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+ BBC’s global perspective on whether/when/how business travel will recover?
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CLIMATE CHANGE, LEED & RENEWABLE ENERGY
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+ Canadian Pacific is installing a solar energy farm at its Calgary corporate headquarters in Ogden; five-hectare development will include 500 covered parking stalls to generate 5MW of power
+ exploring Small Modular Reactors to bring nuclear power to smaller communities; Alberta signed on to and MOU to explore with Ontario, Saskatchewan, and New Brunswick
+ Government of Canada is investing in Net-Zero Energy Residential Buildings; Net Zero MURBS
+ HSBC study on recovery from the COVID crisis; the Canadian Survey, the Global Report – very optimistic views on opportunities to come-back-better and more sustainably
+ ITER working toward fusion-energy project say they are 70% complete – but fusing hydrogen atoms would be a great game-changer
+ nine global companies commit to working together on a new initiative: Transform to Net Zero
+ the often controversial Rocky Mountain Institute published its take on a low-carbon economy recovery – Green Stimulus and Recover Series
+ Schneider Electric Solar launched Insight, energy management platform for residential and commercial users
+ Scotiabank published its Green Bond Report – discusses how they finance new or existing eligible green assets
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CONSTRUCTION & BUILDING INNOVATIONS
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CORPORATE RESPONSIBILITY & ESG REPORTS
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DESIGN, ARCHITECTURE & PLANNING
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DEVELOPMENT NEWS & TRENDS
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ENTITLEMENTS ~ REGULATORY
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FINANCING NEWS & INNOVATION
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GOVERNMENT ACTIONS / programs - ALBERTA
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GOVERNMENT ACTIONS / programs - CANADA
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+ this monthly publication is an idea – one that has been percolating for a long while. For 21 years I’ve built FACILITYCalgary into a valued publication with industry news from a Calgary, energy/oil&gas, and local news perspective. This publication includes news on what is happening in the commercial real estate industry on a broader – national and international basis. The idea for PROPERTYlines is to produce a monthly look at, and news summary, on a broad range of topics of interest to those who ‘work and play in the commercial real estate space’ – to include newsworthy and debatable issues, to share up to date information, and to market my services [see below]
+ this is ISSUE 1 of PROPERTYlines, and issue #1 for me is to make it relevant to its audience, to be responsive to suggestions and new ideas to make it better
+ I want to explore running an op-ed section – looking for contributors, so if you have an idea you would like to share, send it to me: kolke@markkolke.com
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+ a Quebec bill – Bill 61, An Act to restart Québec’s economy and to mitigate the consequences of the public health emergency declared on 13 March 2020 because of the COVID-19 pandemic – likely to fast-track infrastructure in Quebec; analysis by Osler
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INSURANCE & RISK MANAGEMENT
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+ GardaWorld Security Corporation acquired WorldAware, a security risk management firm to bolster its position in integrated security risk management; terms not disclosed
+ insured damage from the 2020 April flood in Fort McMurray now estimated at $522.0 million, well up from a June estimate of $228.0 million ~ plus the uninsured damages too …
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INVESTMENT/DEALS - development / re-development
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+ a BIG WOW deal in Vancouver; the St. Paul’s Hospital site on Burrard Street has been sold to Concord Pacific; multiple sources report the sale is just under $1.0 billion; funds will go to construction of a NEW St. Paul’s Hospital and other facilities at the Jim Pattison Medical Centre site – adjacent to the Via Rail station, which will open in 2026. The current hospital will operate until that time, so future development by Concord Pacific will start well beyond that date …
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INVESTMENT/DEALS - hospitality
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+ online marketplace and connector hub for aggregates; GravelHub.ca
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INVESTMENT/DEALS - development / long term care & medical
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INVESTMENT/DEALS - industrial, storage, logistics
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INVESTMENT/DEALS - multi-res
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INVESTMENT/DEALS - office
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INVESTMENT/DEALS - pension funds, insurance co.
