If you don’t know what BufferBox is yet, there is a great article about them in the Globe and Mail: Sick of missing your online order delivery? Here’s an option

By some estimates, a whopping 60 per cent of all deliveries fail on the first attempt. But where you might see little more than an annoying trip to a courier’s package depot, three University of Waterloo grads saw an opportunity to build one of the hottest tech start-ups on the continent.

It’s called BufferBox, and it is, at its core, a simple locker rental service. Instead of entering your own shipping address when you make a purchase online, you sign up with the service and use one of their addresses. The package is then delivered to a secure BufferBox locker – a rectangular green block with a touchscreen interface that makes it look a little like a larger version of an automated parking garage ticket-payment machine. When your package arrives, BufferBox sends you a notification e-mail with a PIN that unlocks the locker so you can pick up your order whenever you want. No more missed deliveries. “We just saw this really cool problem that could be solved with technology,” says Aditya Bali, one of the company’s co-founders. “There’s this massive pressure to improve the service of e-retailing while lowering the cost.”

 Have you used BufferBox yet?  I haven’t, but I think I’m going to try out the location at The Hub at The Tannery in Kitchener.  Their website at http://bufferbox.com has details on current locations and their service.

This building is proposed for the hard corner of King & Victoria where Carbon Computers currently is, opposite the Kaufman Lofts, the Health Sciences Campus, and the future site of the multi modal transit hub.

Momentum Developments is the group behind the42 & BPR Lofts in Waterloo, as well as the RED Condominiums which are under construction now on King in Uptown Waterloo.

In addition to introducing Waterloo Region to the Cushman & Wakefield platform of services (more on that soon), we had a very special announcement to make.

We’re absolutely excited to formally advise that the team led by Cushman & Wakefield has succeeded in winning an RFP to deliver a market, development and design strategy for the Region of Waterloo’s planned multimodal hub in the heart of Downtown Kitchener that will be served by a new light rapid transit (LRT) system, GO (commuter rail) Train, VIA Rail (passenger service) and local and regional bus hubs.

This was a team effort headed up by the Cushman & Wakefield Valuation & Advisory Team led by Scott Chandler and Julian Colman, with cooperation from our very own Cushman & Wakefield Waterloo Region Office and our stellar sub-contract Partners:  Brook McIlroy, Stantec Consulting, Arup and Urbanation.

As a team we succeeded in besting some very significant competitors, who had substantive prior experience working on the Mulitmodal Hub, but could not match our plan or qualifications.

We wish to thank each of the Team members for their contributions to our success;  well done!  And we look forward to working with Region of Waterloo and all of its respective stakeholders on this exciting and forward thinking project.

Once again, the developer has a turnkey investors package available which includes a fully leased condo, the first year of management, and the condo being fully furnished.

Sage II is at the corner of Spruce and Hickory, very close to Wilfrid Laurier University and just down the road from University of Waterloo.  Steps to the retail hub at King & University,  this is one of premier locations for student housing in Waterloo.

What is unique about Sage II is that this buildling features only luxury 1 and 2 bedroom condos (and 1 + den floorplans). The majority of the student housing surrounding the universities are 5 bedroom units, and there is a large demand for 1 and 2 bedroom units.  DOMUS Housing put together the following research into the demand for 1 and 2 bedroom units.

Domus Housing is the largest manager of rental properties in the university area of Waterloo, Ontario. With a diverse portfolio of almost 3000 beds, Domus rents a wide array of housing options anywhere from bachelor apartments, to 7 bedrooms houses, to the most common accommodation available in Waterloo, 5 bedroom apartment suites. As of 2012, 75% of the Domus portfolio is made up of newly constructed, purpose-built student housing and over 90% of this is made up of 5 bedroom suites. Based on the below statistics, the need for 1 and 2 bedroom units is clear: renters want 1 and 2 bedroom units, are willing to pay more for the privacy they offer, and there isn’t enough supply to satisfy the demand.

»CURRENT AVAILABILITY OF ONE AND  TWO BEDROOM SUITES

• Of the entire 3000 bedroom portfolio, which includes houses, only 1.9% is made up of 1 and 2 bedroom units. Of strictly the newly constructed buildings, only 0.03% is made up of 1 and 2 bedroom units.
• All but one of these 1 and 2 bedroom units are located in older, low rise buildings or in basements of older houses. Finishes in these residences are usually original to the building and consequently dated, and worn with age.

