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Issue No. 5 – December 15, 2020



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
Coming soon … watch for our January 2021 issue – including our 2021 Commercial Real Estate Forecast

Many thanks to our readers and supporters – this newsletter was started in August and already has a readership of over 8,000 so far and growing every month. Thank you for your readership and moral support from many who have commented and provided news leads …

Starting in January we are shifting from a mid-month to first-of-month publishing date … stay tuned.

To everyone, we hope you have a safe and happy holiday season. We are all learning how to stay-safe-and-cope, and need to look our for each other - remember, we are all not alone in this. For many, coping will be hard – so don’t be afraid to call out for help. There are great resources across Canada. Here in Calgary,  the Distress Centre is there to help with a 24-hour crisis line: 403-266-4357
 
Happy Holidays,
 
Mark Kolke – publisher
 
ARCHIVED PREVIOUS ISSUES
+ November 2020
+ October 2020
+ September 2020
+ August 2020
CLIMATE CHANGE, LEED & RENEWABLE ENERGY
+ ATCO Ltd. and partners completed construction/installation of Canada’s largest off-grid solar project at Fort Chipewyan; 2,800MW capacity projects will be operated by ATCO
+ Canada’s Environment and Climate Change Minister established a Minister’s Advisory Council on impact assessment -
+ Canada Green Building Council released updates to its LEED standards reflecting Canadian nuances and also released COVID-related guidance
+ Capital Power Corp. announced it will spend $1.0 billion to switch two coal-fired units at Genesee generating facility to natural gas; conversion to be completed by 2023
+ Emissions Reductions Alberta - $150.0 million available for shovel-ready projects in Alberta; application deadline is December 22nd; information/application
+ Enbridge Gas and Cummins Inc. announced a $5.2 million pilot project to blend renewable hydrogen into the existing natural gas service to customers in Markham, ON
+ Government of Canada launched its Canadian Net-Zero Emissions Accountability Act; the legislation will commit Canada to net-zero by 2050
+ Hydro-Québec established EVLO Energy Storage Inc. to design, sell, and operate sustainable energy storage systems
CONSTRUCTION NEWS + BUILDING OPERATIONS / INNOVATIONS
+ ASHRAE has posted a number of free-download PDFs of COVID-reopening guidelines for building owners and operators to make sure their HVAC/air handling systems are appropriate for re-occupancy of buildings on shut-down or reduced operations due to COVID-19 – these guys are THE industry standard!
+ Autodesk acquired Spacemaker       
+ Calgary Stampede Corral is coming down – demolition is underway to make way for BMO Convention Centre expansion
+ classroom ventilation – purification is not a substitute for ventilation
+ Evans, the control room firm, has a really cool personal partitioning system for workstations
+ expansion (200,000 sq. ft.) has begun at Pinewood Studios in Toronto
+ GRESB standards are gaining traction – large companies are latching on to the GRESB ratings as a key element in their ESG reporting strategy … a lot of real estate, infrastructure, and industry partners are getting on-board
+ Hardwoods Distribution Inc. closed its acquisition of River City Millwork Inc.
+ Museum of Anthropology at UBC being renovated to make it seismic-safe in the event of ‘the Big One’
+ Ontario art gallery design awarded to Hariri Pontarini
+ Ovivo Inc. acquired industrial wastewater solutions provider Alar Engineering Corporation
+ top 40 under 40 in construction
CORPORATE RESPONSIBILITY + ESG REPORTS
+ Allied Properties REIT published its Inaugural 2019 ESG Report
+ CDP, a not-for-profit group formerly known as the Climate Disclosure Project is providing a rating standard to companies and other stakeholders, the published an A list for 2020
+ Dream Group of Companies released their 2019 Sustainability Report – 65 page PDF download
+ GRESB standards are gaining traction – large companies are latching on to the GRESB ratings as a key element in their ESG reporting strategy … a lot of real estate, infrastructure, and industry partners are getting on-board
+ Keyera Corp. published its inaugural ESG report – 41 page PDF download
+ Pembina Pipeline Corporation publishes its 2020 Sustainability Report
+ The Appraisal Institute of Canada is taking on diversity; established a President’s Council on Diversity
COVID-19 matters ...
+ ASHRAE has posted a number of free-download PDFs of COVID-reopening guidelines for building owners and operators to make sure their HVAC/air handling systems are appropriate for re-occupancy of buildings on shut-down or reduced operations due to COVID-19 – these guys are THE industry standard!
DATA CENTER TRENDS
+ Vantage Data Centers acquired data center business in Montreal from Hypertec – now operating 81MW of IT capacity on three campuses
DEVELOPMENT NEWS & TRENDS
+ Global Property Development Trends – download the Altus Group report
+ Rachel Julien planning Canoë project in the Hochelaga-Maisonneuve neighborhood of Montreal; mixed-use project near the Olympic Stadium
+ in Edmonton, the city council approved the rezoning of the former Charles Camsell hospital site; multi-family developments are underway
ENTITLEMENTS ~ REGULATORY
+ B.C. new land registry started to improve transparency on foreign ownership and money laundering; the corporate veil is now pierced …
FINANCING NEWS & INNOVATION
+ 2021 Outlook – Emerging Trends in Real Estate, the United States/Canada from PwC; 117 page PDF download
+ CBRE published its 2020 Lenders’ Report; 34 page PDF download
INFRASTRUCTURE + P3
+ a new school coming in north Calgary – Calgary Board of Education high school on Conventry Hills Way NE; construction to start in 2021 for student occupancy in 2023
+ ATCO Ltd. and partners completed construction/installation of Canada’s largest off-grid solar project at Fort Chipewyan; 2,800MW capacity projects will be operated by ATCO
+ Boralex Inc. acquired 49% of 3 wind farms (296MW) in France from Caisse de dépôt et placement du Québec for $1215 million to now hold 100%
+ Boralex Inc. agreed to acquire seven solar plants in the United States from Centaurus Renewable Energy LLC for US$216.5 million
+ Canada Pension Plan Investment Board, through subsidiary CPPIB Credit Investments Inc., has committed US$98 million to a financing transaction to support a strategic investment by India-based JSW Projects Ltd.
+ Cordelio Power acquired the 150MW Winfield solar project in Missouri from a JV of Dakota Power and MAP Energy; terms not disclosed
+ Government of Canada launched its Canadian Net-Zero Emissions Accountability Act; the legislation will commit Canada to net-zero by 2050
+ in Montreal – a significant expansion to the REM systems; 32 km. of new rail and 23 stations – bold plans but no time frame announcements yet …
+ Maple Reinders led consortium selected as the preferred proponent for Halifax Municipality Organics Management Infrastructure (DBOOT/PPP) contract
+ TransAlta Corporation closed its acquisition of 49% of Skookumchuck Wind Project (136.8MW) from Southern Power Company
INSURANCE + RISK MANAGEMENT
+ Intact Financial Corporation agreed to acquire RSA Insurance Group plc; the deal involves the acquisition of RSA’s Canadian operations and a co-ownership of Tryg unit’s Danish business
INVESTMENT/DEALS - development / re-development
+ in Vancouver, Uptown Property Group is planning a 23-story tower on West Hastings Street; will tie into adjacent 20-story vintage Royal Bank Tower
+ also in Vancouver, urban YVR is planning a new 55-story tower redevelopment on Robson Street
INVESTMENT/DEALS - hospitality / entertainment / recreational
+ Cabot will develop its third resort at Revelstoke; Cabot Revelstoke – 150 key hotel and Rod Whitman designed golf course development will start construction this month and be open for play in 2023
+ Capital Hotel Limited Partnerships (Larco Investments) submitted permit applications for its long-awaited 159-long term suites addition to the Fairmont Chateau Laurier Hotel in Ottawa
INVESTMENT/DEALS - land
+ Manulife Canadian Pooled Real Estate Fund acquired 10-acre heavy-industrial zoned land in Ottawa for redevelopment; terms not disclosed 
INVESTMENT/DEALS - development / long term care & medical
INVESTMENT/DEALS - industrial, storage, logistics
INVESTMENT/DEALS - multi-res
+ Avenue Living Asset Management acquired a 342-door Corinth portfolio in Kansas City, Kansas for US$29.75 million
+ CAP REIT is acquiring two buildings in Ottawa from Homestead Land Holdings Inc. for $95.5 million; 380-doors
+ CAP REIT acquired 4-building 147-door Queen Anne Apartments in Maple Ridge, BC for $29.2 million
+ CAP REIT acquired a 38-door property in Bedford, NS; $11.9 million
+ CMHC launched it’s National Housing Council – newly appointed members
+ European Residential REIT acquired an 84-key property in the Netherlands for $34.6 million
+ Oxford Properties Group is planning 1,300 purpose-built rental units in Scarborough in Toronto
+ Starlight U.S. Multi-Family (No. 1) Core Plus Fund acquired  340-door The Bluffs at Highlands Ranch near Denver, CO for US$108.5 million
+ Starlight U.S. Multi-Family (No. 1) Core Plus Fund acquired 321-door LaVie Southpark in Charlotte, NC for US$77.25 million
+ ViveRE Communities Inc. acquired a 95-door/3-property portfolio in Moncton, NB. for $15.3 million
INVESTMENT/DEALS - office
+ Crown Realty Partners sold 2300 Meadowvale Blvd. in Mississauga; 240,000 sq. ft. building for $75.5 million
+ Fengate Asset Management on behalf of LiUNA Fund of Eastern and Central Canada closed its acquisition of Concorde Corporate Centre in Toronto; Fengate will manage the BOMA BEST-Gold complex; 567,619 sq. ft. facility on 7.7 acres in Don Mills/Toronto
+ Hudson Pacific Properties Inc. and Canada Pension Plan Investment Board agreed to acquire 668,000 sq. ft. Denny Triangle office tower in Seattle for US$625.0 million
INVESTMENT/DEALS - pension funds, insurance co.
Canada Pension Plan Investment Board established a new, U.K.-based entity – Renewable Power Capital Limited to invest in renewable energy projects in Europe
INVESTMENT/DEALS - REITS
+ Artis REIT struck a deal with Sandpiper Group; change of sr. management and board positions
+ Artis REIT reconstituted its board and trustee fees
+ BSR REIT acquired two properties in Texas (Houston and Dallas), 680-doors, for $129.0 million
+ BSR REIT sold the West End Lodge/360-doors  in Beaumont, Texas for $44.0 million
+ BSR REIT sold five non-core properties in for $86.0 million
+ BTB REIT acquired a 34,200 sq. ft. industrial property in Laval, QC, for $8.1 million
+ CAP REIT is acquiring two buildings in Ottawa from Homestead Land Holdings Inc. for $95.5 million; 380-doors
+ CAP REIT acquired 4-building 147-door Queen Anne Apartments in Maple Ridge, BC for $29.2 million
+ CAP REIT acquired a 38-door property in Bedford, NS; $11.9 million
+ ERES Residential REIT agreed to acquire a 98-door project in Steenwijk, Netherlands for $19.0 million
+ European Residential REIT acquired an 84-key property in the Netherlands for $34.6 million
+ Granite REIT acquired a portfolio of seven buildings in the U.S. and Netherlands for $564.0 million
+ Minto Apartment REIT entered JV deal with Darwin Properties Ltd. to develop Phase I of Lonsdale Square in North Vancouver; the project is a master-planned community on a long-term land lease from the City of North Vancouver
+ Strategic Storage Trust IV opened a new self-storage facility in Brampton, ON
