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Forest Gate buys Niagara Falls shopping centre

3 years ago

Forest Gate Financial Corp. has acquired a Niagara Falls shopping centre as the new firm begins building a portfolio and executing on its strategy to acquire a diverse range of properties. It purchased the Mount Carmel Centre for $37 million.

Hazelview Investments has launched Hazelview Ventures, a venture capital fund that will partner with early-stage proptech, buildtech and cleantech companies.

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KingSett Capital is now sole owner of the Ottawa region’s second-largest shopping mall after purchasing Ivanhoé Cambridge’s 50 per cent stake in the Bayshore Shopping Centre for $193.5 million. Cushman & Wakefield has now taken over management of the 880,000-square-foot mall.

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Investors spent a total of $767-million on Ottawa commercial properties in Q2, putting the city on pace to top the $2.2-billion mark in 2021, CBRE said in its latest report. That would represent the third-largest annual investment figure in Ottawa’s history.

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The Centre Block development spearheaded by the Surrey City Development Corporation will consist of 1.4 million square feet of office and commercial space and an expanded Simon Fraser University campus, with a signature 47-storey tower.

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Merchant House Capital CEO David Fullbrook said new tenants have committed to 63 per cent of the 130,000 square feet of office space in the $26.6-million redevelopment of the ­former Victoria Times Colonist building. Property plans also include a 13-storey residential building.

IMAGE: Volodya Gusak. (Courtesy Denciti)

President, Denciti Development

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Leaside Common, a mid-rise development by Gairloch Developments in partnership with Harlo Capital, was launched recently in the Leaside neighbourhood steps from the new Bayview-Eglinton LRT. The nine-storey development features 198 units ranging from studios to three-bedroom penthouse suites, including 10 townhomes.

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MHBC Planning has proposed a 25-storey residential building at 30 Gilder Dr., in Scarborough. The proposed Kirkor Architects Planners-designed building consists of a six-storey podium and 19-storey tower and would include 263 residential units including 99 two-bedrooms, 29 three-bedrooms and 58 affordable units.

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Sophisticated borrowers and lenders will be able to negotiate commercial mortgages through unlicensed channels if proposed regulatory amendments are enacted in Ontario. The draft regulation, currently posted for public comment on the provincial registry, arises from 2019 legislative recommendations.

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The geography of the data centre industry throughout North America may be on the verge of significant transformation, according to a pair of state-of-the-market reports issued by industry giants CBRE and JLL.

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SERIES: Club Med Québec Charlevoix, Fairmont Le Manoir Richelieu, Station touristique Duchesnay and Delta-Marriott Mont Sainte-Anne are among Quebec hotels to take advantage of the break imposed by the pandemic to invest in renovations. Now they’re anxious to welcome travellers.

Property Vista

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Kansas City Southern (KSU-N) has officially terminated its takeover agreement with Canadian National Railway Co. (CNR-T) , throwing its support behind a rival offer from Canadian Pacific Railway Ltd. (CP-T). The Missouri-based railway’s board has recommended CP’s US$27.2-billion takeover.

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Ivanhoé Cambridge and Walker & Dunlop Investment Partners, Inc. have partnered to make preferred equity investments in multifamily, student housing, and manufactured housing properties throughout the United States. Its strategy will focus on identifying opportunities with stabilized properties.

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CI Financial Corp. CIX-T) is opening a U.S. headquarters in Miami, joining other finance and investing firms including Blackstone Inc. and Goldman Sachs Group Inc. that have expanded in South Florida since the pandemic began.

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Seattle-based e-commerce giant Amazon announced plans to open more than 100 buildings in the U.S. in September alone. The company has already opened more than 250 new fulfillment centers, sortation centers, regional air hubs and delivery stations since January.

Romspen

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The Canadian Real Estate Association is forecasting the country will wrap the year with fewer home sales than it previously predicted as it says tight supply conditions will continue to push housing costs up.

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Brokers have nothing to do with overheating real estate, argues a brief from the Quebec Professional Association of Real Estate Brokers which blames an increase in demand, an insufficient number of properties and the behavior of buyers and sellers

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B.C.’s municipal politicians say they want to build more housing in order to tackle the Canada-wide affordability crisis that has hit their cities, but that they need additional help from the national and provincial governments to do it.

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B.C. Interior sawmills West Fraser Timber Co. Ltd., Conifex Timber Inc., Interfor Corp. and Canfor Corp. are scaling back production as consumers delay do-it-yourself renovations while home builders slow the pace of new construction.

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