»FEATURES OF EXISTING ONE AND TWO BEDROOM SUITES

• 0% of these units feature generous square footages, stainless steel appliances, more than 1 bathroom, dens, in-suite laundry, or onsite amenities such as a cafe, shopping, or gym facilities.
• The only 2 bedroom unit in a newly constructed building, measures approximately 850 sq. feet and is on the ground floor of a building on Marshall St., located  just outside the prime rental area.

»RENTAL STATISTICS OF EXISTING ONE AND TWO BEDROOM SUITES

• The limited number of 1 and 2 bedroom units sell out as soon as they become available, which can be as early as 8 months in advance.
• Despite the huge availability of brand new, 5 bedroom units featuring luxury finishes, students are still choosing older 2 bedroom suites. With lack of availability, renters are paying up to $1300 per month in much older and substandard residences in order to have the privacy of a 2 bedroom suite.
• There is a large existing 3 building development, located within the prime rental area, comprising of about 619 units (predominantly bachelor, one and two bedroom suites) . Rental prices are about $1300 per month and units are typically rented months in advance and renters are wait-listed. These are older buildings with very basic and dated finishes.

»VIABILITY OF ADDITIONAL ONE AND TWO BEDROOM SUITES ENTERING THE MARKET

• No other housing provider in the area offers a large number of new 1 or 2 bedroom rental suites.  Domus manages 1800 individual rooms, in newly constructed 5 bedroom suites.  Only 15% of these rooms are rented in groups of 5. The remainder are rented primarily to individuals or groups of 2 who pay up to $725 per month per person for more private accomodations.
• Units with fewer occupants have significantly less damages and turnover costs.
• Tenants that rent units as a whole are more likely to renew for additional years as opposed to tenants who rent an individual room in a larger unit, reducing wear and tear on the unit.

The demand for 1 and 2 bedroom luxury suites in the heart of the university district is high. Based on the above research, the type of product that Sage II is offering is what hundreds of residents are eagerly seeking.

These condos go on sale to the public next week, but we have been given permission from the builder to give our clients early access to reservations, and special incentives.

Contact me at Benjamin@BenjaminBach.com for a full information package, and to answer any questions you have.

We do not represent the builder.

The Tannery District is a 340,150 square foot property redeveloped by Cadan Properties.  It was the Lang Tannery, the largest tannery in the British Commonwealth at one point.

With this purchase, Allied REIT adds to its position as the dominant landlord in the Warehouse / Innovation District.  They own 72 Victoria Street across the street, another converted building, and they have an interest in the Breithaupt Block redevelopment with Perimeter Developments.

Here are some details, courtesy of MarketWire.com:

“In addition to being immediately accretive, the complex will be a strong complement to our properties on Victoria and Breithaupt Streets,” said Michael Emory, President & CEO. “The three properties together form the core of the Class I office component of Kitchener’s Warehouse District, which is rapidly becoming both a transportation and technology hub for the surrounding region.”

With the acquisitions announced today, Allied has completed or announced nine acquisitions in 2012 for $150 million, one in Victoria, one in Calgary, five in Toronto, one in Kitchener and one in Montréal. Each acquisition continues Allied’s efforts to consolidate the ownership and operation of Class I properties in the downtown area of major Canadian cities.

Occupying two entire city blocks, bounded by Charles on the north, Victoria on the west, Oak on the south and Linden and Francis on the east, the Lang Tannery (121 & 151 Charles Street, 189 Joseph Street and 101 Victoria Street South) is comprised of 340,150 square feet of GLA, 95% of which is leased to tenants consistent in character and quality with Allied’s tenant base, including Google, Desire2Learn and Communitech, and 345 surface parking spaces. The complex is located in close proximity to Allied’s properties at 72 Victoria Street and 20-24 & 51 Breithaupt Street.

Built in 1894 and 1904 as a facility for the production of leather shoe-soles, the complex was redeveloped for office and retail use over the last four years. It is comprised of four buildings, two of which are single-storey and two of which are multi-storey. The buildings have very good Class I attributes and have been integrated internally to a considerable degree.

