Nova Cannabis is looking to expand in B.C. after gaining control of four Dutch Love store locations in the province. Calgary-based SNDL assigned the stores to Edmonton-based Nova in early April for $8.12 million in Nova shares. SNDL also extended the maturity date of a $15-million credit facility that the company provides Nova by another …
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GoodLeaf has officially opened its Calgary vertical indoor farm. Recent reports pegged the total investment as $52 million. It was previously reported to be $56 million. The facility is the largest of its kind in Canada, and the first in Western Canada for GoodLeaf, a subsidiary of Bedford, N.S.-based TruLeaf. The province provided GoodLeaf with …
Canadian private investors remained the most active commercial real estate buyers in the first quarter of 2024, says a new Avison Young report. Private Canadian organizations accounted for 73% of deals, while domestic institutional investors participated in just 8%. Owner-users ranked second, completing 12%. Other investors, including developers, foreign buyers and governments represented just 7%. …
Quebec City condominium sales transactions rose 13% year-over-year in April. The market witnessed 272 condominium sales during the month, the Quebec Professional Association of Real Estate Boards reported. The condo sales percentage increase lagged behind total residential sales, which rose 18%, or 147 transactions, to 976. Sales were well above the historical average for the …
Choice Properties REIT closed on $61.7 million of transactions in the first quarter of 2024. Toronto-based Choice reported that the REIT completed $74.6 million worth of development, moving the properties to income-producing status. The transactions involved one acquisition and two dispositions. “Despite the ongoing macroeconomic uncertainty, our industry-leading balance sheet continues to provide us with …
Dream Summit JV has acquired eight industrial assets spanning 800,000 square feet in the Greater Toronto Area. The entity is a joint-venture between Toronto-based Dream Industrial REIT and Singaporean sovereign wealth fund. In its quarterly report, Dream said the JV acquired four GTA income-producing assets totalling 300,000 sf during the period. Subsequent to the quarter …
Vancouver’s Blenz Coffee chain plans to expand to the Greater Toronto Area through a franchising agreement. Blenz announced that it has partnered with development group Franchise 360 and plans to open shops across the GTA. Since launching in 1992, Blenz has operated in B.C. with most shops located in Vancouver. “It’s a privilege to be …
Germany’s Deka Group has hired Canderel to manage two nearly acquired office buildings in downtown Vancouver. Canderal announced that it will be responsible for the operation and leasing of 401 West Georgia Street and 402 Dunsmuir Street. Although the two properties have different street addresses, they sit back-to-back on routes running parallel with each other …
Boardwalk REIT plans to develop a 135-unit rental residential project in the Marda Loop area of southwest Calgary. The Calgary-based REIT, which focuses on multi-family real estate investments, said in its quarterly report that it has removed conditions on the $12-million purchase of development land for the project. Boardwalk is looking to capitalize on the …
Killam Apartment REIT has broken ground on a 55-unit development project in Halifax. Known as Eventide, the building is slated to stand eight storeys and has a development budget of $33.6 million, said the Halifax-based REIT in its quarterly report. Eventide is expected to be complete in the second half of 2026. Meanwhile, Killam reported …
Slate Office REIT has agreed to sell 12.3% of its gross leasable area for $101.9 million. Toronto-based Slate said in its quarterly report that the assets are under contract, or buyers have signed letters of intent to purchase the properties. The divestments are part of a massive sell-off designed to reduced debt and improve the …
Greater Montreal Area condominium sales rose 26% year-over-year in April as expectations of interest-rate cuts whetted buyers’ appetite. A total of 1,814 condo sale transactions were completed during the month, the Quebec Professional Association of Real Estate Boards reported. “Following an early rebound in activity in February, a very reactive recovery of the market took …
A historic church on Vancouver’s west side is being listed for sale. The congregation of the 1920s-era West Point Grey Presbyterian Church is seeking $10 million, the Vancouver Sun reported. That asking price equates to $1,000 per square foot for the 10,000-sf building. Colliers is co-ordinating the listing, which resulted because the church’s small congregation …
Epic Investment Services and Woodbourne Capital Management have acquired a Montreal industrial portfolio in an off-market deal, the companies announced. Epic and Woodbourne said in a news release that the transaction has closed. The small-bay portfolio spans approximately 315,000 square feet and is located in the borough of Saint-Laurent. Toronto-based Epic and Boulder, Colo.-based Woodbourne …
The Halifax Regional Municipality is looking into establishing an office-conversion incentive program, CBC reported. The region has begun to develop a office-to-residential pilot program that could be funded with some of the $79 million to be provided to HRM through the federal government’s Housing Accelerator Fund. “We don’t have an office crisis; we have a …
High Tide continued its rapid Greater Toronto Area expansion program Monday with the opening of a new Canna Cabana recreational cannabis store in Ajax, Ont. The new store is located in Meadow Ridge Plaza, a large commercial real estate development in the city’s east end. The location is High Tide’s second in Ajax and 170th …
Canada’s Brookfield Asset Management has agreed to invest $1.5 billion in global private credit manager Castlelake. Toronto-based Brookfield announced in a news release Monday that the company will acquire a 51% stake in Minneapolis-based Castlelake’s fee-related earnings. Essentially, Brookfield is acquiring a majority stake in the company. Brookfield, through its reinsurance arm, will also invest …
A Vancouver-area startup lithium-processing company is beginning to expand its real estate footprint in a big way. Delta, B.C.-based Mangrove Lithium is preparing to launch a new first-of-its-kind facility in Delta. The firm also plans to develop a larger plant in Eastern Canada in the next few years. Saad Dara, Mangrove’s president and CEO, told …
The City of Toronto has launched an office space needs study to assess the pros and cons of conversions to residential use. The city is looking at ways to offset a large amount of vacant space that help find ways to offset a large amount of vacant space. According to Cushman & Wakefield, Toronto office …
Artis REIT continued a massive asset sell-off in the first quarter of 2024 by disposing of three assets for $38.4 million. Winnipeg-based Artis said the divestments included one industrial property, one office property and one retail site located in Canada. The deals were disclosed in the REIT’s quarterly report. “Our focus on liquidity continues to …
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