BentallGreenOak buys Ottawa Train Yards office building

RENX  Commercial  •  Office  •  Ottawa

BentallGreenOak’s Prime Canadian Property Fund has purchased a 240,000-sq.-ft., LEED Gold office building in Ottawa’s Train Yards for $97.5 million. BentallGreenOak’s acquisition of the eight-storey property at 395 Terminal Ave. from 2237800 Ontario Ltd. was brokered by Cushman & Wakefield.

Canadian Tire president took over amid COVID-19

Commercial  •  La Presse

When he took office on March 12, Canadian Tire (CTC-T) president Greg Hicks dealt with the closure of all Ontario stores in addition to negotiating $650 million in credit facilities with four banks and a jump of 1,500 per cent in online orders.

Neiman Marcus bankruptcy filing wipes out CPP’s stake

Commercial  •  Globe and Mail (Sub. required)

U.S. luxury retailer Neiman Marcus Group Inc. filed for Chapter 11 bankruptcy protection on Thursday with plans for a restructuring that would wipe out the equity of its owners – including the Canada Pension Plan Investments.

Two million Canadian jobs lost in April

Commercial  •  Globe and Mail

Canadian employment plunged by nearly two million people and the jobless rate surged to 13 per cent in April as companies were forced to slash payroll in response to restrictive lockdown measures aimed at curbing the spread of the novel coronavirus.

After Sidewalk Labs, Toronto should get smart

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

OPINION: Sidewalk’s Toronto ideas had little coherence and many were irrelevant or impractical. Technical and financial details were vague. When Sidewalk Labs released a “plan” last summer, it was not a plan so much as a 1,500-page brochure.

Calgary investors acquire Saint John office building

Commercial  •  country94

Brock Rogerson, along with two other investors from Calgary, has purchased 75 Prince William St., a 34,500-square-foot office building in uptown Saint John with 12 units. Rogerson currently owns about 133 residential units in Saint John, including his last investment, Harbour View Towers.

The Saskatchewan Edge › Navigating difficult client conversations

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Indoor malls will look different under new measures

Commercial  •  Toronto Star  •  Toronto Star

Consumers should get ready for a new world of retail as indoor shopping mall operators across the country prepare to reopen their doors with an abundance of COVID-19 precautions in the coming weeks.

ALDO obtains creditor protection

Commercial  •  CBC  •  Canada Newswire  •  La Presse

Montreal-based shoe chain Aldo Group is seeking protection from its creditors in Canada, the U.S. and Europe. Founded by Moroccan immigrant Aldo Bensadoun, the chain has grown to sell its products in 3,000 locations in 100 countries worldwide.

Shopify excludes Quebec from its new issue

Commercial  •  La Presse

Ottawa-based Shopify, the new star of the Canadian Stock Exchange, is issuing more than $1 billion in shares, but investors from Quebec cannot participate. “The biggest company in Canada ignores Quebec,” said Voicu Valentir, senior analyst at National Bank of Canada.

REIT first-quarter financial results

Commercial  • 

Artis REIT, (AX-UN-T), Canada Newswire

Dream Office REIT, (D-UN-T), Globe Newswire

Plaza Retail REIT, (PLZ-UN-T), Canada Newswire

REOC first-quarter financial results

Commercial  • 

Brookfield Infrastructure Partners, (BIP-UN-T), Globe Newswire

Brookfield Property Partners, (BPY-UN-T), Globe Newswire

Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire

Inovalis REIT sells Paris property

Commercial  •  Canada Newswire

Inovalis REIT (INO-UN-T) announced the 260,000-square-foot Rueil property, located in the Rueil Malmaison business district in Paris, has been disposed of on a forward sale basis to a joint-venture between SEDCO and Inovalis SA.

Chateau Laurier to reopen July 1, GM says

Commercial  •  Ottawa Business Journal  •  Ottawa Business Journal

One of the National Capital Region’s most enduring symbols has chosen a fittingly patriotic date to reopen its doors to the public. General manager Rick Corcoran said the Fairmont Chateau Laurier will be back in business on Canada Day.

Las Vegas deals sputter as casinos shutter

Commercial  •  CP Executive

On the evening of March 17, Sin City made history when Governor Sisolak ordered all of the state’s nonessential businesses to shutter. As a result, for the first time in Las Vegas history, 440 licensed casinos all closed for an indefinite period.

Gap sued over unpaid Manhattan rent

Commercial  •  National Real Estate Investor

In another sign of the stress faced by retailers whose stores are shuttered by the coronavirus outbreak, Gap Inc. is being sued for not paying rent for a store near New York City’s Times Square.

Winnipeg development vote delayed by ‘Hail Mary’

Residential  •  Global News  •  CBC

A vote at Winnipeg City Hall on whether to allow hundreds of millions of dollars of residential development near Polo Park was delayed until the next council meeting after receiving a Hail Mary appeal from the Winnipeg Airport Authority.

Silverstein proposes mixed-use infill development

Residential, Commercial  •  Urban Toronto

Minor variance and site plan approval applications have been submitted by Silverstein Holdings for a mixed-use infill development in the heart of Toronto’s Baldwin Village. The Weiss A+U-designed four-storey project is projected to rise behind the facade of 25 Baldwin St.

Home Capital sees profits dip

Residential  •  Financial Post

Toronto-based Home Capital Group Inc.’s (HCG-T) first-quarter profit was hit by expectations more loans will turn sour due to the effects of the coronavirus pandemic on the economy, the alternative mortgage lender said Thursday.

Some provinces see bump in multifamily starts

Residential  •  Winnipeg Free Press  •  Canada Newswire

Canada Mortgage and Housing Corp. says construction of multi-unit housing projects remained strong in some provinces last month despite the fight against the COVID-19 pandemic.