INVESTMENT/DEALS - retail
+ AutoCanada Inc. agreed to acquire Haldimand Motors (80,000 sq. ft./20 acres), Cayuga, ON; terms not disclosed
+ Bed Bath & Beyond agreed to sell its Cost Plus World Market unit to Kingswood Capital Management; 243 stores; terms not disclosed
+ Footlocker launched a new power-center concept
+ J.C. Penney exited Chapter 11 Bankruptcy protection and completed its sale to Simon Property Group and Brookfield Asset Management
+ Kingswood Capital Management LP closed its acquisition of MEC which had been under CCAA protection; HQ will remain in Vancouver, and 21 of 22 store locations are being retained
+ kudos to Mike Kehoe from Fairfield Commercial; Mike has started a bi-weekly Monday Morning  by invitation conference call; 50 participant maximum for a cross-country check-in on the retail market; landlords, agents, deal news and trends; to get invited, connect with Mike: mike@fairfieldcommerical.com
+ Loblaw Companies Ltd. is disposing of its 22 non-franchised Provigo locations in Quebec
+ Naturalizer closures; Caleres, parent company, announced 133 Naturalizer stores in the U.S. and Canada will be closed as the brand move to online sales only
+ Parkland Corporation agreed to acquire assets of Story Distribution Company (Bozeman, MT), and Carter Oil Company Inc. (Utah, Arizona) – 13 retail locations and 40 dealers; terms not disclosed
+ Simon Property Group and Taubman Centers Inc. resurrected their failed merger deal at a lower share price; expected to close by early 2021; the deal is valued at US$3.6 billion
+ T & T Supermarkets opened their third Calgary location in Deerfoot Meadows
NEW PROJECTS IN THE PIPELINE
+ Dream Office REIT and Humbold Properties announced plans for a 79-story missed-use office, residential and retail development at 212, King St. W, in Toronto; 599 rental units, 10,000 sq. ft. of retail and 660,000 sq. ft. of office;
+ Minto is planning for a two-tower rental apartment project in the High Park area of Toronto; 32 and 25 story towers and townhomes
PROPERTY SERVICES / SUPPLIER NEWS
SECURITY ISSUES / TRENDS
+ G4S plc is in play – bidding war; Allied Universal Security Services ($6.5 billion) competing with GardaWorld ($6.35 billion) … tic toc
TECH / TELECOM corner ...
+ Cogeco Communications Inc. completed its acquisition of DERYtelecom
+ Dye & Dunham Limited acquired DoProcess from OMERS Infrastructure for $530.0 million
VALUATION
+ The Appraisal Institute of Canada is taking on diversity; established a President’s Council on Diversity
WORKING FROM HOME OFFICE
+ a few simple tips to reduce the risk of injury while working from home
+ desire to work from home continues to grow
+ HR tech trends for 2021 – watch these four areas
+ implementing a successful work from home model
+ is this the end of 9-5 work? … flexible working might be the new regular – check out the PepsiCo story
+ wait and see seems to be the consensus for business/employers; only 7.0% of Alberta employers expect to add staff in the next three months – check out Canadian Survey of Business Conditions
+ 25% of Canadians are rethinking their careers
+ 55% of remote employees work weekends
WORK / ASSIGNMENTS / LISTINGS WANTED:
+ listings – FOR SALE, FOR LEASE – Calgary, Red Deer, and Edmonton markets
+ judicial sales foreclosure/court-ordered receiverships – commercial property Calgary, Red Deer, Edmonton, and Southern Alberta
+ property management: commercial and residential property management assignments/tasks; lease enforcement, negotiation of renewals, single properties, and small portfolios
 
~ call me to discuss your requirements: Mark Kolke, 403-444-6939
~ or email me: kolke@markkolke.com

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
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
→  Cell/Text: (403) - 312-8359
 
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