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Issue No. 7 – February 15, 2021

Editor/Publisher, Mark Kolke
Contact me at your convenience:
PROPERTYlines ~ monthly re-cap of news, commentary, perspective – commercial real estate ~ for investors, property professionals, lawyers, lenders, accounting and insolvency practitioners; presented by Mark Kolke - publisher of FACILITYCalgary and HOUSING TRUTH
In this issue:
The pandemic continues, hope for vaccines is on everyone’s mind – and wondering what the year will hold for commercial real estate has the marketplace and financial institutions carefully studying what they are positioned to take advantage of when the market recovers, only to do it first! The consensus in the major players, pension fund, REIT, and national/international investor marketplace is that mid-2021 will be time for the market to snap-back/come-back rocket! That’s lovely thinking, but optimistic in my view. Given the reality of the Trudeau government’s strategy on vaccine purchases, we’ll likely be wearing masks all year and hoping for a shot in our arm by fall …

Many thanks to readers who keep signing up to get PROPERTYlines – the growth in six months has been stunning.

What’s new?
Starting with our March 2021 issue, we’ll shift to a 1st of the month publication date for PROPERTYlines.

Advertising opportunities – looking for sponsors/advertisers to help fund this publication. Stay tuned for more information. Contact me for further information/rates –
Mark Kolke – publisher
+ January 2021
December 2020
+ November 2020
+ October 2020
+ September 2020
+ August 2020
Advertising opportunities – looking for sponsors/advertisers to help fund this publication. Stay tuned for more information. Contact me for further information/rates –

