Rapid evolution hits urban industrial real estate

RENX  Commercial  •  Land, Industrial  •  National

The type of urban industrial space needed for today’s economy is evolving and will continue to change. “It’s a rapidly changing world and we just have to make sure that we’re staying relevant . . .” explained Oxford Properties‘ industrial vice-president Alistair Pickering.

WWC adds 940 apartments, nears $2B plateau

RENX  Residential  •  Apartments, Homes  •  International

North Vancouver-based Western Wealth Capital has added nearly 1,000 Houston-area residential units to its rapidly growing portfolio as the real estate investment firm continues its push toward the $2-billion mark in transactions. The purchases include three multifamily residential communities.

Meet Edmonton’s Triple Five Group

Commercial  •  CNBC

A sprawling three million square feet of indoor ski slopes, waterslides, roller coasters, chef-backed eateries and department stores is set to open in New Jersey, at least partially. Edmonton-based Triple Five Group has been working feverishly to pull it together.

WeWork woes complicate HBC plans to privatize

Commercial  •  Globe and Mail (Sub. required)  •  Business Wire  •  CNBC

As Hudson’s Bay Co. (HBC-T) executive chairman Richard Baker seeks to privatize the retailer, his company is facing more uncertainty due to problems at one of its partners, WeWork, and further criticism from a dissident shareholder.

Airbnb planning direct listing instead of IPO

Residential  •  Bloomberg

Airbnb Inc.’s long-awaited Wall Street debut is officially earmarked for 2020, but the home-share startup is charting an unconventional path to the public markets. San Francisco-based Airbnb is laying the groundwork for a direct listing rather than an initial public offering.

Value: Weighed and Measured › ‘Retail apocalypse’ is the same old story, with new actors

John Clark: Vice President , The Regional Group of Companies Inc

Completing Montreal métro line to cost $4.3B

Commercial  •  Montreal Gazette

Extending the métro’s Orange Line to Laval would cost $4.3 billion, according to a preliminary estimate done by the region’s transportation planning body obtained by the Montreal Gazette.

REM is on track to open by end of 2021: Caisse

Commercial  •  Montreal Gazette  •  La Presse

The Caisse de dépôt et placement du Québec is adamant the new $6.3-billion light-rail system it’s planning for Montreal will open by the end of 2021, as scheduled. La Presse reported builders are facing a delay of up to two years.

The Properties Group acquires iconic Ottawa hotel

Commercial  •  Ottawa Citizen

The Prescott third-generation owner Tony Disipio confirmed acquisition talks are being finalized with Brian Lahey, a principal at The Properties Group, an Ottawa-based real estate investment and management firm that is eyeing a handover date of April 2020.

Private clubs converted into places for business

Commercial  •  Globe and Mail

At first glance, the Sun Life Financial Centre in the heart of Ottawa’s business district looks the same as virtually any other office building in any other Canadian city. However, it includes the exclusive and private Rideau Club.

Vancouver’s brewery district quickly taking shape

Commercial  •  Vancouver Sun

Signs of transformation are already appearing in North Vancouver’s recently designated brewery district. House of Funk Brewing co-founder Darren Hollett estimates in two years there could be a total of seven or eight breweries in the new district.

Surrey-Delta becoming an investment powerhouse

Residential, Commercial  •  Western Investor  •  Vancouver Sun

With industrial real estate sales dominating the region, home sales rising and a new education mega-centre about to rise, Surrey and Delta are becoming the new go-to for real estate investors in the Lower Mainland.

Brookfield to renovate Houston’s Heritage Plaza

Commercial  •  CP Executive

Brookfield Properties (BPY-UN-T) has renovation plans for its roughly one-million-square-foot, 53-storey Heritage Plaza in Houston, slated to begin this month and wrap up in January 2021. The improvements will focus on the exterior, main lobby, tenant conferencing and sky lobby areas.

Why foreign investment in the U.S. looks different

Commercial  •  CP Executive

Chinese investment in U.S. real estate has pulled back dramatically, but other countries have filled in the gap. Canada is the top foreign investor, with 54.2 per cent of cross-border investment, followed by Germany at 7.7, according to Real Capital Analytics.

Washington’s Wharf lands record $847M financing

Residential, Commercial  •  CP Executive

The joint venture between Hoffman & Associates and Madison Marquette ⁠— Hoffman-Madison Waterfront⁠ — along with partner PSP Investments, has closed on an $847 million loan for The Wharf in Washington, D.C. Eastdil Secured brokered the largest private construction loan in the city’s history.

SL Green sells Manhattan tower for $815M

Commercial  •  CP Executive

SL Green (SLG-N), New York City’s largest landlord, has sold 220 E. 42^nd St. in Manhattan for $815 million. The buyer was not disclosed. The deal, one of the largest in the city in 2019, is expected to close in Q1 2020.

Ontario weighs registry for private mortgage lenders

Residential  •  Financial Post

Ontario is considering a registry for private mortgage lenders that could shed light on a corner of the market that has been gaining traction in the wake of federally mandated stress tests for uninsured loans.

New BILD Alberta chair sees new optimism

Residential, Commercial  •  Calgary Herald  •  Edmonton Journal

On the heels of a slower stretch for Alberta’s residential and development industry, there’s an increased sense of economic optimism, says the new chair of BILD Alberta, Patrick Shaver, who is also president of Edmonton’s Avillia Developments.

Calgary redeveloping former mobile home park site

Residential, Commercial  •  Calgary Herald

The City of Calgary is pushing forward with a four-year plan to redevelop the former site of the Midfield mobile home park, which saw residents forced out of the community. The plan calls for a medium-density mixed-use village.

Van. developers have ‘ignored first-time homebuyers’

Residential  •  Business In Vancouver

With the departure of first-time buyers due to Vancouver’s unaffordable prices, Jason Turcotte, Cressey Development Group’s vice-president of development, told the Urban Development Institute last week developers have focused on luxury buyers and forgotten the little guy.