Canada’s Largest Furniture Retailer Gets Into Homebuilding

Leon’s Furniture Is Looking to Build 4,000 Houses on 40 Acres in Toronto

Canada’s largest furniture and appliance retailer is getting into the homebuilding business.

Toronto-based Leon’s Furniture has moved closer to developing a master-planned community on 40 acres that could eventually house 4,000 homes.

The chain, which has 303 retail stores across Canada under various banners, said the parcels of land at 45 and 88‐100 Gordon Mackay Road and 11 and 35 Subtract Road have received approval from the Ontario government that would allow residential, commercial and retail use from the current zoning as employment lands.

“Rezoning this large parcel of land creates an unprecedented and historic opportunity for the city of Toronto and the company,” said Michael Walsh, president and chief executive of Leon’s Furniture, in a statement. “By establishing more density as part of a multi-year, multi-phase development, we will be helping to meet the overwhelming demand for additional housing within the city while generating substantial value for LFL shareholders.”

Canada Mortgage and Housing Corp., the Crown advising the federal government on housing, has called for an additional 3.5 million homes to be built nationwide by 2030. That is above the current pace of construction.

Leon’s Furniture will now need to complete a secondary plan with the city of Toronto, and the company expects that to be done by mid-2025.

The first phase of the development will focus on building a new flagship retail store and corporate headquarters on the site. The company’s home office has been on the parcel since it went public on the TSX in 1969.

The proposed community is located near two major 400 series of highways, bordered by Highway 401 to the north, Highway 400 to the west-southwest, and Jane Street to the east.

Following the first phase, Leon’s will work on plans for the 4,000 homes, including town houses, mid- and high-rise buildings, and community spaces.

The furniture company, which has retail showrooms and large-scale distribution centres across Canada, said it would partner with developers to co-lead the project.

The company has promoted its land inventory, which it has described as undeveloped and points to 429 acres with development upside on multiple properties.

In May 2023, Leon said it intended to create a real estate investment trust that could hold its 5.2 million-square-foot portfolio. It has explored an initial public offering but plans to maintain a majority stake.

Source CoStar. Click here to read a full story.

US Ice Cream Brand Warms Up to Canada Expansion

Fat Brands To Add 40 Marble Slab Creamery Locations North of Border

Los Angeles-based Fat Brands is betting that Canadians want more frozen treats with the company’s plans to expand its Marble Slab Creamery chain north of the border.

Fat Brands, which owns 18 restaurant brands that include Johnny Rockets, Fatburger and Twin Peaks, said it is partnering with Canadian Ice Cream Co. in a development deal to open 40 franchised Marble Slab locations in Canada over the next decade. The first of the new locations is slated to open by the end of 2024.

The deal will boost the number of Marble Slab stores in Canada to 140 from 100 locations today, according to a statement. Terms of the development deal were not disclosed.

“We are very pleased with the continued market growth in Canada” of Marble Slab, said Taylor Wiederhorn, chief development officer of Fat Brands, in a statement.

The expansion is just the latest by an American restaurant chain targeting growth in Canada. Two American retail sandwich chains — Jersey Mike’s Subs and Jimmy John’s — announced plans last month to expand into Canada, representing both brands’ first international expansions.

The ideal space for a Marble Slab location is between 500 square feet and 1,800 square feet, according to the company’s website.

Marble Slab was started in Houston in 1983 and introduced to Canada in 2003 in Calgary. The ice cream company now has stores across the country in British Columbia, Yukon, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia.

“We continue to expand the concept across Canada and the world,” said Wiederhorn with Fat Brands.

Source CoStar. Click here to read a full story.

First Capital Makes Another $116 Million in Asset Sales

Toronto REIT Almost Two-Thirds of Its Way to $1 Billion Disposition Target

Toronto-based First Capital REIT, one of Canada’s largest retail landlords, has sold another $116 million in assets as part of a plan to sell $1 billion in property.

