Bluebird has big plans for Canadian self-storage

RENX  Commercial  •  Industrial  •  Toronto / GTA

Bluebird Self Storage wants to fill a gap in the Canadian market for class-A self-storage, which it considers “a tremendous opportunity.” There are seven square feet of self-storage per person in the U.S., less than three square feet in Canada.

SmartCentres announces two more self-storage locations

Commercial  •  Globe Newswire  •  RENX

SmartCentres REIT (SRU-UN-T)  today announced it has executed agreements for two additional self-storage locations in its joint venture arrangement with SmartStop Asset Management, LLC. This brings the total number of SmartStop joint venture locations to six.

Triovest enters final stage at River Landing in Saskatoon

RENX  Commercial  •  Office  •  Saskatchewan

The final stage of the market-changing River Landing mixed-use development complex in Saskatoon is underway. Excavation work is now happening on the Nutrien Tower, an 18-storey, 93-metre office tower that will be the tallest building in Saskatchewan.

Concord sweetens mix in Surrey office options

Residential, Commercial  •  Business In Vancouver

As Metro Vancouver’s office vacancy rate plunges to near-record lows, condo developer Concord Pacific is adding thousands of square feet of gig-friendly work space to a four-tower complex in Central Surrey.

Energy benchmarking in spotlight at CaGBC event

Residential, Commercial  •  Sustainable Biz Canada

Ontario was the first Canadian jurisdiction to introduce energy benchmarking regulations, and it’s also the largest in North America with this framework. Some of the successes, challenges and new benchmarking tools were discussed at the CaGBC Greater Toronto Chapter Feb. 6.

Staples Canada jumps on the co-working trend

Commercial  •  CBC  •  Commercial Real Estate

The future of co-working spaces may not be in hip open-concept lofts. Last month, Staples Canada opened Staples Studio in downtown Toronto. Staples describes the venture as a combination of co-working space, retail, and services.

Newsstand retailers forced to reinvent business

Commercial  •  Globe and Mail (Subscription required)

Like other newsstand retailers, International News had a problem. Despite having stores in prominent locations like Toronto’s Royal Bank Plaza and Whistler’s Fairmont Chateau Hotel, the retailer was struggling with 30 to 40 per cent annual drops in revenue.

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U.K. acquisition will expand AY’s foreign reach

Commercial  •  Commercial Observer  •  RENX

Avison Young’s recent acquisition of GVA will add offices in countries throughout Europe and expand the New York office’s reach to international investors, according to James Nelson, principal and head of Avison Young’s Tri-State Investment Sales group.

HBC, WeWork close on $850M NYC deal

Commercial  •  Globest.com

WeWork has closed on its acquisition of Lord & Taylor’s once-grand flagship store at 424 Fifth Ave. from Hudson’s Bay Company (HBC-T) for a total transaction value of $850 million. The sale was part of multiple global transactions between WeWork and HBC.

Real Asset Income and Growth Fund to be terminated

Commercial  •  Canada Newswire

Fiera Capital Corporation (FSZ-T), the manager of the Real Asset Income and Growth Fund (RAI-UN-T), announced it will terminate the Fund on or about March 22, 2019.

REIT financial results:

Commercial  • 

Agellan Commercial REIT, (ACR-UN-T), Business Wire

CT REIT, (CRT-UN-T), Canada Newswire

RioCan REIT, (REI-UN-T), Globe Newswire

Ivanhoé commits further to Paris office market via fund

Commercial  •  IPE Real Assets

Ivanhoé Cambridge has strengthened its presence in the Paris office market by partnering with ICAMAP to set up a vehicle aimed at developing $2.4 billion Cdn worth low-carbon assets by 2028. Ivanhoé  and ICAMAP have raised $1.1 billion of equity capital.

Brookfield pays $91M for Boston office asset

Commercial  •  CP Executive  •  Globe Newswire

Brookfield Property Partners  (BPY.UN-T), one of the top office owners in Manhattan, has acquired 51 Sleeper St., an eight-story, 152,000-square-foot, waterfront office building in Boston’s Seaport District. The asset changed hands for $91 million, a Brookfield spokesperson told Commercial Property Executive. 

Brookfield’s Brian Kingston named top executive

Commercial  •  CP Executive

Brookfield Property Partners L.P. (BPY.UN-T) CEO Brian Kingston was named top executive, top office property executive and top investor in the 22nd annual CPE Executive of the Year Awards.

Investment in Hong Kong CRE fell 27% in 2018

Commercial  •  Mingtiandi

Investment in Hong Kong’s commercial real estate market dipped 27 per cent in 2018 year-over-year reaching a 12-month total of $21.2 billion despite a furious start to the year, according to a recent report by Cushman & Wakefield.

Montreal’s hottest property going for $40 million

Residential  •  CTV

The most expensive house in Montreal could be yours for a paltry $40 million. The mansion is on Pine Avenue in the Golden Square Mile and was owned by 20th-century philanthropist JW McConnell.

Burned-out Vancouver house for sale for $1M

Residential  •  CTV  •  Narcity

A burned-out house in Metro Vancouver has been listed for more than $1 million. According to the listing for the property, the house was originally built in 2005 before it was nearly destroyed by a fast-spreading fire almost two years ago.

Technology poised to disrupt mortgage industry: Experts

Residential  •  CBC

Sometime in the near future, the majority of mortgage applications in Canada will be completed online or with a chatbot, mortgage expert Rob McLister predicts. McLister says Canada has been slow to adopt technology.

U.S. multi-family outlook remains strong: Yardi Matrix

Residential  •  PR Newswire  •  MarketWatch  •  MarketWatch

U.S. multi-family industry observers are optimistic the sector will continue performing strongly and remain popular as an investment vehicle, according to a new report from Yardi Matrix.