GTA industrial, office space: A tale of opposing trends

RENX  Commercial  •  Industrial, Office  •  Toronto / GTA

“Like the pandemic, it’s like a once-in-a-100-year situation that we’re dealing with.” That was JLL Canada CEO Alan MacKenzie’s reply when asked if there was precedent for the strong GTA industrial market, while the office sector remains in a slump.

ELAD CEO on master-planned communities

Residential, Commercial  •  Urban Toronto  •  RENX

Large redevelopment sites open the doors to creating new master-planned communities, several of which are coming to the GTA. CEO Rafael Lazer’s ELAD Canada Realty has made a name for itself creating these new neighbourhoods from scratch.

CEO Samir Manji invests over $6.8M in Artis REIT

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

Between May 11-21, president/CEO Samir Manji invested over $6.8 million in Artis REIT (AX-UN-T). He purchased a total of 633,000 units at an average cost per unit of approximately $10.81 for an account in which he has control or direction over (Salamat Investment Corporation).

Killam buying 11 Kitchener-Waterloo apt. buildings

RENX  Residential  •  Apartments  •  Ontario, Toronto / GTA

Killam Apartment REIT (KMT-UN-T) has an agreement to acquire an 11-building portfolio on four properties in Kitchener and Waterloo, west of Toronto, for $190.5 million.

Neighbourly’s initial public offering raises $175M

Commercial  •  Canada Newswire  •  Globe and Mail (Sub. required)

Neighbourly Pharmacy Inc. (NBLY-T), Canada’s largest and fastest-growing network of community pharmacies, announced the closing of its initial public offering of 10,295,000 common shares at a price of $17.00 per common share for total gross proceeds of approximately $175 million.

Crombie’s $100M raise will aid residential pivot

Residential, Commercial  •  Huddle  •  RENX

Crombie REIT (CRR-UN-T) recently raised $100 million by selling off stock to a syndicate of underwriters as well as its long-time partner Empire Company.
COO Glenn Hynes says the money will help Crombie expand its portfolio beyond its traditional grocery-anchored holdings.

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Canmore rejects second proposed development

Residential  •  CBC  •  CTV

Canmore town council has rejected a second proposed development project that raised concerns about wildlife, affordable housing and taxes. The proposed Three Sisters Village and Smith Creek projects would have almost doubled the Alberta town’s population in the coming decades.

Harry Rosen reinvents itself during pandemic

Commercial  •  Toronto Star

At one point during the pandemic, luxury menswear retailer Harry Rosen couldn’t keep a tracksuit in stock. As a result, the firm expanded its casual wear collection and broke into a new category — grooming — all while rebuilding its digital experience.

Multi-suite residential, industrial remain hot: Morguard

Residential, Commercial  •  Canada Newswire

Canadian commercial property investment market conditions stabilized during Q1, according to Morguard‘s 2021 Canadian Economic Outlook and Market Fundamentals First Quarter Update (MRC-T). Low-risk industrial and multi-suite residential rental properties recorded stable-to-high transaction activity, reflecting increased confidence from investors.

Ont. grocery jobs trend toward lower pay, less stability

Commercial  •  Financial Post  •  PR Newswire

Grocery clerks and cashiers are working in overwhelmingly low-paid and part-time positions, according to Brookfield’s new 43-page report on the Ontario food retail business. Grocery store cashiers in Ontario earn a median wage of $14.25 an hour.

Eat Beyond builds new Edmonton facility

Commercial  •  Canada Newswire

Eat Beyond Global Holdings Inc. (EATS-CN), an investment issuer focused on the global plant-based and alternative food sector, announced its portfolio company Nabati Foods Global Inc. recently completed construction of a new manufacturing facility in Edmonton.

OMERS invests in int’l private schools

Commercial  •  Financial Times  •  Globe Newswire

OMERS Private Equity, which invests on behalf of the defined benefit pension plan for Ontario municipal employees, said it had acquired a holding in International Schools Partnership, a group of 50 international schools in a deal that values it at $2.81 billion.

Manulife plots global assault on private real assets

Commercial  •  Coast Reporter  •  IPE Real Assets  •  RENX

Toronto-based Manulife Investment Management, which has more than 37,000 employees across the world, says it has been working on cutting expenses and expanding its footprint in Asia through partnerships with banks in Indonesia and Vietnam.

Former Walmarts targeted for reuse

Commercial  •  Globest.com

For some years, Walmart has been closing some locations, which then go on sale. Increasingly, these empty big boxes are being acquired by warehouse and fulfillment providers. Drop-shipping fulfillment service Completeful just purchased a former Walmart Supercenter in Lafayette, La.

Outlook brightens for CRE capital markets

Commercial  •  CP Executive  •  CP Executive

As vaccinations proliferate and optimism about the economy grows, CRE investors have been stepping up, concludes a trio of new capital market reports. “Data across multiple asset classes demonstrates we are on an accelerated road to recovery,” Colliers states.

New stress test may moderate housing: BMO

Residential  •  Winnipeg Free Press

Changes to mortgage stress test rules and the cooling of prices and sales in some regions may moderate the country’s housing market, Erminia Johannson, BMO Financial Group head of North American personal and business banking, told analysts on Wednesday.

Exodus from Ontario’s urban centres overstated: Survey

Residential  •  Toronto Star  •  Business Wire

Despite the widespread pandemic narrative, only 18 per cent of Ontario homeowners responding to a Maru/Blue online survey for Right at Home Realty said they would consider selling and moving to a smaller centre.

Renters under pressure as owners look to cash in

Residential  •  Globe and Mail

Elysha Krische’s family has lived in the same Hamilton apartment for close to six years. So when their landlord said he was looking to sell and asked if they would be interested in buying the place, it was distressing.

ViveRE changes name to NexLiving Communities

Residential  •  Canada Newswire  •  RENX

Halifax-based ViveRE Communities Inc. (VCOM-X) is changing its name to NexLiving Communities Inc. and its trading symbol to “NXLV” as of May 28. “This name change more accurately reflects the nature and purpose of our company,” said CEO Michael Anaka.