First Capital, the owner of interests in 22.3 million square feet of gross leasable real estate, first announced its portfolio optimization plan in 2022 with an eye on reaching its sales target in 2024.

To date, First Capital has completed or has under firm agreement approximately $633 million of dispositions under the plan at an average premium to its carrying value under International Financial Reporting Standards, or IFRS, of 21%.

“Our investment team had an outstanding year executing the plan,” said Adam Paul, chief executive of the REIT, on a call with analysts Wednesday. “We can sell the right assets for FCR at big prices.”

The $116 million of new dispositions are subject to firm agreements but include a 50% interest in the Royal Orchard development site, located in Thornhill north of Toronto, the 68-suite Circa Residences in Richmond, British Columbia, a 41.7% interest in 1071 King St. W, in Toronto — reducing the REIT’s interest to 25% — and a small medical office building at 71 King St. W in Mississauga, outside Toronto.

The property sales are subject to all-cash purchase agreements with closing dates from January to March.

For the fourth quarter that ended Dec. 31, First Capital had net income of $173.8 million, compared to $42 million a year earlier. The value of the REIT’s investment properties jumped by $167.6 million in the quarter as demand for retail expanded post-pandemic.

The REIT saw occupancy jump to 96.2% from 95.8% for the same period a year earlier. First Capital also reached an all-time high average in-place rent of $23.34 per square foot.

“There has been almost no new supply of grocery-anchored centres for several years,” said Paul, noting on the call that Canada’s population has continued to climb, driving people to malls. “Fundamentals are solid, and we expect that to continue.”

Michael Markidis, an analyst with BMO Capital Markets, agreed the results were “solid” and expects the company’s leasing momentum to carry into 2024.

Source CoStar. Click here to read a full story.

Allied Properties REIT Takes $500 Million Loss Amid Writedowns

Toronto-Based Office Landlord’s CEO Sees Inflection Point in Office Market

Allied Properties Real Estate Investment Trust recorded an almost $500 million loss in the fourth quarter as the Toronto-based office REIT took writedowns on its assets in Canada’s four largest cities by population.

The firm said operating income from continuing operations was $82 million, up 6% from the same quarter last year. Still, the REIT recorded a $70 million loss in fair value on investment property in Toronto and Montreal and a $425 million loss on rental property valuations in Toronto, Montreal, Calgary and Vancouver, to contribute to a $499 million net loss for the period that ended Dec. 31.

“We believe in Canada’s future, and much of the economic and cultural future is concentrated in our cities. While far from perfect, our cities continue to thrive and demonstrate resiliency. We’re confident they’ll continue to attract a disproportionate share of global talent, which drives economic and cultural growth and evolution,” said Cecilia Williams, CEO of Allied, in a conference call with analysts Thursday.

Allied expressed confidence in the REIT’s portfolio even as reports revealed office vacancies hit an all-time high nationally in the last quarter.

“We’re heading into 2024 with a lower level of economic occupancy than we’ve ever had. While confident that our leasing activity will translate into improved economic occupancy over the course of 2024, the timing is difficult to predict,” said Williams.

Mark Rothschild, an analyst with Canaccord Genuity, said the outlook for the REIT remains challenged, and investors seemed to agree as shares of the REIT traded down $1.74, or 8.91%, to $17.78 on the first day of trading following the results, which were released after the market closed Wednesday.

“While management previously indicated that occupancy should improve in 2023, due to continued soft demand for leasing office space, this was not achieved,” said Rothschild in a report to investors that noted the REIT’s occupancy rate declined to 86.4% at year-end, compared to 86.8% in the third quarter of 2023 and 89.6% in the fourth quarter of 2022.

The analyst lowered his net asset value per unit to $20.25 from $22 after Allied’s earnings were released. Rothschild noted the REIT’s International Financing Reporting Standards dropped net asset value 8.5% to $45.60.

Allied’s CEO maintains leasing is improving and told analysts that the productivity of the portfolio increased for the 18th consecutive quarter, and lease renewals had healthy spreads compared to in-place rents.

