Connect with us

Real eState

Hungerford sells Icon Business Park in Calgary – Real Estate News EXchange



The Icon Business Park in Calgary. (Courtesy Hungerford Properties)

Hungerford Properties has sold the 46-acre Icon Business Park in Calgary, which it bought in 2013 and repositioned from a vacant single-use property to multi-tenant facility that is 98 per cent occupied.

Michael Hungerford, partner in Hungerford Properties, confirmed the sale of the property to RENX late Wednesday. Due to confidentiality articles in the transaction, he did not reveal the buyer of the business park nor the sale price.

The Icon Business Park includes a 762,000-square-foot industrial facility in southeast Calgary that has about 11.5 per cent of its total space reserved for office use.

“Today as I look back, the plan that we had to execute on, we’ve completed. So the time had come for us to hand it off to another owner with a different plan. The value creation that we undertook is complete and that led us to the decision to sell,” said Hungerford. 

“I’m reluctant to talk about the particulars of the deal because there’s confidentiality.

“Out of respect for confidentiality with the purchaser, I’m not at liberty to talk about it. It’s a well-respected institutional buyer.”

In a release Thursday morning, Equium Group announced it will be the new property manager of Icon. Calgary-based Equium’s services include property management, development, construction, marketing, leasing and property investment. It specializes in commercial, condominium and residential real estate services.

Equium Group’s portfolio under management is valued in excess of $1.1 billion.

History of Icon Business Park

Hungerford Properties bought the site and building from manufacturer Haworth. The building was originally built in 1999 by Calgary entrepreneur Mogans Smed.

The facility consists of about 85,000 square feet of office space. The warehouse portion is another 676,000 square feet.

The Haworth building was originally put on the Calgary market for sale in the spring of 2010. The Haworth manufacturing facility was listed for sale as the U.S.-based company wound down production in the city.

Although the original list price was not revealed, the property was assessed for $60 million at the time and was being marketed internationally.

Smed International operated in Calgary from 1982 to 2000, at which time the facility was purchased by Haworth.

Haworth, which designs and manufactures office furniture and workspaces, is headquartered in Holland, Mich.

In August 2009, the manufacturer announced it was cutting about 600 jobs in Calgary as it was consolidating its Calgary manufacturing operations to west Michigan.

Hungerford’s redevelopment

IMAGE: Michael Hungerford, a partner in Hungerford Properties. (Courtesy Hungerford Properties)

Michael Hungerford, a partner in Hungerford Properties. (Courtesy Hungerford Properties)

When Hungerford bought the property, it undertook a redevelopment that included new building systems, new exterior access points, improved landscaping, more than 60 new loading doors, new fitness amenities, new office storefronts and interior tenant improvements.

“The plan was to buy the property, invest in it and reposition it and bring in business. Stabilize it with good long-term tenants,” said Hungerford. “As we looked at where we sit now, we achieved all that and we said it makes sense for another, in this case, institution to take ownership of it.

“Our vision was to transform this underutilized industrial space in Calgary into a bustling industrial park and we are thrilled to see this vision come of life.”

Today, Icon has national and international tenants including:

* CHEP, a global supply-chain logistics services group;

* Robert Thibert Inc., an international automotive parts distributor;

* ABB Inc., a Fortune Global 500 robotics, power, heavy electrical equipment and automation technology provider;

* Rolf C. Hagen Inc, the world’s largest privately owned pet products manufacturer and distributor;

* and The Data Group, one of Alberta’s largest single graphics communications companies.

Most recently, Icon leased 42,700 square feet of office space to Energy Safety Canada, Canada’s oil and gas safety association.

That tenancy brought the building to 98 per cent occupancy and represented one of the top-10 suburban relocation deals in the Calgary office market since 2015, according to Colliers International.

“Hungerford brought their expertise, creativity, commitment and vision to Icon and as a result, it has performed well,” said Paul Marsden, executive VP and partner at Colliers.

“Icon is a quality asset in a great location and, in addition to providing quality service to its tenants, Hungerford has brought new life to the area through these additional businesses, their employees and clients.”

