Commercial Real Estate News Monday, November 
Cadillac Fairview brings Black Friday to Canada - Cadillac Fairview Ontario shoppers planning an early-morning border crossing the day after American Thanksgiving will find Canadian stores waiting for them to take a detour along the way. Cadillac Fairview has announced nine of its malls will open at 7 a.m. or earlier on Friday, Nov. 23. In the Toronto area, they will be: Fairview Mall, the Shops at Don Mills, Sherway Gardens, Markville and the Promenade Mall. Canada.com Mon Nov 05 2012 - Marketwire |
IPD sale necessary for expansion, clients told - Investment Property Databank Index provider MSCI is set to acquire Investment Property Databank (IPD) at the end of November for 97.2M (Euros), having signed a definitive agreement. IPD said the deal would help it pursue its ambitions to cover real estate markets on a global basis and has sought to reassure clients that it will be 'business-as-usual' following the acquisition. IP Real Estate Mon Nov 05 2012 |
Oakridge mall reimagined as a 'real city' all its own - Ivanhoe Cambridge A cloud-like canopy floating over one of the city’s main streets. A giant park built on the roof of a shopping mall. Towers that look like terraced Chinese hillsides rising above the park. Those are some of the striking images in the plans for a massive redevelopment of the Oakridge mall – a redevelopment that marks a new generation of mega-projects in Vancouver with a new approach. Globe and Mail Sun Nov 04 2012 |
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Divisive Bingham Crossing complex gets thumbs up on land change - Rencor Developments A controversial shopping centre and commercial complex has passed a major hurdle on its way to breaking ground in the rolling foothills west of Calgary. Bingham Crossing — a 61-hectare development made up of retail stores, office space and seniors’ housing — was granted the land-use redesignation that developers had long sought from Rocky View County council. The decision was announced late Thursday... Calgary Herald Fri Nov 02 2012 |
Retail construction could start when Bombers leave Canad Inns Stadium - Cadillac Fairview After the Winnipeg Blue Bombers finish moving out of Canad Inns Stadium, construction crews could move in. About 350,000-square-feet of new retail space is expected to pop up in the old stadium’s digs sometime after Saturday’s final Bomber game at the site. Two 7,000-sq.-ft. buildings with retail are expected in the first stage of the project, with further mixed-use development later on. Winnipeg Sun Fri Nov 02 2012 |
Gateway proposes mini-Vegas for south Surrey - Gateway Casinos The City of Surrey is considering a proposal by Gateway Casinos to build a $100-million resort-style gambling facility that would rival Great Canadian Casino’s River Rock venue in Richmond and Boulevard Casino in Coquitlam. Sprawling over a 25-acre undeveloped site on 168th Street, just off Highway 99 near 10th Avenue in south Surrey, the proposed resort would include a 200-room four-star hotel... Vancouver Sun Sun Nov 04 2012 |
Caesars unveils vision for a downtown Toronto casino - Caesars Entertainment - CZR Caesars Entertainment has put watercolour to paper and released renderings of its 'early vision' for an 'urban integrated casino' at the Metro Toronto Convention Centre. The gambling giant is teaming up with Rock Gaming — a U.S. firm it partnered with to build casinos in Cincinnati and Cleveland — on its Toronto proposal. The development would be under the Caesars brand and boast a sophisticated... National Post Fri Nov 02 2012 - Toronto Star |
| One Name - Business As Usual As part of our mission to continually improve our product offerings and services to clients, the business lines of Penmor Mortgage Capital Corporation and CMLS Financial Ltd. will now operate under one name: CMLS Financial Ltd. Your Penmor contacts can still be reached at their current telephone numbers and addresses, and existing email addresses will continue to be active for a period of time after October 1st, 2012. Clients will be notified when any contact information does change. Investors and borrowers alike can rely on one company operating under the trusted CMLS Financial Ltd. name. Rest assured that roles and procedures will not change; the same staff that has been providing excellent service will continue to meet all client service needs. Questions? Please contact: David Franklin 604.488.3861 david.franklin@cmls.ca www.CMLS.ca |
Distribution centre shows Winnipeg again seen as legitimate hub - bcIMC The first new distribution centre in more than a decade, and only the second in 30 years, is under construction in northwest Winnipeg. The city's largest industrial landlord - British Columbia Investment Management Corp (bcIMC) - is building a 152,000-square-foot, multi-tenant distribution centre at 200 Discovery Pl. in Inksbrook Industrial Park. A spokesman for Bentall Kennedy, which manages bcIMC's 2.3 million... Winnipeg Free Press Mon Nov 05 2012 |