The acquisition is expected to close on August 1, 2012, subject to customary conditions. The purchase price for the complex represents a capitalization rate in excess of 7% on the current annual net operating income (“NOI”).

The Tannery is one of the best assets in Waterloo Region, having tenants like Google, Communitech & Desire2Learn.  This is a great acquisition for Allied REIT, and shows a continued confidence in Waterloo Region’s economy & future.

This is a high profile retail location, across the street from Wiflrid Laurier University, and just south of one of the busiest corners in Waterloo Region.

Note: Morty’s Pub is not moving from their current location.

Details as follows:

FAREWELL TO FORWELL SUPER VARIETY AFTER 52 YEARS

WATERLOO (March 28, 2012) – Bonnie Forwell Currie, owner of Forwell Super Variety, will serve her final customers on Saturday, March 31st, 2012.

Having served the community since 1960, ‘Forwell’s’ has touched so many residents and students in a very special way. With the landmark Waterloo convenience store sitting at the corner of King and University for over 50 years, Forwell Currie says students would often come in and say goodbye to her before going home at the end of a semester. Saturday will be a chance for her to say goodbye and thanks to the students and all her “regulars”.

“It’s bittersweet to bid farewell to this store over five incredible decades after my father opened it, but my family and I have so many memories to reminisce upon, and we’ve been so touched by the warm stories our longtime customers have been sharing,” Forwell Currie said. “While all good things must come to an end, it is so satisfying to be able to pass the property on to great people who have shown such a commitment to building legacies in our community.”

Forwell’s once had a restaurant downstairs, which is fitting since the new owner of the property is a local restaurant owner with a connection to the Forwell’s location.

Jay Taylor, the owner of Morty’s Pub, says when the opportunity came to purchase Forwells, he couldn’t resist.

“That corner will always mean something to me, it’s full of nostalgia, and memories for me and my family,” Taylor said. “Forwell’s is right next door to our original Morty’s Pub location. My first memories of Forwells are from when I was ten years old, and delivering subs there, with my father who had a catering business. A few years later, in 1981, my Dad opened up Morty’s Pub at King and University, right next to Forwell’s. We later moved the family business a few blocks down the street. We’ve been serving our community now for over 30 years. I plan on making something special out of that location. It means a lot to me, my family, and this community.”

On Saturday, March 31st, Forwell’s Super Variety at 242 King Street North will open its doors for the final day of business before closing up shop on 52 years of service. A farewell party will be held at Morty’s Pub at 272 King Street North at 7 o’clock.

Last night I spoke with Brent Davis from The Record about WLU’s recent acquisition of the student housing portfolio on Bricker, Ezra and Hickory.  The entire article can be found at this link.  Below are some excerpts of my comments:

“They ask for a development freeze on what is essentially direct competition to the assets they just bought,” said Benjamin Bach, a commercial real estate agent with Keller Williams Golden Triangle Realty.

The deal — which Bach said will represent one of the largest commercial real estate transactions in the region this year — was facilitated by Coldwell Banker Peter Benninger Realty. Bach said the parcel — all from a single owner — had been on the market for at least six months, and that Laurier paid very close to the asking price.

Bach and others want to know if Laurier disclosed the purchase negotiations, assuming they were ongoing when the university advocated for the development freeze.

…

The study aims to create a new vision for Northdale, away from the student housing developments that Laurier president Max Blouw warned earlier this month were turning the neighbourhood into a “student ghetto.”

But Bach argued Laurier’s new acquisitions south of campus fit the description of precisely the types of buildings Blouw and his University of Waterloo counterpart Feridun Hamdullahpur were campaigning against.

More on this investment transaction can be found here: WLU drops $58.9 mil on Student Housing Investment Portfolio in Waterloo

Benjamin Bach Talks to the Waterloo Record – Laurier Buys Up $59M Buildings

Laurier acquires apartment buildings adjacent to Waterloo campus

WATERLOO – Wilfrid Laurier University has purchased 12 student-housing apartment buildings adjacent to its Waterloo campus.  The acquisition, valued at $58.9 million, closed today, Thursday, March 22.

