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Crestpoint buys two major Calgary office properties – Real Estate News EXchange



The Stampede Station office complex in Calgary. (Courtesy Crestpoint)

Just days after making a major office purchase in Montreal, Crestpoint Real Estate Investments Ltd., has announced the acquisition of two large office properties in Calgary. Crestpoint purchased Stampede Station and TransAlta Place, adding 498,000 square feet of leasable space to its portfolio.

Crestpoint also purchased the Place du Canada in Montreal in a transaction which closed on Dec. 30, 2019. In total, the acquisitions represent $190 million in investments.

“While Crestpoint has existing industrial and retail assets in the Greater Calgary Area, we are excited to announce that these two acquisitions mark our first office investments in Calgary,” Crestpoint president Kevin Leon said in a media release announcing the Calgary purchases.

“This investment is attractive as it provides a cost base well below replacement cost, an attractive going-in yield and upside in the future either through re-leasing the existing office space or at some point in the future the creation of high-rise residential projects.”

Crestpoint acquired 100 per cent interests in the Calgary properties on behalf of the Crestpoint open-end fund. The deal closed on Jan. 30.

Calgary Beltline office properties

Both properties are in Calgary’s Beltline, an area that has continued to see development despite an extended slowdown in the Alberta economy due to depressed prices for oil and other natural resources.

“The Beltline continues to be one of Calgary’s fastest-growing areas given the convenient access to amenities, attractions, public transit and recent multiresidential development,” Leon said in the release.

The two towers were previously part of Artis REIT’s (AX-UN-T) portfolio.

Artis has been actively readjusting its holdings during the past several years, diversifying from what used to be a heavily weighted Alberta portfolio, divesting non-core or lower-performing properties and expanding its presence in new markets including the U.S.

Artis president and CEO Armin Martens said early in 2019 the REIT planned to divest up to $600 million in assets during the year.

Stampede Station: 1327-1331 Macleod Trail SE

Stampede Station is a 162,000-square-foot, 10-storey class-A building with ground-floor retail and 373 underground and surface parking stalls.

Built in 2008, it has achieved LEED-EB Gold, BOMA BEST Gold and Energy Star certification.

It is leased to a variety of long-term high-quality tenants including Rogers Insurance, AppDirect and Enerflex Systems. 

Stampede Station is across the street from the BMO Centre, Calgary’s largest convention centre, and offers quick access to the Victoria Park/Stampede CTrain station.

The acquisition includes 0.64 acres of land zoned for future residential development.

TransAlta Place: 110 12th Avenue SW

IMAGE: The three-building TransAlta Place office property in Calgary. (Courtesy Crestpoint)

The three-building TransAlta Place office property in Calgary. (Courtesy Crestpoint)

TransAlta Place is comprised of three office buildings totaling over 336,000 square feet and 295 underground parking stalls, encompassing an entire city block.

“The building is a unique property as it has a campus feel with multiple towers, plenty of amenity space and is situated close to the downtown core,” says the release from Crestpoint.

The complex is 100 per cent leased to TransAlta, Canada’s largest clean electricity provider. 

TransAlta Place is adjacent to the proposed Green CTrain line, which is scheduled to be completed in 2026.

Following these major acquisitions, Crestpoint’s total assets under management have grown to $4.9 billion. 

Montreal purchase

Located at 1010 de la Gauchetière St. W. in the central business district, Place du Canada is a 384,000-square-foot, 22-storey office building with two levels of retail and a 352-stall underground parking garage.

It is leased to a diversified roster of premier tenants, including National Bank, The Guarantee Company of North America and Fuller Landau Associates. Place du Canada has excellent transit access as it is connected to Montreal’s underground city including the subway system, train and bus stations and a future LRT station.

Jamie Miller, Crestpoint’s senior director, acquisitions and asset management, told RENX last week that with National Bank poised to move into a new head office in late 2023, Crestpoint will embark on a major overhaul of the building with an eye to repositioning it within the market.

Place du Canada is Crestpoint’s second Montreal office acquisition, after 630 René-Lévesque Blvd. W.

About Crestpoint

Crestpoint is a commercial real estate investment manager with $4.9 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, New York and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $79 billion in assets as of Dec. 31, 2019.


* Crestpoint, Redbourne acquire Montreal Place du Canada

* Crestpoint buys 50% of large Calgary industrial portfolio

* Artis continues divestments, eyes U.S. industrial growth

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Don’t be a stranger! Sooke real estate agent won’t shy away from your questions – Sooke News Mirror



When you’re buying your first house, you’re likely to have a thousand questions. You may even ask the same questions more than once. The same goes for selling — whether it’s your first sale or your fifth, you’ll likely ask the same questions over and over.

Most real estate agents can answer your questions the first time you ask, but it takes a special kind of ‘people person’ to treat you with genuine compassion the fourth time you ask.

“I want my clients to feel comfortable reaching out to me for anything, even if they’ve asked me before,” says Paula Wensley, a real estate agent with Macdonald Realty Ltd. “My goal is to reduce stress for my clients so they don’t lose sleep — they’ll probably lose sleep anyway, but I can do my best to make the process easier.”

Find the right fit

Paula is relatively new to Sooke but she’s no stranger to southern Vancouver Island, having lived in many Island communities over the years. That local knowledge comes in handy when helping clients find their forever-home.

“I’ve had some amazing experiences with clients who weren’t happy with where they lived, but didn’t know where to move,” she says.

They’d describe their personalities, lifestyles and goals, and ask Paula ‘Where can you see us? What community would suit us?’ Using her knowledge of local communities and her talents for connecting with clients, she’d make a recommendation.

“One client reached out a year after they’d moved in just to say thanks. She said ‘we wouldn’t have found this community without you.’ It’s amazing to have that kind of impact.”

3rd generation in real estate

Paula comes from a family of real estate agents including her grandpa, dad, uncles and cousins, so she draws from a wealth of experience beyond her years. Before real estate she worked as a property manager and commercial sales assistant, so she’s seen the industry from all sides.

“I try to offer a fresh approach — I’m up to date on new negotiating techniques and other strategies,” she says.

Paula finds she connects well with clients who prefer a bit more time and attention to their individual needs. If you have a unique situation or just want a little extra help with your listing, Paula will give you her full attention.

“I don’t see myself in sales, I see it as a service. It’s not just a conveyor belt of clients.”

Follow Paula Wensley on Facebook for her latest insights on the tight real estate market, and visit to browse current listings from Mill Bay to Sidney to Sooke. Get in touch by calling 250-388-5882 or at

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Real Estate Transactions: Exclusive Use Servitudes Deemed Invalid – Real Estate and Construction – Canada – Mondaq News Alerts



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While exclusive use clauses remain common in leases, they can no
longer be drafted in the form of servitude agreements in

In April 2020, in the case of Société
immobilière Duguay Inc.
v. 547264 Ontario
1, the Court of Appeal of Quebec
ruled in favour of dismissing a Superior Court
judgment2, thereby granting an application for
declaratory judgment and striking off “exclusive
” clauses drafted in the form of servitude agreements
restricting the types of business that could be carried out on a
property. As a result, this case puts an end, in commercial
transactions, to the use of servitude agreements to protect certain
exclusive businesses or commercial uses from third parties in a
given location.

Exclusive use clauses have long been included in leasing
agreements, such as those in shopping centers, to define the
permitted uses of the leased property and prohibit or limit one
tenant from carrying on the same type of business or
principal use” as another tenant. The bottom
line is to protect the market within a property and ensure the
commercial success of all tenants. The Civil Code of Quebec
(C.C.Q.) does not currently define or regulate such clauses
directly; these are usually the result of negotiations between the
landlord and the tenants. Exclusive use clauses have also been used
in commercial real estate transactions, in the form of servitude
agreements. Under Quebec civil law, Article 1177 C.C.Q. defines a
servitude as “a charge imposed on an immovable, the
servient land, in favour of another immovable, the dominant land,
belonging to a different owner

The Duguay matter is the most recent case in which the
Quebec courts had to determine whether exclusive use agreements in
commercial real estate transactions were valid in civil law. In
this case, the Respondents owned a shopping centre and various
contiguous or nearby lots, which they leased for commercial
purposes. In 1998 and 2000, the Respondents sold two of those lots
to a third party for the purpose of opening a clothing store. The
notarized deed of sale included a servitude agreement stipulating
that the buildings of the shopping centre owned by the Respondents
could not be used to carry on business activities that would
compete with those of the buyer (i.e. a family clothing store),
while the properties acquired by the buyer could not, for their
part, be used for the principal business activities then taking
place at the Respondents’ shopping centre and on the
neighbouring lots they owned (i.e. a grocery store, drugstore,
movie theatre and department store). In 2012, the two properties
were sold by the initial buyer to the Appellant, with the new deed
of sale providing that both properties remain subject to the
exclusive use servitudes set out in 1998 and 2000. Following this
subsequent sale, the Appellant asked the Superior Court to declare
that the “servitude agreement” was not enforceable and to
order its striking out on the grounds that it did not constitute
servitudes, but rather, personal obligations.

The Court of Appeal found that, since the purpose that the
Respondents claimed to be pursuing through these exclusive use
agreements, namely to promote the commercial diversity of their
shopping centre, served largely to ensure that the businesses in
the shopping centre they owned were not subject to commercial
competition, they could not be construed as constituting valid
servitudes under the C.C.Q. The Court of Appeal found that the
rights flowing from these agreements do not relate to the
Respondents’ real estate property, but rather to the
Respondents’ financial and commercial interests.

As a result, although the exclusive use servitude agreements
could be deemed creative in commercial real estate transactions,
the Court of Appeal of Quebec ruled in favour of the Appellant,
finding that such agreements restricting commercial use do not
constitute valid servitudes, as they do not encumber the dominant
land as required by Article 1177 C.C.Q., but only apply to the
servient land. According to the Court of Appeal, these stipulations
must be characterized as personal obligations binding on the first
buyer and the Respondent but not the Appellant as the subsequent
buyer. Moreover, the Court of Appeal found that the Respondents had
not demonstrated that the Appellant agreed to undertake these
agreements as personal obligations when purchasing the


1 Société immobilière Duguay inc. v.
547264 Ontario Limited, 2020 QCCA 571

2 Société immobilière Duguay inc. v.
547264 Ontario Limited, 2018 QCCS 2099 (CanLII)

Originally published by August-September 2020 issue of
Canadian Lawyer InHouse magazine

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

POPULAR ARTICLES ON: Real Estate and Construction from Canada

Construction Dispute Resolution In Ontario

Miller Thomson LLP

The Canadian Construction Documents Committee (“CCDC”) forms of contract provide for a dispute resolution process that is generally contained in Part 8 of the contract.

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LACKIE: There are signs of a softening real-estate market – Toronto Sun



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How could house-poor Canadians, already saddled with alarming levels of consumer debt, manage their way through this, let alone out the other side?

But they did. And it was, quite frankly, astonishing.

According to CMHC, Canadians deferred $1 billion worth of mortgages per month during the pandemic, while the Canadian Bankers Association reports that more than 760,000 Canadians either skipped a mortgage payment or took advantage of a deferral program.

As of Sept. 13, more than $78 billion had been paid out to Canadians in the form of the Canada Emergency Response Benefit.

Yet, by the time the emergency lockdown restrictions started to relax, the real estate market was in full swing.

The June and July sales figures broke records set a year earlier, and the Toronto market spread its heat to the suburban and rural markets. In cottage country, properties were selling with multiple offers just hours after hitting the market.

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Could this really just be the result of pent-up demand? Of fundamental changes in consumer appetites? A hunger for more space, more land, less density?

There were tons of theories.

Maybe all along we haven’t fully appreciated the level of demand, I wondered.

Maybe people weren’t as hurt by lost earnings as one might have expected?

Maybe the busy summer was the combined effect of insatiable demand met with people hustling to get set up to more comfortably ride out the fall’s all but guaranteed second wave.

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