“We believe we’re at an inflection point and that leasing momentum, which accelerated in the last quarter of 2023, will continue through the coming year,” said Williams during the REIT’s call with analysts.

Jonathan Kelcher, an analyst with TD Securities, expects continued near-term volatility in Allied’s share price.

“We believe (the change in share price) is currently more sentiment-driven than based on fundamentals,” said Kelcher, who called the drop in the share price an overreaction.

“It was not surprising to us that 2024’s outlook would be more uncertain than in previous years (which our estimates already reflected) with a higher/more volatile interest rate environment extending the decision-making time frame on what are large, multi-year capital commitments by tenants. We were encouraged to hear that activity remains robust with touring activity up yearly.”

Brad Sturges, an analyst with Raymond, wondered in a note about Allied’s development loan exposure to Vancouver-based Westbank Corp. and called it a near-term investment risk.

“Media outlets have recently published that Westbank Corp. faces litigation for unpaid bills for several ongoing projects with various construction and trade groups,” Sturges said in a note that pointed to joint ventures with Westbank for four projects in Vancouver and Toronto with outstanding credit facilities and development loans of about $500 million as of Dec. 31.

Allied has told media outlets it faces no insolvency issues.

Sturges said Allied’s “balance sheet (is) in a good position to fund its ongoing development and upgrade capital commitments.”

Source CoStar. Click here to read a full story.

One of Toronto’s Oldest Buildings Set to Change Hands

Local Group To Buy Historic Flatiron Building for $15.4 Million

One of Toronto’s oldest buildings is about to change hands with a local buyer group set to pay $15.4 million to purchase the Gooderham Flatiron Building at 49 Wellington St. E, according to a source with knowledge of the pending sale.

George Gooderham built the historic red brick building, which dates back to 1892, and it originally housed the head offices of Gooderham & Worts Distillery until 1952. The property was sold by the Gooderham estate in 1957.

CoStar data lists the current owner as Toronto-based real estate development firm Commercial Realty Group. The Flatiron Building is one of eight properties profiled on the company’s website.

“Thanks to Commercial Realty Group’s passion for preserving the past and empowering the future, the firm has rescued numerous properties from being lost to time and neglect, and potentially experiencing a radical modernization, or being demolished with disregard for the historical integrity of our province,” the real estate company says on its site.

The president and founder of Commercial Realty Group is Clayton Smith, who started his career with Oxford Properties Group.

Commercial Property Group could not be reached to comment.

Tenants in the building include Sheppard Services, Lexsage, Commercial Realty Group and Snowden LLP, according to CoStar data.

The building was declared a historic site under the Ontario Heritage Act in 1975 and it was restored in 1998.

According to a source, the buyer is said to be Lee Chow Group, a Toronto-based company that describes itself as a boutique real estate investment firm. Officials with the company could not be reached to comment.

Source CoStar. Click here to read a full story.

Hundreds of the Source Locations To Close After Deal With Best Buy Canada

The Source’s Parent Company Bell Canada, Plans To Rebrand 165 Small-Format Stores As Best Buy Express

About half of the Source’s hundreds of stores that sell electronics in Canada are expected to close after the retailer’s parent company announced a deal with Best Buy Canada.

Bell Canada Enterprises and Best Buy Canada are teaming up with plans to operate 165 the Source stores that will be rebranded as Best Buy Express and sell consumer electronics and telecommunications products and services from Bell, Virgin Plus and Lucky Mobile.

The Source has 335 stores in Canada, according to its website, so around 170 locations are expected to close as a result of the partnership. A representative for Bell Canada told CoStar News the remaining the Source stores will close in 2024, with the transition taking several months. The transition plan is still being finalized, and additional details on which stores will close are not known.

The 165 small-format stores that will be rebranded as Best Buy Express will expand Best Buy’s presence in malls and in smaller and mid-sized communities across Canada when they open in the second half of 2024, according to a statement.