Former sawmill being developed into modern community in Victoria - Jawl Properties Two decades after the Jawl family bought a 25-acre former sawmill site on Gorge Road, the final project is going up on the Selkirk Waterfront. Heavy equipment is preparing the last piece of the mill site for a six-storey, $17-million building that will be ready for B.C. Investment Management Corp. in 2015, said Robert Jawl of Jawl Properties. Already based at Selkirk, the agency will consolidate... Times Colonist Sat Nov 03 2012 |
BTB REIT invests in two Gatineau commercial and office buildings - BTB REIT - BTB.UN BTB Real Estate Investment Trust has purchased a 50 per cent interest in two commercial and office buildings in for $6,050,000. The two buildings are situated near Casino Lac-Leamay, in the City of Gatineau and have a total leasable area of 74,425 square feet. The buildings are fully-leased to various tenants including the Federal Government, a retail location of L'Aubainerie chain, and a restaurant... Canada Newswire Fri Nov 02 2012 |
Value of building permits down 13.2 per cent in September - Statistics Canada Statistics Canada says the value of building permits issued in September fell 13.2 per cent to $6.5 billion after a jump of 9.5 per cent in August. The agency says the September decline was mainly due to a 30.8 per cent drop in the non-residential sector, following a 27.7 per cent increase in August. The value of permits in the institutional component fell 44.5 per cent to $586 million, permits... Macleans Mon Nov 05 2012 |
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General Growth: 'Signing leases at healthy spreads' - General Growth Properties - GGP Executives at General Growth Properties' Q3 earnings call focused on cautious optimism in the guise of increased occupancy, redevelopment and debt refinancing. While CEO Sandeep Mathrani deflected questions pertaining to Pershing Square, he continued emphasizing the three core drivers on which GGP is focused: Increasing occupancy, increasing rent and boosting the redevelopment pipeline. GlobeSt.com Mon Nov 05 2012 |
Outstanding Zellers rents to hit Hudson Bay’s IPO - Hudson’s Bay Hudson’s Bay, Canada’s oldest company, is trying to free itself of more than $225-million in rent payments left over from the sale of store leases to Target as it prepares to raise about $400-million in an initial public offering. The retailer, founded in 1670 as a fur-trading venture, owes rent through at least 2016 on leases at its Zellers discount chain that weren’t sold to Target. Financial Post Mon Nov 05 2012 - Bloomberg |
U.S. CRE industry takes stock of Hurricane Sandy damage - Eqecat Inc As the Northeast and Mid-Atlantic dig out from Hurricane Sandy, commercial real estate firms have begun releasing loss estimates and damage assessments and the tallies are significant. As of this morning, Eqecat Inc., an insurance risk modeling firm, is estimating initial insured loss between $10 billion and $20 billion with an additional $30 billion to $50 billion in total economic damage. Co-star Fri Nov 02 2012 - REIT.com |
Brookfield to build residential tower at Manhattan West - Brookfield Office Properties - BPO Brookfield Office Properties plans to switch one of the two proposed office towers at its Manhattan West development to apartments as it seeks to tap into strong demand for New York housing. 'With a sub-one percent vacancy level, residential is pretty compelling,' Chief Executive Officer Dennis Friedrich said on the New York-based landlord’s third-quarter earnings conference call. Bloomberg Fri Nov 02 2012 |
Real Estate Forums 2012 - Fall and Winter Event Calendar |
Home > Commercial > Real Estate Companies Canada Lands Company announces departure of President and CEO - Canada Lands Company It is with regret that the Board of Directors of Canada Lands Company announces the resignation of Mark Laroche from his position as President and Chief Executive Officer. The opportunity of a new challenge closer to his family was a major factor in his decision. The Board of Directors is meeting this week to discuss leadership and strategy for the future. Canada News Wire Mon Nov 05 2012 |
SNC-Lavalin plans stronger overseas presence in wake of ethics scandal - SNC-Lavalin SNC-Lavalin, the Canadian engineering giant embroiled in bribery allegations, will deploy more of its top bosses overseas as it executes an effort to become what its new chief executive officer calls a more 'global company.' Robert Card, who has been in the CEO office for barely a month, said there’s a big opportunity for the Quebec-based engineering and construction firm to extend further... Financial Post Fri Nov 02 2012 |