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+ Alberta re-thinking coal policy after public protest of proposed Grassy Mountain - mountain top mine
+ Boralex Inc closed the acquisition of 20MW Sky High solar farm in NY state
+ CK Group’s sub. Canadian Power Holdings Inc. agreed to acquire two wind-powered facilities (30MW) in the Okanagan; terms not disclosed
+ Drax Power Ltd. agreed to acquire Pinnacle Renewable Energy for $385.0 million
+ Lehigh Cement et al are making low-carbon cement; collaborators are using captured CO2
+ new priorities for Canada Infrastructure Bank – statement by the Minister
+ rooftop solar power has a powerful message
+ the federal government electricity procurement process – with Alberta solar emphasis, is a government program full of complexity just to apply … for a great dissection on ‘how-to’, check out this paper from Osler
+ Power Sustainable Capital VJ launching $1.0 billion renewable energy platform
+ Sharc Energy landmark deal to power wastewater recovery system
+ Total SE acquiring 20% of largest solar developer for US$2.5 billion
+ TransAlta Corporation completed the first of three-coal fired plants from coal-to-gas boiler conversions
+ 2021 Global 100 – most sustainable companies list published by Corporate Knights; Stantec is #5 – congrats! … there are 13 Canadian companies on this year’s list
+ Atlas Engineered Products Ltd. acquired ZyTech Building Systems LP
+ Bell upped its CapEx budget for fibre opportunities for contractors by $1.0 billion
+ catch the view – northern lights in Norway; what a view from the harbour
+ CN logistics hub in Milton, ON is a go
+ design competition; Block 2 in Ottawa parliamentary project
+ finalists were chosen for the 2020 Canadian Construction Photo Contest
+ Lite Access Technologies Inc. agreed to acquire AMEC Cutting & Coring Limited
+ Metro Paving and Roadbuilding Ltd. et al in receivership; BDO appointed receiver
+ Nova Scotia spending $500.0 million on roads this year
+ OMG, I’ve never been to Greece, but now I have a reason to go; I want to visit this house – or maybe I should build one here …
+ Ontario non-essential construction shut down …
+ shortlist of three for $62.0 million high school project in Duncan, BC
+ Suncor restarted construction on emissions-cutting projects
+ technology on job site trends
+ top 10 construction trends to watch this year
+ CDN Controls Ltd. published its 2020 ESG Report
+ Energir L.P. released its first-ever Climate Resiliency Report
+ Flagship Communities REIT published its Inaugural Sustainability Report
+ North American Construction Group. Ltd. published its first its inaugural 2021 Sustainability Report
+ Alberta government is exploring a sell-off/privatization of its land titles and corporate registry services; a 35-yr. concession is being explored … tic toc
+ the Highly Affected Sectors Credit Availability Program (HASCAP) is rolling out for eligible businesses to apply; as before the government has delegated this to banks to vet the applications and disburse funds: BMO, CIBC, Scotiabank – other banks are rolling our their programs as well, but at press time those are the ones we have
+ the Large Enterprise Emergency Funding Corp. (LEEFF) loans are finally connecting rubber and road; Goodlife Fitness Centres Inc.-$310.0 million and Sunwing Vacations-$375.0 million both announced those funding arrangements, so I hope their landlords are getting paid …
+ Boralex Inc. closed the acquisition of interests in 7 solar plants (118MW net to Boralex) for $277.0 million and, closed the acquisition of 20MW Sky High solar farm in NY state
+ Brookfield Infrastructure agreed to sell Enwave, its North American district energy business for US$4.1 billion
+ CK Group’s sub. Canadian Power Holdings Inc. agreed to acquire two wind-powered facilities (30MW) in the Okanagan; terms not disclosed
+ Ferrovial Servicios and Ca Mata landfill – massive landfill gas-to-biomethane project in Spain
+ Government of Alberta is testing the water; they’ve issued a call for Expressions of Interest to outsource the operation of Land Titles, Corporate and Personal Properties Registries – a 35 yr. concession is contemplated: Sale Of A Concession (Select Registries of Alberta) … tic toc
+ new priorities for Canada Infrastructure Bank – statement by the Minister
+ Maple Reinders achieved financial close to its Harbour city Renewables P3 project in Halifax; DBOOT P3 for 25-35 yr. concession
+ Northland Power Inc. agreed to acquire 49% interest in 1,200MW capacity Polish off-shore wind project
+ Ottawa Public Library and Archives Canada – the joint facility will be LEED Gold; will open in late 2024 – the look will be stunning; facts like size and budget are omitted from their press release … tic toc
+ Power Sustainable Capital VJ launching $1.0 billion renewable energy platform
+ University of Lethbridge issued an Expressions of Interest call; 51,429 sq. ft. Community Centre for Wellbeing – for development and commercialization
INVESTMENT/DEALS - development / re-development
+ Greybrook Realty Partners and Tribute Communities acquired a five-property assembly in Toronto (Davenport Road and Avenue Road) for $84.0 million
INVESTMENT/DEALS - hospitality / entertainment / recreational
+ BGP Acquisition Corp. is raising money for a SPAC to acquire hotels
+ Calgary Hotel Association strategy – convert excess capacity to affordable housing
+ not all hotels are struggling: Jasper Park Lodge has all 464 rooms sold for a 9-week booking; reported to be for filing a TV show, but even if it’s just a large ski-group, it’s a sweet business for the hotel
+ Emergia Inc. led JV agreed to purchase a 100-acre development site in Alliston, ON for $15.7 million
+ Genesis Land Development Corp. agreed to acquire 157-acre site in Belvedere for $29.15 million
INVESTMENT/DEALS - industrial, storage, logistics
+ Amazon Canada adding two sorting and three delivery facilities in Quebec; the first two are 520,000 sq. ft. in Coteau-du-lac and 200,000 sq. ft. in Longueuil 
+ an addition to the last-mile logistics bandwagon: ElmTree Funds and Guggenheim Investments will play with a US$600.0 million fund to acquire e-commerce properties
