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PROPERTYlines
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Issue No. 8 – March, 2021

Editor/Publisher, Mark Kolke
Contact me at your convenience: kolke@markkolke.com
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
ARCHIVED PREVIOUS ISSUES
+ February 2021
+ January 2021
December 2020
+ November 2020
+ October 2020
+ September 2020
+ August 2020
AVERTISE in PROPERTYlines
Advertising opportunities – looking for sponsors/advertisers to help fund this publication. Stay tuned for more information. Contact me for further information/rates – kolke@markkolke.com

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CLIMATE CHANGE, LEED & RENEWABLE ENERGY
+ Canada Green Building Council Submission to the Trudeau government – pre-budget consultations
+ City of Vancouver is benchmarking building as a prelude to mandating energy use and emissions by 2025
+ Connor, Clark & Lunn Infrastructure sold an interest in its JV Ontario Solar Portfolio; 18.6 MW capacity
+ CPA Canada endorsed guidelines for incorporating the impact of climate change in business evaluations
+ EarthRenew generates green fertilizer and power from manure
+ Fast + Epp building mass-timber head office in Vancouver
+ geothermal start-up underway with $40.0 million funding round with strong BP and Chevron support
+ money talks … Bezos hires Earth Fund CEO to speed up US$10.0 billion investment deployment to fight climate change
+ my home town – Estevan – working to win the Elon Musk $100.0 million green challenge – its Boundary Dam carbon capture plant is in the hunt
+ Siemens pilot project – converting waste-heat-to-power facility for TC Energy
+ St. Albert public works building rooftop solar array will offset 38% of annual power costs
+ The Geneva Association published Climate Risk Assessment for the Insurance Industry
+ The Town of Banff is converting wood waste to energy
CONSTRUCTION NEWS + BUILDING OPERATIONS / INNOVATIONS
+ Aecon and Strabag, top bidders for two Toronto transit tunnels projects
+ all-wood football stadium in Gloucestershire, England
+ B.C.’s Site C Dam budget jumped to $16.0 billion, project completion now delayed to 2025
+ Bird Construction Inc. awarded jail construction contracts for Kenora and Thunder Bay
+ BOMA Canada’s report – Operating Expense Pass-Throughs and COVID-19 Guide
+ cladding as a solar energy producer
+ Construction Canada published its new e-book on waterproofing
+ Fast + Epp building mass-timber head office in Vancouver
+ Frank Gehry’s revised design of supertall Toronto towers
+ Lite Access Technologies Inc. closed its acquisition of AMEC Cutting & Coring Limited; terms not disclosed
+ Richardson Interna5tional Ltd. to redevelop high-throughput grain elevator at Swan River, MB
+ tallest building in B.C. interior approved for Kelowna project
+ VIA Rail Ottawa station earned LEED Gold
+ West Fraser Road rebuild underway …
+ York Group of Companies acquired MCS Group
CORPORATE RESPONSIBILITY + ESG REPORTS
+ CAP REIT released its 2020 ESG Report ~ and though their press release says the report is on their website, they’ve hidden it.  I defy any ordinary person to find it – and I know I searched their website for the report for a half-hour before I gave up
+ Gibson Energy ULC expanded its Sustainability and ESG targets
+ Secure Energy Services Inc. published its 2020 Sustainability Report
+ TD Bank Group published its 2020 Environmental, Social and Governance Report
+ The Gordie Howe International Bridge project won an ESG award for P3 projects
COVID-19 matters ...
+ Government of Canada continues with its Highly Affected Sectors Credit Availability Program ($25K - $1.0 million loans)
DATA CENTER TRENDS
+ Google announced it will spend US$7.0 billion on data centers and office space in 2021
DESIGN, ARCHITECTURE & PLANNING
DEVELOPMENT NEWS & TRENDS
+ Hopewell Development and Nicola Wealth Real Estate partnership is developing three industrial properties in the SW U.S.
+ in Vancouver, former Marine Drive White Spot site slated for industrial development
+ in Winnipeg, Kapyong Barracks site redevelopment plan unveiled; master plan calls for 3,000 residences and 1.2 million sq. ft. of commercial space
+ Northcrest is planning a 500-acre redevelopment of the Downsview Airport lands on behalf of the PSP Investment Board
+ Montreal Bay store to be topped by a 25-storey office tower
+ Richmond Olympic Oval re-make – 2.9 million sq. ft. of mixed-use development proposed
ELECTRIC VEHICLES + EV CHARGING
FINANCING NEWS & INNOVATION
INFRASTRUCTURE + P3
+ Aecon Group Inc. consortium in negotiations as a lead proponent for Eglinton Crosstown West Extension Advanced Tunnel project in Toronto
+ Alberta 2021 budget calls for $20.7billion for capital investment projects – time will tell whether announcements result in actual work … tic toc
+ Alberta ‘start’ on five priority health care projects; $143.0 million
+ B.C.’s Site C dam is going ahead despite increased costs estimates (now $16.0 billion) and being one year behind schedule notwithstanding opposition and protests
+ Bird Construction Inc. awarded jail construction contracts for Kenora and Thunder Bay
+ Solar Alliance to build 56MW/US$60.0 million project in Illinois
+ Solar Alliance completed a 2.4MW/US$2.7 million project in Tennessee
+ The Gordie Howe International Bridge project won an ESG award for P3 projects
+ Waterfront Toronto launched an international RFQ to find a development partner for Quayside lands
INSOLVENCY
+ Key Developments in Canadian Insolvency Case Law in 2020 – great summary from Blakes
INSURANCE + RISK MANAGEMENT
INVESTMENT/DEALS - development / re-development
INVESTMENT/DEALS - hospitality / entertainment / recreational
INVESTMENT/DEALS - industrial, storage, logistics
+ at Edmonton International Airport, a $36.0 million cargo-area expansion was completed
+ crickets in London, ON; yes – cricket protein!
