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PIRET focuses on Toronto, Vancouver, Montreal – Real Estate News EXchange



PIRET is now leasing this new, almost 300,000-square-foot industrial facility at 75 Venture Dr. in Toronto. (Courtesy PIRET)

The redevelopment of a property in East Toronto is the latest result of Pure Industrial Real Estate Trust‘s (PIRET) strong focus on its three primary markets, Vancouver, Montreal and the Greater Toronto Area.

PIRET acquired the 14.82-acre site and existing 150,000-square-foot DuPont manufacturing plant in July 2017 for $16.1 million in cash. It leased the facility back to DuPont through January 2018, before demolishing the building and enlisting Hopewell Development to redevelop the site on a speculative basis.

There’s now a 295,087-square-foot facility with 36-foot clear heights at 75 Venture Dr., near the northeast corner of Morningside Avenue and Sheppard Avenue East.

PIRET liked the location for several reasons: access to public transit; an available local labour force and warehouse wages lower than some other Greater Toronto Area (GTA) submarkets; and a lack of quality competing industrial buildings in the area.

No pre-leasing for 75 Venture Dr.

“The acquisition price with the existing building, plus demolition, is lower than what the land is trading at today on a stand-alone basis,” PIRET chief operating officer David Owen told RENX. “It was our decision not to pre-lease it mainly because of the way the market has been moving.”

Now that the building is up and running, Avison Young has been brought on board to target logistics, e-commerce and warehouse users.

A lease rate of $10 per square foot was recently posted. For comparison sake, Avison Young said in its most recent Q3 2019 Toronto industrial report average asking industrial rents in Toronto were $8.95 per square foot – a rate that had risen rapidly through the year.

While PIRET is open to single or multiple tenants at 75 Venture Dr., the preference is to lease it all to one company.

“We really don’t see a discount on rent for a single tenant versus a multi,” said Owen. “We’re patient enough to know that there’s probably demand on a larger scale, given the lack of big-box space in Scarborough.”

Montreal portfolio acquired from HOOPP

In other recent developments PIRET purchased an 11-property, 1.5-million-square-foot portfolio of warehouses, distribution centres and logistics buildings in the Greater Montreal Area from Healthcare of Ontario Pension Plan (HOOPP) for $249 million last September. Owen said the integration of those properties has been going well.

“Given the lack of availability and given the lack of speculative construction and supply, a class-A portfolio like HOOPP’s really positions itself to attract large-bay major distributors. That’s why we targeted it and paid what we paid, and why it’s so exciting for us.”

The properties are well-located, with the majority on the island of Montreal, and were largely built in the early 2000s. All of the buildings have 28-foot-plus clear heights and some have heating- ventilation- and air-conditioning-controlled interiors.

Availability of industrial properties is at an all-time low in Montreal, but rents haven’t yet seen a significant spike. Owen views Montreal as being earlier in its cycle than Toronto and Vancouver, but sees parallels between the three markets.

CBRE was enlisted to assist with leasing the portfolio.

“Leasing has been going well,” said Owen. “We don’t have a lot of interim rollover but, with the ones that have rolled, there’s been positive momentum.

“Given that the market is still in early innings, there’s always a pause for tenants, but we’re going to stick to our strategy. We really believe in the real estate.”

PIRET’s move out of Alberta

Toronto-headquartered PIRET sold a 3.3-million-square-foot Alberta portfolio for $588 million to Summit Industrial Income REIT in November.

It included 37 single- and multi-tenant light industrial properties (22 in Edmonton, 14 in Calgary and one in Grand Prairie) and a 12,649-square-foot parcel of leased land in Edmonton.

“That was in line with our broader strategy of targeting infill, highly land-constrained cities in Canada, which is really Toronto, Montreal and Vancouver,” said Owen. “In Vancouver it’s difficult to find opportunities due to the size of the market. But, Montreal is certainly a focus and Toronto will always be a focus of ours just because of how large it is.

“The majority of opportunities that we see across our desks, being located downtown, are in Toronto.”

Owen said PIRET has a very strong deal pipeline in its three target markets.

“Our internal leasing presence really helps to facilitate that among the industrial brokers in the communities that we actively participate in. As we continue to expand those relationships, opportunities breed other opportunities.

“That’s really important for us and we can’t thank our key brokers enough for that.”

PIRET had a portfolio of 159 properties encompassing 27.2 million square feet at the end of 2019.

Benefits of PIRET going private

An affiliate of Blackstone Property Partners partnered with Caisse de dépôt et placement du Québec subsidiary Ivanhoé Cambridge to acquired the formerly publicly traded PIRET for about $3.9 billion in May 2018.

Blackstone and Ivanhoé Cambridge own 62 per cent and 38 per cent, respectively, of PIRET.

Owen said PIRET has made more than $1 billion in acquisitions in Toronto, Montreal and Vancouver since going private and has probably been Canada’s largest industrial property purchaser over that time.

