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Fast-growing ClearView companies putting stamp on industrial real estate market – Calgary Herald

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After a fulfilling 22 years with Avison Young — 17 of them as a partner in the Calgary office of the global real estate company — Steve Vesuwalla decided to start his own company in 2019.

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He still collaborates with his former colleagues but, while continuing to specialize in industrial real estate, wanted to launch his own development fund to purchase a portfolio of properties.

Vesuwalla bought a three-storey business condo along 1 st Avenue N.E. in Bridgeland for ClearView Commercial Realty and, thanks largely to rewarding relationships with long-standing loyal clients, performed very well from the get-go.

Industrial buildings continue to be his focus and his latest is the lease of a 108,000-square-foot building in Remington Development’s Discovery Business Park in Edmonton. The building — with 1.12 acres of fenced and paved yard storage — at the intersection of Highway 2 and Highway 19 will be a new distribution centre for FedEx.

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The successful transaction was initiated thanks to Vesuwalla’s association with the Society of Industrial and Office Realtors. A global professional real estate association representing today’s most knowledgeable, experienced and successful real estate brokerage specialists, Vesuwalla was contacted by a fellow member in Pittsburgh to discuss the needs of his client, FedEx, in the Edmonton area.

A past-president of the Western Canada chapter, Vesuwalla is one of fewer than a dozen members in Alberta who have been admitted to the society following strict examination into their experience conducted with the highest of professional and ethical standards.

During his career, the president and broker of ClearView has been involved with well over a thousand sale and lease transactions with an aggregate total exceeding $1 billion.

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Doug Johannson, who also had many years of experience in industrial real estate and land, joined his former Avison Young co-worker at ClearView in 2021.

Johannson has since sold a 15,500-square-foot Tri-Mac building in the Golden Triangle industrial district off Peigan Trail in southeast Calgary, renewed the lease for HBI’s 32,000-square-foot facility in Portland Street Depot, and subleased 10,000 square feet of that space to Eight Ounce Coffee.

Currently, he is helping to develop a 40-acre parcel of land he sold on behalf of a client north of HeatherGlen Golf Course in Rocky View County. As the development progresses, he will bring hard-to-find lots to market for small industrial users.

Another prime location he is currently marketing is a 33-acre vacant site in Balzac fronting onto the south side of Highway 566.

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Vesuwalla’s Clearview Industrial Fund was established with all of its investors based in Calgary, apart from two in Toronto.

Last week it added the Champion Business Centre at 401-403 33 rd Street N.E., purchased from Hungerford Properties through Michael Golightly of Colliers International.

The 260,000-square-foot building anchored by the north campus of CDI College brings the fund’s current portfolio to 300,000 square feet, which includes a 35,000-square-foot building in South Foothills that had been vacant for a year. Listed by Johannson, Sean Ferguson of Cushman Wakefield brought his glass manufacturer client to the property.

A long relationship with Garry Bobke, senior partner and president of NAI Advent, has resulted in Vesuwalla’s new development fund investing in its first residential project in partnership with NAI Advent.

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The Mission 19 property is a luxury 67-unit apartment block, designed by Gravity Architect and being built by Triumph Construction, in the trendy Mission District at 320 19 th Avenue S.W. that will be available for rent in the second quarter of 2023.

Both ClearView companies continue to grow at an aggressive pace, which means Vesuwalla is looking for a couple more experienced agents to join him and Johannson.

Notes:

• Spiros Pizza & Pasta has served the “best pizza in town” at the corner of 17 th Avenue and 33 rd Street S.W. since 1969. This summer it will open its second location in Inglewood Crossing, the former Trail Appliance store on 9 th Avenue S.E.

• The Landstar Development is being leased by Fairfield Commercial Real Estate — broker Michael Kehoe says only one space is left with 11 stores being leased in the past 10 months.

David Parker appears regularly in the Herald. Read his columns online at calgaryherald.com/business. He can be reached at 403-830-4622 or by email at info@davidparker.ca .

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Calgary retains commercial real estate team to revive new arena – CTV News Calgary

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The City of Calgary has recruited three people from the commercial real-estate sector in an effort to get a new event centre to replace the aging Scotiabank Saddledome.

CBRE executive vice-president John Fisher, director of strategic initiatives with NAIOP Calgary Guy Huntingford and Ayrshire Group executive chairman Phil Swift have been retained to engage both the city and the and Calgary Sports and Entertainment Corporation (CSEC) to reach a new deal.

At Wednesday’s meeting, the city’s planning and development manager Stuart Dalgleish told committee members the group has already begun their work.

“We are at a stage where our third party is having discussions with both the Calgary Sports and Entertainment Corporation and the City of Calgary, with a view to determining whether there is interest in discussions toward a new event centre, and a new deal towards the new event centre,” Dalgleish said.

Mayor Jyoti Gondek is optimistic the team will be able to break the impasse between the city and CSEC.

“Today’s news is good news, and we need to be patient with what comes following this,” she said.