Nine of the properties are recently constructed four- and five-floor buildings and three are renovated multi-tenant houses. Together, they have a combined capacity to house approximately 785 students. Eleven of the buildings are located on the south side of Laurier’s Waterloo campus: 10 on Ezra Street and one on Bricker Avenue. The 12th building is located on Hickory Street West, adjacent to Laurier’s Northdale building on the north side of the campus.

The Works Burger has signed a deal to move into the former Janet Lynn’s space at 92 King Street South in Uptown Waterloo.

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New Kitchener Waterloo Restaurants

This is the latest restaurant chain to come to Kitchener Waterloo; the Honest Lawyer recently announced plans to move into the main floor of 305 King Street in Kitchener, CARA has opened three new restaurants at the Boardwalk (Montana’s, Milestone’s and a Swiss Chalet), Prime Pubs just opened Fionn MacCools in Deer Ridge, Moxie’s is coming to Kitchener,  Charcoal Group is opening two Beertowns (Uptown Waterloo & Cambridge) and there will be more restaurants opening in KW soon.

Many of the large restaurant brands are actively looking for sites in Kitchener and Waterloo, and one popular restaurant has recently found space in Waterloo – but they haven’t publicly announced it yet and I don’t want to ruin their surprise.

Why Retail is Drawn to Kitchener Waterloo

As we talked about in 2011 (Kitchener Waterloo Commercial Real Estate is HOT),  major brands like Apple, Target, CARA and Prime Pubs seeking to establish or expand their presence in Kitchener Waterloo.  Why?  These brands want access to our market place – high levels of employment & a  lower cost (but not standard) of living means that residents of Waterloo Region have more disposable income to spend, and retailers want to tap into that.  We expect this trend to continue.

Looking for Space in Kitchener Waterloo ?

If you are a retailer looking for space in Kitchener Waterloo, we would be happy to assist you in your search. We have a number of high profile commercial sites available, and we conduct off market searches for our clients.

The last couple of years have seen some huge brands set up shop in Waterloo Region, with others announcing plans to open in 2012 and 2013.

Brands such  as Google, Apple, Coach and Marshall’s have come into Kitchener Waterloo – Google expanded from a small Waterloo office to a large presence at The Tannery in Kitchener – and soon enough we will see a few Target stores  in the Region.  Plus the rumours (so far not confirmed) that Facebook is coming to Kitchener, and that Whole Foods has a site picked out too.

Why are companies coming to Kitchener Waterloo?

Office Tenants

The last few years have been eventful in the Kitchener Waterloo Office Real Estate market.

The Tannery was converted to office space, and today houses Google, Desire2Learn, Communitech, RIM and start up companies that are among the most successful in the country.  It is across the street from a vibrant residential loft building, and a Medical School.

The Breithaupt Block is currently being converted, bringing an additional 175,000 square feet of Class A Brick  & Beam space to the Innovation District in Kitchener.

In the last two years, RIM has built and occupied hundreds of thousands of square feet of Class A office space in North Waterloo, as well as additional space throughout Waterloo Region.

DUNDEE REIT acquired the REALEX portfolio (formerly the locally built CORA portfolio) as well as another building downtown on King Street.

The reason that international tech leaders like Google are setting up large presences in Kitchener Waterloo is that Waterloo Region contains lots of smart, highly skilled workers.  University of Waterloo, Conestoga College and Wilfrid Laurier University produce very smart graduates, and the region has a culture of technological entrepreneurship that encourages people to think differently and innovate.

Companies want a bit of that magic.

Retail Tenants

Retail tenants want to come to Waterloo Region to sell goods to us – residents on the region have a higher than average employment rate, and a lower cost of living, leaving more money left over to spend shopping and eating out at restaurants.

We have seen major national tenants set up retail stores in town – most recently the Apple Store at Conestoga Mall, soon to be joined by Target – and Lululemon has a temporary store at the Uptown Waterloo Shops and is rumoured to be evaluating a permanent presence in Waterloo Region.

As I mentioned above, in addition to the restaurants that have announced new stores in the area, there are several prominent chains in the site selection process, looking at sites throughout Kitchener Waterloo and Cambridge.

What brands do you want to see come to Kitchener Waterloo?