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+ Brookfield is reportedly considering a takeover of Spanish REIT, Merlin Properties, which has a portfolio value of $15.3 billion
+ CAP REIT acquired an 88-door project in Halifax for $22.4 million
+ Firm Capital American Realty Partners Trust is changing its name to Firm Capital Apartment Real Estate Investment Trust – Firm Capital Apartment REIT
+ RioCan REIT struck two JV deals; in Toronto, they sold a 50% interest in the Dufferin Plaza property to Maplelands Development Inc. for $28.8 million. The second, in Ottawa, is for mixed-use development; selling a 50% interest in the Luma residential project to Killam Apartment REIT for $3.8 million
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INVESTMENT/DEALS - retail
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+ Brooks Brothers have agreed to be acquired by Sparc Group for US$325.0 million; the plan is to retain 125 of 200 North American store locations – subject to court approval
+ Cineworld pulled out of their transaction to acquired Cineplex Inc.; lots of comments about why it was the other party’s fault – COVID-19 at the core of it notwithstanding a clause in the deal; it looks like the only money to be made on this deal will be by lawyers for the parties and all those Cineplex landlords
+ Imperial Equities Inc. sold its Oliver Crossing property in Edmonton; terms not disclosed
+ the future of the mall: the view of the future of retail real estate seen through the eyes of the folks at Deloitte & Touche: The future of the mall: building a new kind of destination for the post-pandemic world
+ 2020 Consumer Insights Survey was published by the folks at PwC Canada |
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NEW PROJECTS IN THE PIPELINE
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+ a BIG WOW deal in Vancouver; the St. Paul’s Hospital site on Burrard Street has been sold to Concord Pacific; multiple sources report the sale is just under $1.0 billion; funds will go to the construction of a NEW St. Paul’s Hospital and other facilities at the Jim Pattison Medical Centre site – adjacent to the Via Rail station, which will open in 2026. The current hospital will operate until that time, so future development by Concord Pacific will start well beyond that date …
+ 1 Square Phillips – construction of Brivia Group project will be Montreal’s tallest residential tower started; the first phase of $560.0 million capital cost will open in 2024
+ Tribute Communities has filed a rezoning application for its plan to build a two 37-story residential project at 1325 Queensway in Toronto;
+ Walmart Canada and Condor Properties broke ground for a 550,000 sq. ft. distribution centre in Vaughan, ON
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Other things of interest ...
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PROPERTY & FACILITY MAINTENANCE
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PROPERTY SERVICES / SUPPLIER NEWS
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SOMETHING FUNNY - if you've read this far, you deserve a chuckle
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+ The Dual Agent – How does a dual agent sleep? Well, first he lies on one side, then he lies on the other.
+ The Truth Is Out There – What do great affordable contractors have in common with UFOs? You always hear stories about them, but no one you know has actually seen one.
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+ Appraisers know valuation, challenging in any market – keeps pace with up, with down, with flat – but when the market enters a ‘never before seen’ phase, what to do? … The Appraisal Institute of Canada has something to say: Real Time Values
+ the Government of Alberta, delegated through RECA, has licensed and regulated appraisers in Alberta; that is changing as the RECA role will no longer govern appraisers who will continue to be governed by the Appraisal Institute of Canada
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WORK / ASSIGNMENTS WANTED:
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+ listings – FOR SALE, FOR LEASE – Calgary, Red Deer, and Edmonton markets
+ foreclosure/court-ordered receiverships – commercial property Calgary, Red Deer, Edmonton, and Southern Alberta
+ 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
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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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Commercial Agent | Property Manager / Consultant | Office, Industrial & Education Facilities Specialist | Public-Private Partnerships (P3) | Commercial Property Sales / Leasing / Land + Residential Sales
Mark Kolke is an Agent/Realtor - licensed in Alberta for Residential, Commercial and Property Management ~ under contract to MaxWell Capital Realty
Property Lines is published monthly by MaxComm Communications, a unit of PLANDflex Corporation
Editor/Publisher: Mark Kolke
Q. - What is Property Lines, and why do I publish it?
A.1 - The what part: news of interest to commercial real estate investors, property managers, asset managers, lawyers, bankers, mortgage brokers, pension fund managers, accountants/insolvency professionals, and commercial real estate practitioners.
A.2 - The why part: I’ve been in this industry – finance, brokerage, leasing, property management, investment sales, litigation support, consulting – for a very long time. Our industry is shifting due to both economic and technology forces notwithstanding downturns, recessions, and COVID-19. For 21 years I’ve been publishing FACILITYCalgary on a weekly basis – and will continue, but readers have been asking for more background, detail, context, and trend information across the province, across the country and in other markets where we should be watching for change-leadership and trying to stay ahead of, or at least in step with, industry trends – so we better serve our clients and more professionally and effectively deliver our services.
Q. – How is Property Lines different from FACILITYCalgary?
A.1 – it’s not just Calgary focused, it’s about owning and managing, it’s about lending, it’s about income and valuation, it’s about what is going on around the commercial real estate industry in other jurisdictions beyond Calgary and Alberta
A.2 – it’s more depth; yes, the bullet points, but often more detail and information than we can deliver in the FACILITYCalgary format …. so, read both and you won’t miss anything!
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PROPERTYLines - Copyright © 2020 , 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
→ Cell/Text: (403) - 312-8359
LinkedIn |publisher of FACILITYCalgary |
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