississauga’s Parkside Village community. The Turner Fleischer Architects-designed Voya towers will include 930 condominium units, offered in a range of one- through three-bedroom plans, and ranging in area from 483 to 1,051 square feet.

CMLS

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Vancouver’s 815 Hornby Street has been sold to Reliance Properties and will be redeveloped. The six-storey office building, constructed in 1980, consists of 61,535 square feet with office space over ground-floor retail. Retail tenants include MAC cosmetics, Salvatore Ferragamo, Ollie Quinn and others.

IMAGE: The Colliers National Multifamily Team, Eastern Canada.

Colliers National Multifamily Team, East

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Despite a controversy surrounding the former site of the Royal Victoria Hospital, the Quebec Council of Ministers has given the green light to McGill University’s $700 million “New Vic” project, which aims to establish a new university centre.

Ivanhoé Cambridge and Hines have secured the largest green construction loan in Canadian market history, $780 million, to finance construction of Phase 2 of the massive CIBC Square development at 141 Bay St. in the heart of Toronto’s downtown financial district.

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CRE sales in Q1 reached a total of $2.7 billion in Metro Vancouver, the highest level since Q4 2018,  Altus Group reports. The $103-million sale of the former Mountain Equipment Co-op head office marked the high-water price for a single building.

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From a fieldhouse to hotels to tailgating avenues to pedestrian and cycling infrastructure, a Calgary council committee got its first look at proposed redevelopment plans for the Foothills Athletic Park and McMahon Stadium area on Monday.

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Queen’s Park is speeding ahead on its Transit-Oriented Communities program, announcing three more hubs on the Ontario Line – King-Bathurst, Queen-Spadina and the Exhibition – proposed stops that are to be surrounded by new housing, office, retail space and other uses.

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Walmart (WMT-N) is replacing cashiers at its Terrace store in northwest B.C., with self-serve checkouts this summer, making it a test project along with a select number of other outlets in Canada.

Peakhill Capital

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Washington Real Estate Investment Trust has agreed to sell substantially all its office portfolio to a Brookfield Asset Management private real-estate fund for $766 million. The portfolio comprises 12 office assets, consisting of 2.37 million square feet in the Washington, D.C., metropolitan area.

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Toronto-based NorthWest Healthcare Properties REIT (NWH-UN-T) is raising its hostile takeover offer for Australian Unity Healthcare Property Trust to $2.53 Cdn per wholesale unit, $2.59 per retail unit and $1.59 per class-A unit in cash in what it calls its final offer.

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The Society of Industrial and Office Realtors, NAIOP and the Urban Land Institute believe the U.S. commercial real estate industry will rebound dramatically in the second half of 2021 and into 2022 and beyond, according to new surveys each has conducted.

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ConstructConnect announced May’s volume of U.S. construction starts, excluding residential work, was $32.5 billion, a month-over-month decline of two per cent from $33.2 billion. Year-over-year nonresidential January-May starts are down 14.1 per cent.

Colliers Canada

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Toronto-based NYX Capital Corp. has sold its Henderson Townhomes project in Brampton. Price and buyer have not been disclosed. The 374,000-square-foot development includes 152 back-to-back stacked townhomes and 250 apartment units and has easy transportation access to Highway 410 and Queen St. E.

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Benchmark condo prices are up 10.6% year-over-year – the strongest gain since 2018, says TD economist Rishi Sondhi. Benchmark prices have climbed month-over-month for almost a full year, with the gains in the past three months the strongest since the housing boom in 2017.

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Home ownership is now out of reach for about three-quarters of Canadians, as housing prices reach a record high and continue to rise, according to Manulife Bank’s bi-annual Debt Survey.

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With many businesses beginning to scale back their remote work policies, the U.S. median rental price hit the highest point in two years in May, surpassing pre-pandemic growth at an increase of 5.5% year-over-year, according to the Realtor.com Monthly Rental Report.

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