adplus-dvertising
Connect with us

Real eState

Crestpoint acquires Surrey industrial, Hamilton retail assets | RENX – Real Estate News EXchange

Published

 on


IMAGE: The South Surrey Business Park in Greater Vancouver has been acquired by Crestpoint Real Estate. (Courtesy Crestpoint)

The South Surrey Business Park in Greater Vancouver has been acquired by Crestpoint Real Estate. (Courtesy Crestpoint)

Crestpoint Real Estate Investments Ltd. announced Thursday it has acquired major properties in two Canadian metropolitan areas; the Centre on Barton shopping centre in Hamilton, and the South Surrey Business Park in Metro Vancouver, for a total expenditure of over $300 million.

Following these acquisitions, Crestpoint’s total assets under management have grown to approximately $5.3 billion.

“To grow the portfolio with such high-quality assets in a difficult environment, especially in the industrial sector, should provide long-term tangible benefits to our portfolio,” said Kevin Leon, president and founder of Crestpoint, in the announcement. “Despite a challenging year, Crestpoint managed to acquire over $700 million of high quality properties across Canada in 2020.”

The Centre on Barton is one of the few major retail transactions to occur in Canada since the beginning of the pandemic, which hit some sectors of the shopping sector hard due to government-mandated lockdowns and other restrictions.

South Surrey Business Park

The park comprises properties at 2920 188th St., 18899 28th Ave., 18880 30th Ave. and 2945 190th St, in Surrey, with easy access to the Canada-U.S. border,

South Surrey Business Park is a state-of-the-art, multi-tenant class-A industrial park which was built between 2018 and 2020 by Hopewell Development (the industrial/retail development division of Calgary-based Hopewell Group of Companies).

The industrial complex is situated on a 38.9-acre site and is comprised of four buildings spanning 731,000 square feet.

The buildings feature 32-foot clear heights, over 150 loading doors and an abundance of parking, Crestpoint says. Occupying a full city block, the property is located close to four municipal roads and multiple highways. It is fully leased to a roster of tenants which include Amazon and DSV Solutions.

“This acquisition provides Crestpoint with the opportunity to own a best-in-class industrial park that is fully leased to a resilient roster of tenants at below-market rents, presenting the opportunity to increase income upon rollover,” Leon said in the release.

The Centre on Barton

Centre on Barton is a 677,000-square-foot open-format regional shopping centre on a 66.4-acre site at 1275 Barton St. E.

The property is comprised of 23 buildings and is currently 87 per cent leased to over 60 national and regional tenants. It is anchored by Walmart, Metro and Canadian Tire and has a diverse roster of ancillary tenants including Shoppers Drug Mart, LCBO, The Brick, Staples and all five Schedule I Canadian banks.

Built between 2009 and 2013, the site offers local and regional access as it sits between the Queen Elizabeth Way and downtown Hamilton. It’s within close proximity to several bus routes and GO Transit stations.

“We strongly believe that this ideally situated, defensive retail asset is a great addition to our well-diversified portfolio of commercial real estate. This asset provides long-term, steady cash flow from strong credit tenants with great access to a large population base that can withstand the retail transformation currently underway.” Leon said in the release.

About Crestpoint Real Estate Investments Ltd.

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager with $5.3 billion of gross assets under management.

Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients.

With offices across Canada and in Chicago, and London, Connor, Clark & Lunn Financial Group and its affiliates manage over $85 billion in assets. For more information, please visit: www.crestpoint.ca.

Let’s block ads! (Why?)

728x90x4

Source link

Continue Reading

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

 on

 

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

 on

 

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending