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.

From the Globe and Mail:

A consortium led by KingSett Capital is making an all-cash $4.4-billion hostile offer for Primaris Retail Real Estate Investment Trust. The proposed deal is believed to be the biggest ever takeover offer for a publicly listed Canadian REIT.

The consortium includes the Ontario Pension Board. Primaris owns indoor malls and has no large controlling shareholder. KingSett Capital bills itself as Canada’s leading private equity real estate investment firm.

If successful, the Primaris properties would be broken up, with RioCan Real Estate Investment Trust, Canada’s biggest shopping mall manager, grabbing $1.1-billion worth. That would include five regional malls and three open shopping centres anchored by grocery outlets.

Read more: http://www.theglobeandmail.com/globe-investor/kingsett-led-group-launches-44-billion-hostile-bid-for-primaris-reit/article5991047/

Primaris REIT’s Portfolio can be viewed here.

B.C. Assets include:

• Aberdeen Mall in Kamloops, 461,000 SF
• Driftwood Mall in Courtenay, 232,000 SF
• Orchard Park in Kelowna, 712,000 SF
• Woodgrove Centre in Nanaimo, 748,000 SF
• Westbank SC in Kelowna, 74,000 SF

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.

A 14-unit apartment building in the Kitsilano area of Vancouver has sold for $2,990,000, or $214,000 per unit and a cap rate estimated to be approximately 4.25%. The Afton Apartments is located at 2045 Maple Street, at the corner of 5th and Maple. The purchaser is Headwater Projects a local private equity firm.