Ward 1 Coun. Sonya Sharp, who chairs the event centre committee, says naming a third party to assist in negotiations is a big step to seeing a new arena rise from the ashes of the failed deal.

“I’m very satisfied. There’s been a lot of work been put into this to get to where we are today,” she said.  “Everybody wants an event centre built.”

However, sports economist Moshe Lander says it might not be such a great deal for most Calgary taxpayers.

“The issue about who should pay for it is something that goes on in every city, more or less, anytime there’s an arena or stadium discussion,” he said.

“In almost every single case, the public sector blinks first and ends up throwing money at a project that’s not going to recoup its costs.”

“Really, it’s just an issue at this point of how much money does the City of Calgary want to throw at this project, understanding that it’s not going to get it back? How much does it want to sell to the taxpayers that this is what you’re going to be on the hook for, even though the vast majority of residents in the city are not going to use that arena in any capacity?”

CTV reached out to CSEC on Wednesday to ask if the owners still had any interest in reviving the deal. There was no response by publishing deadline.

The original agreement was signed in December 2019. In it, the city and CSEC agreed to split the cost of the $550 million project. When the price tag jumped to over $630 million, the Flames ownership group balked and cancelled the deal. It officially expired New Year’s Eve 2021.

Earlier this month, NHL commissioner Gary Bettman met with CSEC to discuss the arena, among other topics. At the time, he told reporters he remained hopeful a deal could be struck.

“I’m always optimistic,” said Bettman. “There’s nothing going on right this second to report that would indicate there is going to be a solution immediately, but my hope is that everybody can figure this out.”

Bettman also warned without a new arena or an updated Saddledome, Calgary would miss out on significant NHL events such as All-Star games.

The Saddledome is the second-oldest NHL arena behind only New York’s Madison Square Garden.

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Commercial Real Estate Report (Canada 2022) – RE/MAX Canada – RE/MAX News

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  • Commercial real estate report_blog header
Lydia McNutt

Public Relations & Content Manager | RE/MAX Canada

Lydia McNutt is an award-winning writer, editor and public relations professional, with a focus on all things real estate. At RE/MAX Canada, Lydia translates market data and trends into educational and entertaining content for homebuyers and sellers, while furthering the RE/MAX brand reach, nationally and globally. Explore timely news articles, market trend reports and thought-leadership on blog.remax.ca. Lydia has been published nationally on topics ranging from real estate to architecture, design and decor, finance, business, technology, entertainment and lifestyle topics. Email Lydia at lmcnutt@remax.ca


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Calgary recruits commercial real estate expertise to revive new arena – Sportsnet.ca

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CALGARY — The city of Calgary has recruited citizens from the commercial real-estate sector to help get a new event centre and home for the Calgary Flames back on track.

When an agreement between the city and Calgary Sports and Entertainment Corporation, which owns the Flames, collapsed late last year, city council voted in January to get a third party involved.

John Fisher, Guy Huntingford and Phil Swift are tasked with determining whether the Flames still want to build an arena with the city, or if the city will have to look for other potential partners to build an event centre.

Fisher is executive vice-president of CBRE, Huntingford is director of strategic initiatives with NAIOP Calgary, and Swift is executive chairman of the Ayrshire Group investment firm.

“This team brings considerable expertise from the commercial real-estate industry including experience in larger development,” the city’s planning and development manager Stuart Dalgleish said Wednesday in an event centre committee meeting.

“The third party has spent considerable time understanding the items and interests behind the terminated agreement and the current landscape. These items have become clarified.

“Based on a meeting with both the city and CSEC, the next step is for the third party to make recommendations on a possible path forward.”

Dalgleish said there is no definitive commitment or timeline for a new agreement.

The city and the Flames agreed on an arena deal over two years ago with the initial estimate of $550 million split between the two.

Shovels were scheduled to hit the ground in 2022 for a 19,000-seat arena and concert venue replacing the Saddledome, which has been the home of the Flames for 39 years.

The cost estimate for the project rose to $634 million, however.

Since the two sides agreed to an amended deal last July, the city added an additional $19 million in roadwork and climate mitigation to the project, and wanted the Flames to pay for $10 million of that.

CSEC president John Bean said in December that the Flames were withdrawing from the agreement because of an accumulation of issues and increased financial risk.

“While CSEC was prepared to move forward in the face of escalating construction costs, and assume the unknown future construction cost risk, CSEC was not prepared to fund the infrastructure and climate costs that were introduced by the city following our July agreement … and are not included in the current cost estimate of $634 million,” Bean said then.

So the Flames remain in the Saddledome, which is the second-oldest NHL arena behind New York’s Madison Square Garden.

CSEC also owns the Western Hockey League’s Hitmen, Canadian Football League’s Stampeders and National Lacrosse League’s Roughnecks.

The Flames recently announced they will move their American Hockey League affiliate from Stockton, Calif., to Calgary for the 2022-23 season.

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