+ Fastfrate Group acquired ASL Distribution Services Limited; terms not disclosed
+ Highfield Investment Group expanding in High Plains, Balzac
+ Maple Leaf Foods Inc. closed its acquisition of 118,000 sq. ft. plant in Indianapolis
+ Meatless Farm opened protein production facility in Calgary – 30,000 sq. ft. plant
+ Nicola Wealth and First Gulf JV buying 77,000 sq. ft. property and 17-acre developable additional land; overall 10 buildings/30 acres
+ Parkit Enterprise Inc. agreed to acquire 180,000 sq. ft. industrial property in Ottawa for $28.5 million
+ PRO REIT agreed to acquire 12 industrial assets/572,000 sq. ft. (Ottawa and Winnipeg) for $86.8 million
+ StorageVault agreed to acquire 15 facilities from three vendors for $100.0 million; six of those locations are in Alberta
+ Summit Industrial Income REIT agreed to acquire a 765,145 sq. ft. logistics/office complex in Saint-Laurent for $183.3 million
INVESTMENT/DEALS - long term care & medical
+ Harvard University building 544,000 sq. ft. of new LEED Platinum lab space
+ Levante Living Trust acquired three senior living properties
INVESTMENT/DEALS - multi-res
+ CMHC published its 2020 Rental Market Survey
+ Concert’s CREC Commercial Fund LP acquired the L’Oreal Canada facility from Vista Properties for $90.0 million
+ Douville Moffet et Associes acquired a 526-door portfolio of apartments from Oxford Properties Group for $118.0 million
+ Empire Communities in Toronto established Empire Rental Living – plans to build and manage 5,000 units
+ Levante Living Trust acquired three senior assisted living properties in Ontario
+ Tricon sold off 80% of its $1.331 billion U.S. multifamily portfolio in a JV/recapitalization transaction
INVESTMENT/DEALS - office
+ CBRE investing US$200.0 million for a 35% stake in Industrious – a flex-office workspace provider in Manhattan
+ Groupe Quint acquired iconic 1300 Sherbrooke West in Montreal
+ HSBC in Europe is looking to shrink its office footprint by about 40% amid long term plans to support employees working from home – they will retain headquarters space and reduce commitments as leases expire
+ Hudson Yards in NYC; 58-storey/US$3.8 billion tower is topped off; BlackRock and Facebook will be the anchor tenants
+ IWG (Regus parent), launched a new concept of its Spaces product in a retail environment – the flagship is in Napa, CA
+ Lane launched its flexible workspace product
+ Sutter Hill Developments acquired 50% interest in 110 Yonge St/20-storey.160,000 sq. ft. Class A building from BentallGreenOak for $58.0 million; Choice REIT owns the other 50%
+ WeWork is unloading properties as part of its recapitalization plan
INVESTMENT/DEALS - REITS
+ Alignvest Student Housing REIT agreed to acquire two buildings in Waterloo; 310 and 485 beds; terms not disclosed
+ Artis REIT published its transformation plan
+ Automotive Properties REIT acquired a Laval Lexus dealership from Dilawri Group for $14.8 million
+ BSR REIT sold its Towne Park project in Springdale, Arkansas for $31.7 million
+ Dream Impact Trust closed its $31.8 million acquisition of two downtown Toronto properties
+ Firm Capital Apartment REIT acquired a 50% interest in a 245-door property for $39.5 million
+ H&R REIT considering splitting into stand-alone entities by asset class
+ Marwest Apartment REIT proposed its qualifying transaction
+ Nexus REIT agreed to acquire a $117.5 million industrial portfolio (London, Edmonton)
+ PRO REIT agreed to acquire 12 industrial assets/572,000 sq. ft. (Ottawa and Winnipeg) for $86.8 million
+ SmartStop Self Storage REIT Inc. closed US$380.0 million acquisition of Strategic Storage Trust IV Inc.