“They’re extremely knowledgeable about industrial warehouse space and are one of the largest owners in the world,” Owen said of Blackstone, which is active in North America, Europe, Asia and Australia.

“We’re going to continue to execute on our business plan to be a rent leader, but also to hopefully be viewed as a top-tier landlord.

“Going from public to private really allows us to be more flexible with our capital. As a public REIT, we were really focused on occupancy and AFFO growth, which really meant minimizing your capital spend.”

Owen said PIRET is now looking at things from a total return perspective. It is spending “significant amounts of capital” on its buildings and customer service to attract quality tenants and keep them happy, while also getting the best rents possible.

More emphasis on development

The move from public to private ownership has also made development a higher priority for PIRET. It has an active development pipeline worth more than $500 million.

“That’s really a function of our knowledge of land costs and construction costs and where we want to be within our core markets,” said Owen. “We don’t have in-house construction or development, so we really rely on our partners and on brokers to bring us opportunities.”

PIRET just finished developing a 107,590-square-foot warehouse with a 32-foot clear height at 980 Thornton Rd. in Oshawa, just east of Toronto. CBRE has already leased 21,518 square feet of the building.

PIRET owns a 20-acre site in Vancouver and another site at 260 Eighth St. in the Toronto suburb of Etobicoke that will be developed further down the road.

“We’re actively looking at other stuff in the GTA right now,” said Owen. “The development pipeline is strong.

“Our core focus is always going to be existing buildings in infill markets, but if we can acquire land at a reasonable price and we feel we can substantially increase rents, we’re going to execute.”

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Best Real Estate Shares Five Ways To Increase Trust In Your Ad Campaigns – Net Newsledger



When it comes to online advertising, gaining the trust of your audience is critical. If people don’t trust you, the experts at Best Real Estate in Tampa, Florida, say they won’t buy from you. This article will discuss five ways to increase your ad campaigns’ trust and boost sales!

Trust is essential for ad campaigns because it helps connect the advertiser and the consumer. When consumers see an ad, they need to trust that the advertised product or service is legitimate and that they won’t be ripped off if they purchase it. This can be difficult for advertisers, as many unscrupulous companies are more than happy to take advantage of unsuspecting consumers.

However, Best Real Estate experts say a few things advertisers can do to help build trust with their audience. First, they can be transparent about their product or service, clearly explaining what it is and how it works. Second, they can use testimonials from satisfied customers to show that their product or service delivers on its promises. Finally, they can provide a money-back guarantee to show that they stand behind their product or service. By taking these steps, advertisers can help build trust with their audience and ultimately increase sales.

In the past, advertisers have not been entirely transparent about how they create and place ads. As a result, there has been a lot of mistrust between brands and consumers. However, increased transparency will help to increase trust in advertising campaigns. When consumers understand how ads are created and placed, they are more likely to trust the campaign and the brand.

Additionally, Best Real Estate professionals say transparency helps build relationships between brands and consumers. When brands are open and honest about their advertising, consumers are more likely to feel closer to the brand and be more likely to purchase its products. Therefore, transparency is essential for increasing trust in ad campaigns.

Another way to increase trust in your ad campaigns is to use customer reviews. Customer reviews are a form of social proof, which is when people see that others are using and enjoying a product, they are more likely to want to use it themselves. Therefore, by featuring customer reviews in your ads, you can show potential customers that your product or service is trustworthy and worth their time.

Additionally, customer reviews help to build credibility for your brand. When potential customers see that other people have had positive experiences with your brand, they are more likely to trust it and be willing to try its products.

As mentioned above, social proof is essential in increasing trust in ad campaigns. Social proof is the idea that people are more likely to trust a product or service if they see that others are using and enjoying it.

One way to create social proof for your ad campaign is to feature testimonials from satisfied customers. Testimonials are a great way to show potential customers that your brand can be trusted and that you have happy customers.

Another way to create social proof is to show media mentions of your brand in your ads. If you’ve been featured in any news articles, magazines, or other publications, mention it in your ad! This will help increase trust by showing potential customers that your brand is credible and has been noted by reputable sources.

You can create social proof and increase trust in your brand by featuring testimonials and media mentions in your ad campaigns.

Ad campaigns can be a great way to promote your product or service. However, ensuring that your ad campaigns are adequate is essential to get the most return on investment. There are a few key things to keep in mind when creating ad campaigns:

Define your target audience

Who are you trying to reach with your ads? When you know your target audience, you can create ads that are more likely to resonate with them.

What are you trying to achieve with your ad campaign? Are you looking to increase brand awareness, drive traffic to your website, or generate sales? When you know your goal, you can create ads that are more likely to achieve it.

Where will you be placing your ads? There are various advertising platforms, each with its strengths and weaknesses. You’ll need to choose the medium most likely to reach your target audience and help you achieve your goal.

By following these tips, experts at Best Real Estate say you can create ad campaigns that are more likely to succeed. Keep these things in mind as you complete your next marketing campaign!