Calgary industrial attractive

Hungerford said the company sees Calgary as an attractive centre for a diversified portfolio as part of its Canadian strategy – particularly its industrial strategy.

“That’s what we’ve certainly invested in, in the Calgary market. We continue to hold that view,” he told RENX.

“So, while we might be a seller at this particular asset, we’re also a buyer in others and have bought and have been active buying in the last couple of years in Calgary. It’s a long-term view in the market.

“As we look ahead, we like the regional story of Calgary industrial and the value for tenants in the market. We expect to be participating in the industrial market going forward.”

Beside the Icon Business Park, the company currently is completing construction of the Icon Retail Centre which has about half of its space committed to leases. Construction will be complete in 2021.

The Icon Retail Centre includes two strip buildings on four acres of land comprising about 14,000 square feet. It is anchored by a Petro-Canada gas station.

Let’s block ads! (Why?)

Source link

Continue Reading

Real eState

Who knew a health crisis would spur on a Vancouver real estate boom? – News 1130



VANCOUVER (NEWS 1130) – Prices are up, and buyers are bidding. As the option of remote work continues, the demand for property is also continuing to rise.

One of the country’s leading brokerages says there is a real estate boom in Vancouver, and while low interest rates and pent-up demand are factors, the pandemic has helped fuel it.

Royal LePage CEO Phil Soper says the aggregate price of a Greater Vancouver home last quarter rose more than seven per cent to a little over $1.1 million.

RELATED ARTICLE: Vancouver office vacancy rates spike amid COVID-19, but well below national average

New data from Royal LePage finds more than half of Canada’s largest real estate markets have seen double-digit price growth over the last few months.

The brokerage says multiple offers have again become common and almost every detached home is attracting competitive bids.

Soper says 2020 was the strangest year of his career and that the term “recovery” is an understatement. He adds that, looking at fourth quarter results, he can state without hyperbole that the health crisis has triggered a real estate boom.

Let’s block ads! (Why?)

Source link

Continue Reading

Real eState

Top Real Estate News of the Week: January 11 to 15 – Toronto Storeys



Another week in Toronto has come to a close and, from January 11 to 13, real estate stories continued to take our desktops by storm. In fact, you may have struggled to keep up with it all!

And, let’s be real: everything — *gestures vaguely* — is a lot right now, so there’s a fair chance you don’t want to spend your weekend doom-scrolling, trying to catch up on all the latest news about what’s up, what’s down, and what’s not budging. In fact, we wouldn’t recommend it. (Who thought the change of the calendar year meant anything at all, really?)

To make your day a little easier, we’ve gathered up this week’s top articles and assembled them below. Consider this place your Toronto real estate news digest, where you can get the picture before you go outside to get some (socially distanced) fresh air.

With that, we’ll get right to it. Here are your top “storeys” for the week:

1. What Ford’s New COVID Measures Mean for the Ontario Construction Industry

As Ontario grapples with surging daily COVID-19 case numbers that are now threatening to swamp hospitals, Premier Ford announced new public-health measures aimed at slowing the spread of COVID-19, which includes new restrictions to the construction industry. The measures include a stay-at-home order, in connection with a province-wide state of emergency declaration.

Read More

2. Ford Government Approves Temporary Ban of Residential Evictions

With stay-at-home orders in place, the Ontario government has approved an emergency order that temporarily pauses the enforcement of residential evictions. This marks the second time in less than a year that the province has paused residential evictions. The government made the announcement Thursday morning, two days after Premier Ford declared the province was entering its second state of emergency as Ontario grapples with surging daily case numbers that are now threatening to swamp hospitals.

Read More

3. Canadians Believe More in the Housing Market Than the Overall Economy

Is this optimism? Despite the negative implications COVID-19 has had on nearly every business sector, it appears the pandemic hasn’t had an (lasting) effect on the the real estate industry. According to RBC’s latest edition of its Home Buying Sentiment Poll, Canadians still believe in the strength of the housing market — despite growing concerns of the overall economy.