The Source was long known as Radio Shack, which sold electronics items in over 800 outlets in Canada in the 1990s. Radio Shack rebranded as the Source in 2005 and Montreal-based Bell Canada, one of Canada’s largest communications providers, purchased the chain in 2009.

The Source’s stores are located in Toronto and Montreal and other markets in eastern Canada. The stores, which are branded La Source in Quebec, can be found in major shopping centres such as Fairview Centre, Carrefour Laval, Galeries D’Anjou, Eglington Square, Toronto Eaton Centre, Union Station, Hudson Bay Centre and Vaughan Mills, among others.

Staffers at several the Source stores told CoStar News by telephone they are unaware whether their stores will continue to operate after the changes. “Nobody knows what’s going on,” said one employee. “We will only know in March,” said an employee from another store.

The Source maintains its headquarters in Barrie, Ontario, where an employee from the human resources department declined to comment on which stores would remain open or whether the head office would continue following the change.

Best Buy Canada, a subsidiary of U.S. retailer Best Buy, currently has more than 160 stores across Canada operating as either Best Buy or Best Buy Mobile, according to the statement.

Radio Shack, meanwhile, was founded in the U.S. in 1921 and went through a series of ownership changes and bankruptcy procedures in recent years. Unicomer Group acquired Radio Shack‘s intellectual property assets and domains in about 70 countries in 2023, according to the company website. Unicomer Group operates Radio Shack stores in Latin America, South America and the Caribbean, the website says.

Source CoStar. Click here to read a full story.

Major Toronto Office REIT Cuts Distribution in Half

Dream Office Looks to Maintain Capital as Downtown Vacancy Rate Hits Record High

Dream Office REIT, a major player in Canada’s largest city with 28 investment properties, is cutting its dividend in half in a reduction that it said will save $19 million annually.

Dream Office CEO Michael Cooper described a challenging environment for office leasing even as the Toronto-based REIT is seeing slight increases in occupancy.

“Over the last four years, it has been very tough in the office sector,” Cooper said on a call with analysts. “Everything shut down because of COVID, and there was an immediate halt to the use of office space. It’s been two years since public health was an issue, but it’s been a slow recovery.”

Cooper said the board decided that retaining cash was valuable during the very uncertain environment for office landlords.

“This just gives us more shock absorbers,” said Cooper. “It’s not that things have changed, but maintaining capital creates more flexibility.”

For the period that ended Dec. 31, the REIT’s downtown Toronto in-place occupancy rate fell to 82.7% from 85.4% a year ago, while in-place and committed occupancy improved from 87.7% to 89% for the same period. Dream Office owned 3.155 million square feet in the downtown Toronto office market as of Dec. 31. The market’s vacancy hit a record high in the fourth quarter, according to a report from CBRE.

Mark Rothschild, an analyst with Canaccord Genuity, said the risk of Dream Office cutting its distribution was already factored into the unit price.

“With no signs of improvement in fundamentals and the likelihood that it will take longer than expected to improve net operating income, reducing risk and preserving liquidity is of greater importance. This is magnified by the more difficult lending market towards office properties, compounded by the impact of higher interest rates,” Rothschild said in a note.

Dream Office is reportedly looking to sell some of its assets and has hired CBRE and Toronto Dominion Bank to find a buyer for 438 University Ave. Dream has yet to comment. The company sold a building at 720 Bay St. in early 2023.

Dream Office is the latest office REIT to slash its dividend. Toronto-based Slate Office, a landlord in Canada and the U.S., cut its distribution last year and amended its declaration of trust to remove the leverage restrictions.

“We believe we are starting to see green shoots in the office sector and accelerating demand from emerging and established companies looking for high-quality office space,” said Brady Welch, interim chief executive of Slate Office, during a conference call with analysts Thursday.

The REIT said for the period ending Dec. 31, occupancy was 78.6%, down from 79.1% a quarter earlier.

Slate Office announced a 15-year, 107,000-square-foot lease agreement with a top Canadian financial technology company at the West Metro Corporate Centre in the Toronto suburb of Etobicoke. The REIT did not name the tenant.