Ad campaigns can be a great way to promote your product or service. However, ensuring that your ad campaigns are adequate is vital to get the most return on investment. When creating ad campaigns, the key things to remember are defining your target audience, determining your goals, and choosing the right platform. By following these tips, you can create ad campaigns more likely to succeed.

Best Real Estate is a company focused on providing innovative marketing solutions for real estate professionals. For more information on their products and services, please visit the official site at

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B.C. real estate prices dip for fourth straight month – Business in Vancouver



Compared to last summer, prices are still up 3.6% in B.C. | Photo via Artie Photography (Artie Ng) / Getty Images

B.C. real estate prices have fallen for a fourth straight month, shaving about 4% off their value from June, transaction statistics show.

Average home sale prices across the province are now down 15.7% in July — sitting at about $920,000 — as compared to the market’s latest peak in March, when the average price was nearly $1.1 million.

Prices in the Fraser Valley have fallen the most of any region in B.C. since March — 20.5%, as the average unit now sells for just over $1 million.

“High mortgage rates continued to lower sales activity in July,” said BC Real Estate Association chief economist Brendon Ogmundson Thursday in his monthly market update for July.

“Many regions around the province have seen sales slip to levels well below normal for this time of year,” added Ogmundson.

Compared to last summer, prices are still up 3.6% in B.C.; however, prices are trending to a point where they will soon see a year-over-year decline, after peaking at 24.9% gains in March.

Active July listings of 31,386 remain below the estimated 38,000 needed for long-term market balance. Last July there were 24,473 listings.

Sales volume is down 42% year over year, from $8.6 billion worth of transactions in July 2021 to $5.2 billion last month. More properties sold in B.C. last January (6,138) than they did in July (5,572).

Chilliwack and the Fraser Valley saw the biggest drops in year-over-year sales, with declines of 57% and 50%, respectively.

The association noted that as the pace of sales activity declines below normal levels, inventory is accumulating.

“Inventories remain quite low, but the slow pace of sales has tipped some markets into balanced or even buyers’ market territory,” stated the association.

In an effort to curb inflation, sitting at 8.1% in June, the Bank of Canada has increased interest rates from 0.25% in January to 2.5% in July and another rate hike is expected Sept. 7. The bank has stated it is targeting a 3% or 3.25% rate by the end of the year, which will further erode homebuyers’ qualifying levels.

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Real estate downturn could be good news for Sault home buyers – SooToday



RBC – Canada’s largest bank – foresees the country’s real estate bubble popping with a big downturn in both sales and prices.

With inflation pushing lending rates up, those rising rates are expected to cool down the real estate market.

As reported earlier, local home sales were down significantly in July as compared to July 2021 but the average price was still up at $320,314 – a 20.3 per cent increase from last year.

While RBC forecasts the overnight rate will climb to 3.25 per cent by October, the bank and real estate industry experts see the anticipated downturn in prices as a correction and a welcome change.

“What we’re experiencing in Sault Ste. Marie is more of a market stability, which to me is a good thing because it’s allowing buyers to have a little more power to buy a home,” said Jonathan Mogg, Sault Ste. Marie Real Estate Board president. 

That could turn out to be good news for first time home buyers in the Sault, some of whom lamented back in March that out of town home buyers, many from southern Ontario, were paying big money for homes in the Sault, those buyers either GTA residents eager to relocate away from the hustle and bustle or absentee buyers purchasing Sault homes and renting them out.

That trend squeezed out many Sault residents desiring to buy a house in their hometown.

“That seems to be cooling off,” Mogg told SooToday.

“Big time investors will always be in play, people who are in southern Ontario and decide that they want to invest in housing but can’t afford that market so it’s been pushing those kinds of people up north. But we’re noticing that with the interest rates going up there’s a lot less of those types of investors entering the local market, so that’s positive.”

“It’s kind of hit a point where a lot of people have cooled off on the idea of investing in housing so that’s good for the local people because now they’re starting to have a chance at buying a home again,” Mogg said.

“What I’m noticing is that a lot of buyers who were previously disillusioned are starting to come out of the woodwork and getting excited about trying to buy a house again. That’s awesome because these are people who had tried previously and the market was just too hot for them at the time. Now they’re seeing things cool off a little bit so it’s spurring them to say ‘okay, now’s the time I’m actually going to buy a house, this is it.’”

“It’s good to see that,” Mogg said.

Mogg said renting a home is still an option for those who can afford it because the average three bedroom bungalow in Sault Ste. Marie’s price is approximately $320,000 – making it hard for anyone with a budget under that amount.

That can cost between $1,500 and $2,000 a month.

That’s not the best option for most people, but the option is there for those who have the cash.

As far as apartment rentals are concerned, rates for two bedroom apartments in the Sault cost at least $1,300 a month.

Though realtors naturally prefer people to buy homes as opposed to renting them or renting apartments, Mogg said “it goes beyond a professional thing. Being a member of this community I want everybody to have the chance to have good quality housing.”

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