Read More

4. Average Rent Prices in Downtown Toronto Are Now Less Than the GTA Average

“Never thought I would see this,” Realosophy Realty President John Pasalis wrote on Twitter. His words are paired with a visual, which shows that right now, downtown rents are priced lower than those across the city at large, as well as across the GTA. The core’s average rent price is $2,132, under Toronto as a whole at $2,152, and the GTA’s current $2,227 average.

But there’s more to rent prices than their at-a-glance averages.

Read More

5. Average 1-Bedroom Rent in Toronto Has Dropped Over 20% Year-Over-Year

In a similar vein to the above article, this week, Padmapper released its January national rent report, analyzing hundreds of thousands of listings last month to examine median rent prices across the 24 largest cities in the country. And where the country’s largest city is concerned? One-bedroom rents fell nearly 4% month-over-month, while rents are down over 20% year-over-year.

Read More

6. Who Gets the House? ‘Divorce Month’ Prompts Real Estate Questions

In news that’s both a bummer and important to know, the first month of the year is often known as ‘Divorce Month’ — pandemic or not. And COVID, along with all the increased time it’s forced people to remain together under one roof, has likely only added to the number of people now seeking separation from their partners. And while the initial decision to part ways is the first of a long list of decisions that must be made, what to do with a shared property is most often also hanging out at the top of that list.

Read More

7. Canadian Housing Market Already On Pace to Have Record Year in 2021: RBC

On Wednesday, RBC Senior Economist Robert Hogue released a new report looking at the current state of the country’s housing market, which Hogue believes is on pace to set more records amid the current unprecedented public health and economic challenges. The report begins with this sentiment: “in the end, the rollercoaster that was 2020 left Canada’s housing market more or less where it started the year: full of bidding wars, escalating prices and exasperated buyers unable to find a home they can afford.”

Read More

8. A Sprawling Winter Light Exhibit is Coming to Toronto’s Waterfront

Need some fresh air? We feel you. Starting this Friday, two new outdoor light exhibits will open to the public as part of Harbourfront Centre and The Waterfront BIA’s outdoor winter celebration of arts & culture: Site Alive | Winter Editionwhich will transform the 10-acre waterfront campus into a unique, immersive world of sensory experience.

Read More

Let’s block ads! (Why?)

Source link

Continue Reading

Real eState

15 Biggest Real Estate Companies in the World – Yahoo Finance



In this article, we are going to list the 15 biggest real estate companies in the world. Click to skip ahead and jump to the 5 biggest real estate companies in the world. The real estate industry is a big business that generates hundreds of billions of dollars of revenue annually, and there are plenty of opportunities for investors to make a profit. The real estate industry includes many aspects of a property, including all the development, valuation, marketing, sale, leasing, and management of commercial, industrial, residential, and agricultural properties.

If we come to think of it, real estate is a cyclical industry that responds to macroeconomic trends such as interest rates, population growth, and economic strength. Today, the real estate industry is one of the most highly profitable sectors of the U.S. economy and remains to provide opportunities for interested and motivated investors. But before that, the industry experienced a rollercoaster of events that marked the history of real estate in the country. Real estate rose in the post-World War II economic boom of the 1950s, plunged in the inflation-ridden 1970s, soared again in the early 1980s until the depression at the end of that decade, and became prosperous again by the end of the century.

Biggest Industries in AmericaBiggest Industries in America
Biggest Industries in America

Alexander Raths/

The global value of the real estate industry was rated at $6.9 trillion in 2018 and is expected to reach $8.7 trillion by 2026, with a compound annual growth rate (CAGR) of 2.8% from 2019 to 2026. COVID-19 pandemic has had a sudden impact on all aspects of people’s lives. The government-mandated lockdowns have directly impacted commercial real estate as offices and retail stores have closed down yet gave way to boost the tech and e-commerce industries during the pandemic. Check out the 15 best e-commerce stocks to buy now to include in your portfolio. Throughout the COVID-19 pandemic, the residential sector has established its position for resilience and stable operating cash flows.

Factors driving the growth of the real estate market include the growth of corporate outsourcing; rising capital investments to real estate; rapid urbanization and urban construction; the development of new technologies; and the need to build a more sustainable environment and to take immediate and effective measures to combat climate change. Our ‘new normal’ will take time to progress, yet promises a better future for the real estate industry.

