Summit buys Calgary Logistics Centre for $126M

RENX  Commercial  •  Industrial  •  National, Calgary

Summit Industrial Income REIT (SMU-UN-T) is expanding its presence in Calgary with the purchase of two newly constructed class-A distribution centres totalling 725,000 square feet of gross leasable area near the Calgary International Airport.

CIBC SQUARE’s fully leased first tower is open

RENX  Commercial  •  Office

The first phase of the two-tower three-million-square-foot CIBC SQUARE, 81 Bay in downtown Toronto, is now fully leased and welcoming tenants into their new spaces. Meanwhile, ground has also broken on the second tower.

REITs rally despite Liberals’ pledge to rein in rising rents

Residential  •  Bloomberg

Canadian REITs broadly traded higher Tuesday as investors appear to largely shrug away concerns that the newly elected Liberal minority government will soon pass policies aimed at cooling off rising rent prices.

Aurora Cannabis to shut down Edmonton facility

Commercial  •  Financial Post

Aurora Cannabis Inc. (ACB-T) said on Tuesday it will shut down a facility in Edmonton, adding to the woes of the cash-strapped Canadian pot producer which has been reeling under the impact of the pandemic since last year.

Concord appeals $5M award over Expo lands

Residential, Commercial  •  Business In Vancouver  •  RENX

The legal battle over Vancouver’s Expo lands continued this month, when developer Concord Pacific appealed a court decision that awarded “special costs” in the $5 million range to Singaporean billionaire Oei Hong Leong, who bought the property from Concord in 1989.

Podcast: Raising capital for commercial real estate

Chad Griffiths: Partner, NAI Commercial

Building science evolves to deal with pandemic

Commercial  •  Daily Commercial News

The launch of Guelph-based building science firm ParticleOne is evidence that the sector is evolving during the pandemic, with new collaborators and innovative use of data among the inputs changing the way healthy indoor spaces come together.

Calgary’s Glenbow Museum begins massive overhaul

Commercial  •  REMI Network

Calgary’s Glenbow Museum kicked-off a three-year, $120-million renovation that will eliminate barriers to accessibility. EllisDon is currently remediating the space and focusing on the upper floors where new visible storage facilities will house Glenbow’s collection of art and historical objects.

CF targets younger consumers with marketing campaign

Commercial  •  Retail Insider  •  Canada Newswire

Canadian shopping centre owner Cadillac Fairview has launched a marketing campaign to entice consumers to rediscover the retail experience in malls and it’s using the popular TikTok video-sharing app to reach a wide audience.

Longo’s launches new online e-commerce store

Commercial  •  Canadian Grocer

Longo’s and its e-commerce service, Grocery Gateway, are now one, online. In what Longo’s calls a “unification” of the two brands’ websites, Longos.com has become the home for all Grocery Gateway products and services.

CI Global’s Lee Goldman bullish on industrial REITs

Residential, Commercial  •  Globe and Mail (Sub. required)

Lee Goldman, senior vice-president and portfolio manager at CI Global Asset Management, has managed REIT portfolios for over 15 years, and in that time the landscape has changed dramatically. Currently he is bullish on industrial REITs and likes Chartwell Retirement Residences.

Trans Mountain hunts for ex-landowner’s heirs

Commercial  •  Vancouver Sun

Pipeline builder Trans Mountain is looking for James C. Kavanagh’s heirs. The financier/former hotelier died a century ago, but his heirs hold an interest in Langley land which Trans Mountain wants for the right-of-way of its $12.6-billion expansion project.

Will Triple Five’s Miami mega-mall ever be built?

Commercial  •  Bisnow

Edmonton-headquartered Triple Five Group‘s $3-billion American Dream mall in East Rutherford, N.J., needed to shutter for six months. That has people wondering whether Triple Five will proceed with plans to build a similar, $4-billion project in South Florida.

Trump NYC tower debt hits watch list as vacancy rises

Commercial  •  Bloomberg

A $100-million loan on Donald Trump’s Fifth Avenue tower was moved to a watch list because of “lower average occupancy,” according to Wells Fargo & Co. The Trump-sponsored debt is secured by the 244,482 square feet of office and retail space.

Who is going back to the office?

Commercial  •  Financial Post

Technology companies: remote and flexible. Financial services companies: office-centric and more rigid. Everyone else: hybrid. Those are the trends emerging from a sampling of companies’ “flexibility factor,” or the extent to which they allow employees to decide where they work.

Clippers break ground on $1.8B Intuit Dome

Commercial  •  Bisnow

The Los Angeles Clippers broke ground Friday on the newly christened Intuit Dome in Inglewood, less than a half-mile from the most expensive NFL stadium. The privately financed $1.8B sports venue will host the NBA Clippers beginning in the 2024-2025 season.

CREA won’t force listing boards to co-operate

Residential  •  Toronto Star

The Canadian Real Estate Association says it can’t force agents to post their listings on more than one board, after a group of Collingwood-area realtors complained limited access to out-of-town agents’ listings restricts the service they can provide consumers.

Reopening of borders may fuel housing crisis

Residential  •  Financial Post

Experts are predicting the reopening of the U.S.-Canada border and Canada’s commitment to boost immigration, could fuel even higher levels of demand. All those new arrivals, students and family members rejoining loved ones will need places to live.

T.O.’s fall market signals a rise in prices

Residential  •  Toronto Star  •  Globe and Mail (Sub. required)  •  Globe and Mail (Sub. required)

A traditionally slower summer has seen sales contract and listings tank, suggesting the new normal looks a lot like the old pre-pandemic normal — albeit with higher prices. TRREB  chief market analyst Jason Mercer expects the pattern to hold.

25 Toronto condo launches this fall

Residential  •  Toronto Storeys

Several new condo projects weren’t able to launch amid COVID, meaning many exciting Toronto condo launches are lining up to make fall 2021 a season to remember. Here are 25 Toronto condo launches to have on your radar this fall.