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Port McNicoll, Ont., dev. site sold via power of sale
Port McNicoll, Ont., dev. site sold via power of sale
A power of sale transaction for the Port McNicoll Holding LP development site — acquired three years ago by Milborne Group, CIM International Group Inc. and a private Chinese investor — is scheduled to close on Aug. 17.
Legal battle keeping Nexen Building empty
• Globe and Mail (Sub. required) • RENX
Downtown Calgary’s 37-storey Nexen Building has sat devoid of any workers since mid-2019. Behind the scenes, the tower has been the subject of a nasty legal battle over alleged contamination that has played out for well more than a year.
ICM Group repurposes Calgary, Edmonton properties
ICM Group continues to grow its Canadian portfolio focused on redeveloping properties to make them more attractive to potential buyers and tenants. Its current projects include Calgary’s Mayland Yards industrial and Edmonton’s North District retail sites, respectively.
Reliance files proposal for 32-storey Van. office tower
• urbanYVR
Reliance Properties‘ development application for a 32-storey office tower at Vancouver’s 1166 West Pender has been officially filed. The office tower proposal has been in the works for several years, with a rezoning application filed in November 2018.
Burnaby’s Metrotown currently ‘not liveable’: Rennie
The City of Burnaby looking at making radical changes to the Metrotown area. Bob Rennie, one of the nation’s most successful marketers, said Burnaby’s previous attempts at making Metrotown a “downtown” have been a failure in many ways.
Surrey faces challenges as it builds a downtown core
Surrey needs to ensure its downtown is safe and easily walkable if it wants to succeed in a vision that includes dozens of new residential and commercial projects clustered around transit, a panel discussion was told Thursday.
Self-storage remains a CRE bright spot
• Globe and Mail (Sub. required)
One corner of commercial real estate is riding out the upheaval: storage. Lockdown restrictions have meant closed offices and shuttered retail stores and restaurants across the country, raising questions about the long-term demand for such spaces.
CaGBC’s Building Lasting Change conference goes online
Registration is open for an online version of the Canada Green Building Council’s (CaGBC) annual conference, organized following the pandemic-related cancellation of the in-person Building Lasting Change 2020. The virtual version kicks off on Sept. 22 during World Green Building Week.
Imperial Equities sells downtown Edmonton property
Imperial Equities Inc. today announced it has completed the sale of Oliver Crossing, located at 10304 – 111 St., in Edmonton. Although the focus has been industrial property, Oliver Crossing increasingly stood out as an exception to the company’s growth strategy.
Good news for REIT investors: Tenants are paying rent
• Globe and Mail (Sub. required) • RENX
When Choice Properties REIT (CHP-UN-T) reported its second-quarter financial results, one of the key takeaways was that more of its retailing tenants are paying their rent. That suggests there is a compelling case for retail REITs at today’s beaten-up prices.
Cushman & Wakefield partners with B.C. tech firm
Beginning Sept. 1, Cushman & Wakefield is rolling out Kelowna-based GetintheLoop‘s technology for 21 shopping centres across the country. The app allows retailers to better co-ordinate everything from roadside pick-ups to deliveries, as well as purchasing gift cards.
Online shopping doubled during pandemic: StatsCan
• CBC
Canadian consumers flocked to online shopping as lockdowns to combat the COVID-19 pandemic were instituted, according to a Statistics Canada report. Total retail sales fell by 17.9 per cent as Canadians increasingly sheltered in place between February and May.
BuildDirect exec charged with U.S. money laundering, wire fraud
• Vancouver Sun • Business In Vancouver
Mukund Mohan, the chief technology officer of BuildDirect, a prominent Vancouver tech company, has been arrested and charged with fraud for allegedly seeking millions of dollars through a U.S. government COVID-relief program and laundering the proceeds.
Bankrupt Neiman Marcus to vacate Hudson Yards
• CNBC
It has hardly been a year since invitees danced the night away and sipped champagne throughout a sprawling new Neiman Marcus department store in Manhattan. A Neiman Marcus spokesman said the company is closing its Hudson Yards location for good.
Simon, Authentic Brands make $305M bid for Brooks Brothers
• Bisnow • Globe and Mail (Sub. required)
Simon Property Group (SPG-N) and Authentic Brands, which licenses apparel, are making a $305 million bid to acquire bankrupt men’s clothier Brooks Brothers. The partners have formed Sparc LLC, with the goal of keeping at least 125 Brooks Brothers stores open.
Brookfield picks banks for $500M REIT IPO in India
Brookfield Asset Management (BAM-A-T) has picked Bank of America Corp., Citigroup Inc. and Morgan Stanley for an initial public offering of its India real estate investment trust that could raise at least $500 million, according to sources.
Economic slowdown hits alternative lending business
• Globe and Mail (Sub. required)
The coronavirus pandemic is hitting alternative lenders hard, with business down substantially, a handful of mortgage investment corporations stopping investors from redeeming their funds, and others trying to offload their portfolios of home loans.
Ottawa buyers discover condos converted to rentals
In March 2017, Carlo Cassone put down a $24,000 deposit and signed a contract to buy a condo in Surface Developments‘ 25-unit “boutique” Parkdale Market Lofts. Two years later, the units were put up for rent with the building renamed The Foundry.
Windsor housing market booms during pandemic
• CBC
Windsor-Essex’s real estate market is red hot, according to Windsor real estate agent Adita Soma. According to the Canadian Real Estate Association (CREA), June’s average home price in the area is $401,465, an increase of $65,422 — or 19 per cent year-over-year.
U.S. mortgage interest rates on the rise
• Forbes
The story of the month was when mortgage interest rates dipped below three per cent for the first time on record. The trend reversed its course — slightly — last week with 30-year fixed rate loans landing at 3.01%, according to Freddie Mac.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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