+ BentallGreenOak closed its acquisition of 90,000 sq. ft. Brooklyn, NY property, leased to Amazon
+ Crestpoint Real Estate Investments Ltd. acquired Northport Business Park ( 846,000 sq. ft. in buildings, 16.5 acres of storage lands, and 42.8 acres of excess developable land) in Edmonton from Oxford; terms not disclosed
+ Dream Industrial REIT acquired 525,922 sq. ft distribution facility with expansion land in Montreal from Vista Properties and Groupe Quint for $114.0 million
+ if robots are filling the orders at the fulfillment center, who needs a staff parking lot?
+ Oxford Properties Group is acquiring M7 Real estate to deploy $5.23 billion in multi-tenant industrial and urban logistics properties in Europe
+ Strategic Storage Trust IV Inc. opened its 16th GTA location
+ TFI International Inc. agreed to acquire the key freight business of United Parcel Service, UPS Freight, for US$800.0 million
+ The Milton Logistics Hub project planned by CNR got environmental approval with ONLY 325 conditions!
INVESTMENT/DEALS - long term care & medical
+ ELNA Medical completed its acquisition of PrivaMed Clinics
+ Think Research Corporation closed its acquisition of Clinic 360 Inc.
+ Merchant House Capital Inc. acquired Kinnaird Place (61-units) in downtown New Westminster; terms not disclosed
+ Nicola Wealth launched plans to develop 407-door rental project in District of Saanich
+ Telus and Omicron are planning a $70.0 million/197-door project in Nanaimo
+ in Edmonton, Redstone Group acquired Canadian Bank Place (30-storey/408,983 sq. ft.) for $85.3 million from BentallGreenOak
+ in Edmonton; legendary iconic CN Tower property conveyed to Trez CN Tower Holdings Ltd. for $64.1 million – the loan-to-own dynamic reminiscent of the 1980s in Alberta … tic toc … we’ll like see more like this one
+ office vacancy in Calgary climbing – predicted on a trajectory to cross 30% according to Avison Young report on anticipated bumps in vacancy due to mergers and COVID-19
+ Soneil Investments closed $115.0 million acquisition of two office properties (375,000 sq. ft. / Class A space in Markham, ON
+ wholly-smokes, that’s a big deal: KingSett renewed Scotiabank’s lease at Scotia Plaza – the kind of normal-course transaction landlords expect, but truly stunning in the middle of a pandemic; Scotiabank will renew for 560,000 sq. ft. and will give back the top floor in 2023 … austerity indeed! Kudos to owners KingSett and AIMCo
+ Canada Life investing in UK parking garage in Southampton; 1,000 stall / £26.5 million investment on a 40-year leaseback
INVESTMENT/DEALS - pension funds, insurance co.
+ CPP Investment Board partnering in Brazil multifamily development venture
+ OMERS betting on Asia markets
+ PS Investments and Pretium JV investing US$700.0 million in single-family rentals in SE and SW states
+ QuadReal Partners in JV with Charter Hall to develop office towers in Brisbane, Australia
+ Alignvest Student Housing REIT – news; will partner in JV to create Academic Assets Inc.
+ American Hotel Income Properties REIT LP entered into a JV with BentallGreenOak Real Estate Advisors LP; $50.0 million equity investment billed as ‘for growth’ rather than solving problems …
+ Dream Industrial REIT agreed to acquire a $465.0 million portfolio of assets in Canada, Europe, and the United States
+ Dream Industrial REIT acquired 525,922 sq. ft distribution facility with expansion land in Montreal from Vista Properties and Groupe Quint for $114.0 million
+ Flagship Communities REIT closed its US$6.05 million acquisition of two new U.S. mobile home communities
+ Aegis Brands Inc. agreed to sell Second Cup Coffee Co. to Foodtastic Inc. for $14.0 million
+ Aldi to open 100 U.S. stores in 2021 (Arizona, Florida, California & the Northeast); currently, they operated 2,000 stores across 37 states
+ Alimentation Couche-Tard Inc. exploring a partnership with Carrefour SA following the failure of its takeover bid
+ Federated Co-operatives Limited is launching a new gas-bar brand, working with indigenous partners to form: Western Nations Gas Bars
+ Empire Company Limited announced seven new FreshCo flagged stores in Western Canada; strategy will end with closures and rebranding – resulting in 37 stores by end of 2022; $11.7 million in-store closure costs
+ Godiva is closing 128 North American Stores; 11 in Canada
+ hair benders and wellness services are back in business in Alberta; Alberta government restrictions are being relaxed
+ Hudson’s Bay Co. laying over 600+ workers across Canada due to COVIC
+ Hudson’s Bay Co, the parent, is looking at spinning off Saks Fifth Avenue bricks-and-mortar locations, or, or both … tic toc
+ J. Crew exiting Canada … closing stores, down to one … tic toc
+ Metro expanding grocery delivery business – looking to disrupt the marketplace
+ Office Depot owner rejected Staples US$2.0 billion takeover bid … tic toc
+ Simon Property Group and its lenders put Town Center in Kennesaw, GA up for auction; with no bidders, they’ve surrendered the property to the bank – a likely trend in non-viable or marginal malls in coming months … tic toc
+ Telsec Property Corp. acquired the former Jack Carter car dealership site on Macleod Trail at Glenmore Trail
+ Tristan (38 stores across Canada) filed for CCAA protection – MNP appointed as monitor
Request a consult
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~ call me to discuss your requirements: Mark Kolke, 403-444-6939
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PROPERTY LINES - a monthly newsletter on happenings in the commercial real estate marketplace in Alberta and in other jurisdictions. This publication will be of interest to a wide audience of readers interested in the real estate industry and is particularly focused on issues of interest to:

- investment real estate professionals

- landlords, financial institutions and real estate lenders

- real estate lawyers, accountants, appraisers

- property managers and asset managers

- insolvency professionals, foreclosure services, service trades/contractors

- commercial, development, and income property investors



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PLANDflex Corporation -  Mark Kolke, President / Publisher
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