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This morning's big announcement that Target Canada will anchor One York with a massive 145k SF store is only one part of US retailers' unabated appetite for a Canadian retail presence.  We chatted with RKF Canada president Steven Alikakos (right, with RKF CEO Robert Futterman), whose firm is finalizing a move into 3,000 SF of new brick-and-beam offices on King Street just west of Portland (it'll take its new digs May 1). RKF—a US-based retail leasing, sales, and consulting service—expanded to Canada in December. Interest among US and international companies looking to expand into Toronto just keeps growing, he says.  RKF specializes in urban retail, particularly among mid-range to high-end luxury tenants. “Toronto is the fourth-largest metro centre in North America,” he says. “There is something going on up here.” (There must be something in the bottled water... it's only $3.99/pack at Target.)  His day was spent showing an interested party from Vancouver a space at Allied's QRC building (above; the company would be first to market). RKF's relationship with major American retailers means the lines of communication between landlords with listings here and the US-based brands looking to expand their retail presence here is more seamless, Steven says. “There are more leads and interest in Canada than I've ever imagined.” |
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Yorkdale's Million Dollar Security Boost Yorkdale Shopping Centre is getting a major upgrade, with news that $3.4M (or the price of two pairs of jeans) is being invested in a new security surveillance system. Oxford Properties director of retail Anthony Casalanguida wants to make the mall “a very undesirable place for criminal activity.” Last year was a difficult year; one man was killed in a shooting and another sent to the hospital.  The new system includes complete 360-degree coverage, high-res images, and trained security officers monitoring live feeds 24/7. Yorkdale recently underwent a $220M expansion, growing to 1.6M SF of retail space. |
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REITs Not For Everyone |
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 Canadian Tire and Loblaws Cos jumped into the publicly traded REIT sector with both feet in 2013. CBRE chairman John O'Bryan tells us the thing you have to keep in mind is that CT and Loblaws have large-sized SF portfolios, great covenants, and long-term leases. (The 36-24-36 of real estate.) |
 The quantum of dollars was very large and they were able to “control a good chunk of the real estate through the REIT,” John says. It's more difficult for smaller retailers or retailers with lots of locations but smaller units to make the numbers work. This is not a trend you will see people flocking into, because it's a “high-level game with three or four hurdles you have to cross to get there—although lots of people have looked at it,” he says. |
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Real Estate's Top Golfers?Warmer temperatures are on the way (knock on 3 wood) and the Masters is fast approaching. So we're compiling a list of Toronto real estate's top golfers and want to hear from you. Send us your nominations for the best golfers in the biz, whether your pick is a short game whiz like Phil Mickelson or a zen master like Ty Webb. |
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