WINNIPEG, Dec. 10, 2012 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.UN) (“Artis” or the “REIT”) announced that it has recently acquired $44.9 million of industrial and retail properties in Western Canada and in Ontario’s Greater Toronto Area (the “GTA”), and has entered into unconditional agreements to acquire two additional Western Canadian properties for an aggregate of $47.3 million.

“2012 has been an active year for Artis, with approximately CAD$697 million and US$289 million of accretive acquisitions closed during the year, and several more deals tied up now, which we anticipate will close in 2013,” said Armin Martens, CEO of Artis REIT.  “However, contrary to recent news reports out of the U.S., we are not going firm on the acquisition of the IDS Center in downtown Minneapolis; the IDS Center is not a property Artis has under contract or Letter of Intent.”

See the full release HERE.

Kevington Building Corp. is seeking approval from the District of North Vancouver today to build a 3-storey commercial and office building at 3053-3059 Edgemont Boulevard, at the corner of Queens Road. The project, named Edgemont Commons, is on the site currently built as a strip retail plaza occupied by North Shore Credit Union. NCSU will be the anchor tenant in the new development. Three more retail units are proposed on the ground floor and twelve office units are proposed for the second and third storeys. Vehicle access will be provided via the rear lane west of the property. 46 parking stalls in two levels of underground parking are proposed.

The total building height to the top of the roof is 44.5 feet in compliance with the CD-65 zone.

With hotel plan gone, Onni favours offices.

At first it was going to be a hotel, then the plan was to build an office tower.

Now Port Moody residents will get their say on a major development slated for the Suter Brook site at an upcoming public hearing.

The Onni Development Corp. has applied for a land-use contract amendment that would allow the company to build a nine-storey office tower at 220 Brew St., on the south side of Suter Brook Way where it meets Ioco Road.

Courtesy CBC

Ian Gragtmans of Colliers Toronto joins Kevin O’Leary and Amanda Lang on CBC to discuss REITs.

View the discussion HERE.

Courtesy The National Post

“While the housing market languishes, investment activity in commercial property continues to be red hot, with a $500-million deal for Standard Life’s real estate portfolio the latest on the horizon.

By some definitions, this could make 2012 the best year ever for commercial property sales — a year in which the Bank of Nova Scotia sold its head office for a record-breaking $1.27-billion.

Postmedia News has learned that Montreal-based Standard Life is selling a major Toronto office along with three other properties in Montreal, Calgary and Edmonton in what would be the third-largest deal of the year.

Standard Life spokeswoman Ann-Marie Gagné confirmed the sale of the two buildings in Alberta, but would not disclose the purchase price. The two had been part of a deal for a four-piece portfolio but it has since been broken up into two transactions.”

View the full article HERE.