“In a challenging office market, we have been able to increase occupancy at the property by nearly 20% while extending the average lease term by two years and significantly improving net operating income,” said Welch.

CBRE noted this month that vacancy in downtown Toronto’s office market hit another new high of 16.7% in the fourth quarter of 2023.

“When analyzing climbing vacancy, it is unfair to look at the office sector as one homogenous sector,” said CBRE in its report.

“There is a tranche of inventory that because it is old, it is dated, it is commodity office and more importantly, because it has no pathway to decarbonization, that portion of the market may never recover, at least not in a meaningful way,” said CBRE.

Source CoStar. Click here to read a full story.

Quebec Developer Enters Ontario With Industrial Project in Hamilton

OleaDev’s LinkSix Project Comes After Firm Completed Biggest On-Spec Warehouse in Quebec

Building industrial property in the province of Ontario while doing the same in Quebec might lead a developer to compare the degree of difficulty in each region.

So which of Ontario and Quebec offers developers a faster runway to getting an industrial structure built? Montreal developer Terry Tsatas has gained recent perspective on the question now that his OleaDev Real Estate Group has moved forward with its first project in Ontario: a 415,000-square-foot building with 40-foot ceilings straddling the border of Hamilton and Burlington.

Earlier this year OleaDev launched Quebec’s largest-ever on-spec industrial structure with a 420,000-square-foot warehouse it created along with construction partner Frare & Gallant in Beauharnois, Quebec. That project is now occupied by Keurig Dr Pepper Canada, according to OleaDev’s LinkedIn page.

Tsatas told CoStar News that Canada’s two biggest provinces approach the planning and permitting process with different philosophies.

The Ontario authorities might be slower and more demanding, but there’s a reason for that, according to Tsatas.

“Ontario is more business-oriented and proactive. In Quebec, it’s simpler. You go to your city but then there’s a lot more guesswork,” Tsatas said. “In Ontario, there are multiple authorities that you have to go see but the municipalities and province know what’s going to happen there three years down the road with the services and zoning.”

OleaDev is building its LinkSix project at 566 Highway 6 with financing from BMO Private Equity and expects to complete it in the first quarter of 2025.

Another Project Pending
It will be joined by another major project in Ontario to be announced within the coming weeks, Tsatas said.

LinkSix is being built on speculation without any pre-arranged deal with a tenant, a practice that has only recently become popular in Quebec.

“In Toronto there has always been the spec marketplace. Montreal has always been a much more conservative market,” Tsatas said.

Canada’s industrial property market has attracted much attention over the last few years, as high demand led to better profits and lower vacancy rates, notably in Quebec.

Tsatas does not believe that the Canadian industrial bonanza will continue indefinitely.

“The reality is the market has softened significantly over the last few months and 2024 won’t be an easy year for industrial development,” said Tsatas, who notes that OleaDev has factored this into its plans for LinkSix. “Our philosophy is that this asset won’t be ready in 2024 but rather in 2025 when rates will have stabilized.”

Source CoStar. Click here to read a full story.

UK Sandwich Chain Looks to Take a Slice of Canadian Market

Pret A Manger Opens First Permanent Location in Toronto

United Kingdom sandwich and organic coffee chain Pret A Manger is opening its first location in Canada in downtown Toronto.

The chain, which began in London in 1986 and now has 600 shops worldwide in 16 international markets, opened its doors on Jan. 23 but is scheduling a formal grand opening at 90 Adelaide St. W. for Feb. 5. The nine-storey building at the corner of Adelaide St. West and Sheppard St. is owned by Colonia Treuhand, a family run real estate investment, asset and property management company based in Toronto.

“This expansion into Canada is a natural next step for Pret globally. We are committed to bringing the Pret brand to more people, wherever they are,” said Jorrie Bruffett, president of Pret A Manger for North America, in a statement.

The company had experimented with pop-up stores in Vancouver and Toronto in 2022 and said the success led them to open a permanent location and pursue Canadian expansion plans.