The real estate industry transformed as the United States switched from an agricultural society to an industrial one. Check out the top 10 largest agricultural companies by revenue in the US for a detailed analysis of the agriculture market in the US. In 2019, the US was the largest market for real estate with market size of $3.41 trillion followed by Japan, the UK, and China. This explains why most of the real estate companies on our list are from the US. We created a list of the top real estate companies in the world and ranked them by their total revenue, market cap, assets, and the number of employees that we sourced from Forbes. Let’s check out the biggest real estate companies in the world starting at number 15:

15. Link REIT

Revenue: $1.3 billion

Market Cap: $18.5 billion

Assets: $29.6 billion

Number of Employees: 955

Headquarters: Hong Kong, HK

Link Real Estate Investment Trust operates a diversified portfolio of assets including shopping centers, parking spaces, offices, and retail real estate amounting to HK$195 billion. The company owns approximately 131 assets whereas 87% are in Hong Kong and 13% in four key Chinese first-tier cities. In 2020, Link REIT stepped its foot in the European market and announced its deal of purchase of 25 Cabot Square in London for $475 million. This deal was announced seven months after Link REIT’s first acquisition outside Hong Kong and Mainland China where the company purchased a 10-story A-grade office tower at 100 Market Street in Sydney, Australia for AU$683 million. The company will increase its exposure in Mainland China and the gateway cities of other major developed markets, such as Australia, Singapore, Japan, and the United Kingdom, due to their relative economic stability and liquidity, as well as transparent regulatory environments.

investing, investment, real, risk, market, loan, banking, business, sale, home, crash, loss, danger, problems, despair, credit, falling, gamble, model, housing, economy,investing, investment, real, risk, market, loan, banking, business, sale, home, crash, loss, danger, problems, despair, credit, falling, gamble, model, housing, economy,
investing, investment, real, risk, market, loan, banking, business, sale, home, crash, loss, danger, problems, despair, credit, falling, gamble, model, housing, economy,

Brian A Jackson/

14. Covivio

Revenue: $1.4 billion

Market Cap: $5.5 billion

Assets: $29 billion

Number of Employees: 937

Headquarters: Paris, France

Covivio SA, which used to be known as Fonciere des Régions SA, is a French real estate investment trust company with a diversified portfolio of office real estate assets. Covivio specializes in designing and developing attractive offices (3.3 million m² of office space in France, Italy, and Germany), multi-service hotels (350 hotels), and residentials (41,000 residences).

Copyright: vikalipa / 123RF Stock Photo

13. Healthpeak Properties (NYSE: PEAK)

Revenue: $2 billion

Market Cap: $15.33 billion

Assets: $14 billion

Number of Employees: 204

Headquarters: Irvine, CA

Healthpeak Properties, Inc. is a real estate company that invests primarily in commercial property that serves the health care industry in the United States. The company acquires, develops, leases, sells, and manages healthcare real estate and provides mortgages and other financings to health care providers. Healthpeak’s consolidated investment portfolio consists of approximately 615 properties.

12. AvalonBay Communities (NYSE: AVB)

Revenue: $2.3 billion

Market Cap: $21.93 billion

Assets: $19.1 billion

Number of Employees: 3,122

Headquarters: Arlington, VA

AvalonBay Communities is one of the biggest real estate companies in the world engaged in the development, acquisition, ownership, and operation of multi-family communities. In 2020, AvalonBay Communities owned or held a direct or indirect ownership stake in 294 commercial properties with 86,676 apartment properties in 11 states, primarily New England, New York/New Jersey, Mid-Atlantic, Pacific Northwest, Northern and Southern California, and the District of Columbia.

AvalonBay Communities Inc (NYSE:AVB)AvalonBay Communities Inc (NYSE:AVB)
AvalonBay Communities Inc (NYSE:AVB)

11. Lundbergs

Revenue: $2.7 billion

Market Cap: $10.5 billion

Assets: $18.7 billion

Number of Employees: 3,259

Headquarters: Stockholm, Sweden

Stockholm-based real estate tycoon Lundbergs AB operates as a parent company and a contractor for other commercial enterprises, including real estate leasing. The company also offers equity and securities trading, as well as forestry and paper manufacturing. The real estate sector is consists of approximately one million square meters of the leasable area across 132 properties. The area consists of approximately 50% of the residential units and the rest of the premises are commercial premises which are mainly office and retail space, but also educational facilities, gyms, film theaters, warehouses, and industrial premises.