+ Summit Industrial Income REIT agreed to acquire a 765,145 sq. ft. logistics/office complex in Saint-Laurent for $183.3 million
INVESTMENT/DEALS - retail
+ Amazon opened its first physical store outside the U.S. in the UK
+ Best Buy moving to smaller format stores and plans to reduce its bricks & mortar focus; smaller footprints, fewer of them, and greater focus on-line
+ Burlington Stores announced plans to open 100 stores in 2021, seeing a market-share opportunity
+ Cadillac Fairview redeveloping former Sears store at Polo Park in Winnipeg; EQ3 will open a flagship store
+ Disney Store 300-store chain is cutting back operations; more than 60 closures planned in North America
+ Dixie Mall redevelopment in the works in Mississauga
+ Empire Company Ltd. (Sobeys, Safeway, Farm Boy) agreed to acquire 51% of Longo’s stores and its e-commerce unit for $357.0 million
+ Good Earth Cafes Ltd. is going hard to secure new franchisees and locations for expansion in the GTA and other markets
+ Groupe Turcotte and Home Hardware Stores Limited acquired Patrick Morin Inc. (21 home improvement stores, one distribution centre) – terms not disclosed
+ Läderach assumed leases on 34 U.S. Godiva stores
+ Michaels stores sold; Apollo Global Management Inc. acquiring the 1,275 store chain for US$5.0 billion
+ New Look Vision Group Inc. agreed to be acquired by FFL Partners LLS, Dr. H. Doug Barnes Family, and Caisse de dépôt et placement du Québec - $970.0 million valuation
+ Nordstrom is opening in-store shops dedicated to home fitness
+ Tailored Brands Inc (Men’s Wearhouse, Jos. A. Bank, Moores) secured a US$75.0 million infusion in convertible and sr. secured debt to stay afloat …
+ TD announced it will shut 82 U.S. bank branches in the U.S.; also considering Canadian branch closures ... tic toc
+ TGF, Sun Rich, Tiffany Gate et al – part of B.C.’s Fresh Food Group sought CCAA creditor protection; EY appointed monitor
+ Thule opened its first-ever brand store in North America; Rack Attack store is in Denver
+ Toys ‘R’ Us controlling interest changed hands; WHP Global acquired control of the parent company Tru Kids Inc.
+ Triple Five is reported to be near a deal with its lenders, whereby lenders will take 49% stake in its malls: West Edmonton Mall, Mall of America, and American Dream Mall … tic toc
+ uBrekiFix chain (611 stores in U.S. and Canada) announced it will open 150 new locations in 2021
+ Victoria’s Secret announced they will close an additional 30-50 stores in Canada and the U.S. this year
+ Walmart is deepening its partnership with online retailer Rakuten with a US$153.0 million investment
+ Walmart Canada announced it intends to spend $500.0 million to upgrade stores; six are slated to close, two of them in Alberta; due to surge in online sales, they will convert two stores (one in Kitchener, one in Calgary - Northland) to supercentres. Stores being closed in Alberta: Edmonton, Abbotsfield, Calgary, Deer Valley
PROPERTY & FACILITY MANAGEMENT ISSUES
+ BentallGreenOak acquired Metropolitan Real Estate Equity LLC (US$2.4 billion in assets under management) from The Carlyle Group Inc.
+ Canderel acquired Greystone Property Management
+ Warrington PCI Management and SDM Realty Advisors agreed to merge; combined entity will manage over 15.0 million sq. ft. in British Columbia
PROPERTY SERVICES / SUPPLIER NEWS
+ Avison Young acquired the Montreal operations of Devencore
TECH / TELECOM corner ...
+ Cordiant Capital launched Cordiant Digital Infrastructure Ltd; a British fund to buy digital infrastructure assets; telecom towers, data centres, storage networks …
+ CoStar Group Inc. was in pursuit of a US$6.9 billion takeover of CoreLogic Inc. – but has since backed away from the deal
+ Rogers Communications Inc. agreed to acquire Shaw Communications Inc. for $26.0 billion
VALUATION
WASTE
WORKING FROM HOME OFFICE
+ digital jobs top the list of work on the rise for 2021 – a world survey
+ engagement drives experiences …
+ feeling Zoom fatigue?
+ Goldman Sachs survey of working conditions reveals excess work and likely high turnover ahead …
+ hiring mistakes can come at a high-price
+ on-demand talent – are gig workers the future of finance?
+ trusting people to do their best
THANK YOU TO OUR SPONSORS:
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~ call me to discuss your requirements: Mark Kolke, 403-444-6939
~ or email me: kolke@markkolke.com
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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
PROPERTYlines - Copyright © 2020-2021 , All rights reserved.
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PLANDflex Corporation -  Mark Kolke, President / Publisher
Agent/Realtor/Property Mgr. - under contract to MaxWell Capital Realty
 
→  6204B Burbank Road SE, Calgary, AB T2H 2C2
→ Phone: (403) - 253-2450 / (403) - 444-6939
→  SELL-Phonel/Text: (403) - 312-8359
 
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