Pret a Manger has locations in the United Kingdom, Ireland, United States, Hong Kong, France, Dubai, Kuwait, India, Luxembourg, Switzerland, Belgium, Singapore, Germany, Italy and Spain.

Source CoStar. Click here to read a full story.

Canada’s Largest Owner Of Retirement Homes Has A New Look

Megadeal Saw Retirement Home Giants Divide Canadian Portfolio

Canada’s largest owner of retirement homes has a new look after Chartwell Retirement Residences’ Chief Executive Officer Vlad Volodarski engineered a deal with Toledo, Ohio-based Welltower that involves 40 retirement homes across Canada.

Chartwell’s CEO sat down with U.S.-based retirement home giant Welltower last year to take on the daunting task of dividing the portfolio that comprises 8,476 units the companies have co-owned together since 2012.

“Some time last year [Welltower] asked us to split the partnership, to determine the terms of the separation and negotiate all other terms,” Volodarski told CoStar News in an interview.

The deal, announced in early November, resulted from a detailed negotiation process that saw both sides pick their properties and then haggle over the details.

“They had a list of their desired properties and we had ours. There was some overlap, so it was a negotiation,” said Volodarski, who says that the main aim of his publicly traded company was to keep control of retirement homes located closer to its existing operations.

The final deal, which is expected to close in the second quarter, saw Welltower emerge with 23 properties and Chartwell with 16, with one retirement home to remain shared. Welltower also compensated Chartwell with a cash payment of CA$97.2 million. “You never achieve 100% of your goals in these types of negotiations but we are happy with the outcome,” said Volodarski.

Chartwell, which is Canada’s largest retirement home chain and oversees 25,000 residents in four provinces, will remain focused on its ongoing occupancy recovery initiative and is aiming to reduce labour costs, notably through increased use of technology, Volodarski said. But the company is also not ruling out opening new homes. “We are well positioned, whether it’s through new development or acquisitions, to add to our portfolio, alone or with partners,” Volodarski said.

Chartwell would like to increase its portfolio in Western Canada, specifically British Columbia, where it considers the retirement home market to be underserved. Volodarski, like many other commercial real estate executives, feels that current economic conditions remain unfavourable to new builds due to high construction costs and other associated financial challenges. “The numbers don’t quite pan out but I expect in the next year or two we will have more opportunities to do more developments ourselves or with partners. When the time is opportune we will definitely move forward.”

Since 2014, Chartwell has maintained a development partnership with EMD-Batimo, a 25-year-old Quebec-based company led by Marc Dubuc and Francis Charron. EMD Batimo finds land to develop and Chartwell provides financing or Batimo develops a property on its own and Chartwell purchases the operation once it has attained a 90% stabilized occupancy level.

Welltower, which has been led since 2020 by CEO Shankh Mitratake, takes over 13 of the 20 co-owned retirement homes in Quebec and 10 of the 19 homes in Ontario, British Columbia and Alberta. Welltower, like Chartwell, has also partnered with a company based in Quebec, which is a lucrative market for retirement homes, as Montreal-based Cogir will manage some of Welltower’s 23 properties under its Jazz brand. The deal cost Welltower real estate investment trust a total of CA$113.3 million. The 23 properties have a “lower average age, higher occupancy and margins, and feature core locations across strategic Canadian markets,” according to Welltower’s latest earnings update.

Retirement homes totaling 3,511 units are now owned solely by Chartwell:

1. Whispering Pines, 140 Letitia St. in Barrie, Ontario, 108 units;
2. Tranquility Place, 436 Powerline Road in Brantford, Ontario, 218 units;
3. McConnell Retirement Residence, 801 Fourth St. E in Cornwall, Ontario, 210 units;
4. Scarlett Heights Retirement Residence, 4005 Eglinton Ave. W in Etobicoke, Ontario, 208 units;
5. Royal on Gordon Retirement Residence, 1691 Gordon St. in Guelph, Ontario, 112 units;
6. Avondale Retirement, 1238 Queen St. E in Toronto, 79 units;
7. Lansing Retirement, 10 Senlac Road in Toronto, 90 units;
8. Imperial Place, 13853 102 Av in Surrey, British Columbia, 104 units;
9. Fountains of Mission, 222 25th Ave. SW in Calgary, Alberta, 96 units;
10. Domaine des Trembles, 250 Saint-Raymond Blvd. in Gatineau, Quebec, 238 units;
11. Les Écores, 1800 Cartier Blvd. E in Laval, Quebec, 197 units;
12. Belvédères de Lachine, 3000 Notre-Dame St. in Montreal, 264 units;
13. Manoir et Cours, 545 Francis-Byrne St. in Quebec City, 616 units;
14. Manoir Archer, 217 de l’Église in Quebec City, 246 units;
15. Manoir Saint-Jérôme, 335 Des Pins St. in Saint-Jérôme, Quebec, 513 units;
16. Notre-Dame, 222 Notre-Dame St. W in Victoriaville, Quebec, 212 units.

Retirement homes totaling 4,633 units are now owned solely by Welltower:

1. Christopher Terrace, 3131 New St. in Burlington, Ontario, 71 units;
2. Kingsville Retirement, 240 Main St. E in Kingsville, Ontario, 98 units;
3. Leamington Retirement, 1 Henry Ave. in Leamington, Ontario, 82 units;
4. Royalcliffe Retirement, 609 Wharncliffe Road S in London, Ontario, 146 units;
5. Alexander Muir, 197 Prospect St. in Newmarket, Ontario, 84 units;
6. Belcourt Résidence, 1344 Belcourt Blvd., Orléans, Ontario, 106 units;
7. Héritage Résidence, 624 Wilson St. in Ottawa, 170 units;
8. Guildwood Retirement, 65 Livingstone Road in Scarborough, Ontario, 172 units;
9. Royal Marquis, 590 Grand Marais Road E in Windsor, Ontario, 83 units;
10. Renaissance Retirement, 6676 203 in St . Langley, British Columbia, 128 units;
11. Domaine Harmonie, 1024 Charcot St. in Boucherville, Quebec, 176 units;
12. Villa Rive-Sud, 3460 De Chambly Road in Longueuil, Quebec, 223 units;
13. Bois-de-Boulogne, 10005 Bois-de-Boulogne Ave. in Montreal, 219 units;
14. Manoir Pointe-aux-Trembles, 3478 32nd Ave. in Montreal, 246 units;
15. Le Wellesley, 230 Hymus Pointe-Claire Blvd. in Quebec, 157 units;
16. Faubourg Giffard, 2321 De La Canardière Road in Quebec City, 380 units;
17. Villa Jonquière, 3978l Harvey Blvd. in Saguenay, Quebec, 199 units;
18. Villa Chicoutimi, 220 Don-Bosco St. in Saguenay, Quebec, 194 units;
19. Villa Saguenay, 1901 Des Roitelets St. in Saguenay, Quebec, 235 units;
20. Villa de l’Estrie, 3300 des Chênes St. in Sherbrooke, Quebec, 246 units;
21. Le St-Gabriel, 5885 De Chambly Road in St. Hubert, Quebec, 345 units;
22. Le Teasdale, 950 Boul Lucille-Teasdale Blvd. in Terrebonne, Quebec, 564 units;
23. Jardins Laviolette, 2975 Laviolette Blvd. in Trois-Rivières, Quebec, 30 units.

The property to remain under co-ownership between Chartwell and Welltower:

• The Sumach by Chartwell, 146 Sumach St. in Mississauga, Ontario, 332 units.

Chartwell will no longer manage two properties totaling 314 units that were already fully owned by Welltower:

• Pembroke Heritage, 1111 Pembroke St. W in Pembroke, Ontario, 139 units;
• Stonehaven Retirement, 70 Stonehaven Drive in Kanata, Ontario, 175 units.

Source CoStar. Click here to read a full story.