10. Public Storage (NYSE: PSA)

Revenue: $2.9 billion

Market Cap: $38.68 billion

Assets: $11.8 billion

Number of Employees: 5,900

Headquarters: Glendale, CA

Public storage is one of the world’s largest real estate companies engaged in the acquisition, development, ownership, and operation of self-storage facilities. The self-storage company started offering its facilities in 1972 and since then Public Storage has grown with thousands of locations in the US and Europe. The company also provides more than 170 million net, profitable square feet of real estate.

Public Storage (NYSE:PSA)Public Storage (NYSE:PSA)
Public Storage (NYSE:PSA)

9. Boston Properties (NYSE: BXP)

Revenue: $3 billion

Market Cap: $13.95 billion

Assets: $21.8 billion

Number of Employees: 760

Headquarters: Boston, MA

Boston Properties is one of the largest owners, managers, and investors of Class A office properties in the United States, with a major presence in five markets: Boston, Los Angeles, New York, San Francisco, and Washington, DC. The firm operates a diverse portfolio of primarily Class A office spaces totaling approximately 48.4 million square feet and consisting of 164 office properties, 5 retail properties, 5 residential properties, and a hotel. The Company has a record in developing premium Central Business District office buildings, new suburban centers, and construction projects for the U.S. government and a diverse array of highly leveraged tenants.

Boston Properties, Inc. (NYSE:BXP)Boston Properties, Inc. (NYSE:BXP)
Boston Properties, Inc. (NYSE:BXP)

8. Digital Realty Trust (NYSE: DLR)

Revenue: $3.2 billion

Market Cap: $36.78 billion

Assets: $23.1 billion

Number of Employees:

Headquarters: San Francisco, CA

Digital Realty Trust is the 8th largest data center provider in the world. Digital Realty Trust, Inc. works as a real estate investment trust engaged in the provision of the data center, placement, and interconnection solutions. Digital Realty supports the network infrastructure, configuration, and interconnection strategies of customers around the world, ranging from cloud and information technology services, communications and social networking, financial services, manufacturing, energy, healthcare, and consumer products. Digital Realty Trust owns over 280 data centers in over 20 countries around the world.

DLR Most Expensive Computers In the WorldDLR Most Expensive Computers In the World
DLR Most Expensive Computers In the World

Carol Gauthier/

7. Prologis (NYSE: PLD)

Revenue: $3.5 billion

Market Cap: $69.97 billion

Assets: $55 billion

Number of Employees: 1,712

Headquarters: Denver, CO

Prologis runs as an industrial real estate investment trust and operates and develops storage services as well as logistics facilities. The company is involved in the ownership and development of logistics properties and also includes rental income, recoveries, and expenses recognized from its consolidated properties. Prologis also operates a strategic capital segment, which represents the management of co-investment undertakings and other unconsolidated entities. The company owns 976 million square meters of modern logistics space and 4,679 facilities in 19 counties.

Prologis Inc (NYSE:PLD)Prologis Inc (NYSE:PLD)
Prologis Inc (NYSE:PLD)

6. Welltower (NYSE: WELL)

Revenue: $5.1 billion

Market Cap: $25.53 billion

Assets: $33.4 billion

Number of Employees: 443

Headquarters: Toledo, OH

Welltower, Inc. is committed to providing health care infrastructure and investing in senior housing operators, post-acute providers, and health systems. The company also offers assisted living facilities, independent living/continuing care retirement communities, care homes, self-supporting living facilities, nursing care homes in the United States, the United Kingdom, and Canada.

Click to continue reading and see the 5 biggest real estate companies in the world.

Suggested articles:

Disclosure: No position. 15 biggest real estate companies in the world is originally published at Insider Monkey.

Let’s block ads! (Why?)

Source link

Continue Reading