What's supporting new Detroit-Windsor bridge? When Prime Minister Stephen Harper balked over the summer at an International Monetary Fund (IMF) invitation to participate in a $430-billion rescue package for Europe, many taxpayers cheered. They could be forgiven for thinking the PM had at last kicked the nasty bailout habit he picked up in 2008. The celebration, however, may be premature. That's because Harper appears to be as big... Winnipeg Free Press Mon Nov 05 2012 |
Home > Commercial > Real Estate Investment Trusts Allied REIT provides long-term stability to Montreal artists - Allied REIT - AP.UN Allied Properties REIT has entered into a conditional letter of intent with Pied Carre for approximately 212,000 square feet square feet of space at 5445-5455 de Gaspé, Montréal, for a term of 30 years at net rental rates that escalate annually. The term will commence on November 1, 2013. Pied Carre is an established and well organized artists' collective based in Montréal's Plateau Mont-Royal. Marketwire Mon Nov 05 2012 |
Capital Nobel announces proposed acquisition of two commercial properties - Capital Nobel - NEL.P Capital Nobel, a capital pool company of the TSX Venture Exchange, announced its proposed qualifying transaction, as defined in the CPC Policy. The transaction involves the reorganization of the corporation into Nobel Real Estate Investment Trust, a public offering of trust units and the purchase of two income-producing commercial properties... Canada Newswire Fri Nov 02 2012 |
Home > Commercial > Market Trends and Research GTA commercial realtors report commercial market figures - Toronto Real Estate Board Toronto Real Estate Board (TREB) Commercial Division Members reported almost 791,000 square feet of leased commercial space in October 2012 (calculated for transactions completed on a per square foot net basis for which pricing was disclosed). This represented a 41 per cent increase compared to October 2011. Following the historic norm for commercial transactions through the TorontoMLS... Marketwire Sat Nov 03 2012 |
Home > Commercial > Retail Target’s Canadian stores to be ‘cash machine’ for shareholders - Target - TGT The 'cash machine' that is Target’s Canadian expansion should produce more share buybacks and higher dividends from the retailing giant. Target is opening 125 stores in Canada throughout 2013, representing roughly 7 per cent of the company’s total. JPMorgan analyst Christopher Horvers, who upgraded Target to overweight from neutral and raised his price target on the stock to US$76 from US$66, expects... Financial Post Mon Nov 05 2012 |
High-end retailer comes at a luxury price - Restoration Hardware How, really, can the U.S. economy be in bad shape if Restoration Hardware, the luxury home retailer, is going public? The company, which began trading today, certainly has timed things well. Evidence continues to pile up that the U.S. is slowly putting its long national housing nightmare behind it. And the market for high-end goods never suffered terribly once the worst of the financial crisis ended. Globe and Mail Fri Nov 02 2012 |
Starbucks off the boil, but steaming along - Starbucks - SBUX The third quarter was when sales growth at big American companies was supposed to slump. Starbucks was not informed. In its earnings report on Thursday evening, same-store sales at U.S. outlets – which make up three-quarters of total revenue – were up 6 per cent, holding the pace of the quarter before. Total revenues were up 14 per cent, helped by new openings in the U.S. Globe and Mail Fri Nov 02 2012 |
Canadians ready to use smartphones for retail payments: poll - CIBC - CM Almost half of Canadians with smartphones would consider using their devices like credit cards to pay for everyday purchases, a poll released Friday suggests. But 57 per cent said rewards for credit card purchases were important to them in deciding to use mobile payments, the CIBC poll said. 'Canadians are ready to start paying for everyday items using their mobile device, but they want... Ottawa Business Journal Fri Nov 02 2012 |
Home > Commercial > International Hurricane Sandy housing crisis: Superstorm displaces 40,000 New Yorkers A housing crisis loomed in New York City as victims of superstorm Sandy struggled on Sunday against near-freezing temperatures and officials fretted that displaced voters would not be able to cast ballots in Tuesday’s presidential election. Fuel shortages and power outages lingered nearly a week after one of the worst storms in U.S. history flooded homes in coastal neighbourhoods... National Post Mon Nov 05 2012 |
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