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Community Shopping Centre Repositioning

Woodbridge Square

Category

  • Value Creation
  • Retail
  • 112,462 SF

Ownership

  • Joint Venture - Morguard
  • REIT and Private Client

Services

  • Asset Management
  • Development
  • Leasing

Modernizing a rental commercial property co-owned by Morguard REIT has unlocked substantial value - including an increase in leasable space and dramatic savings in operating costs for this "boutique style" community shopping centre. Our expertise in both retailing and development gave a fresh look to this community shopping centre located north of Toronto.​

The Opportunity

Woodbridge Square, a 113,000-square-foot community shopping centre in Vaughan, ON, required a strategic repositioning to maintain market share and better compete against new retail development in the growing community north of Toronto. The 25-year-old centre was challenged with rising vacancy and decreasing cash flow.

The Value Proposition

The Trust created a fully managed plan that would realize value creation from redevelopment, remerchandising, and transitioning the property back to its original roots as a grocery-anchored community shopping centre. The plan identified three main initiatives to deliver the desired results:

    • renovate the facade to achieve a more contemporary look
    • secure a new grocery anchor tenant
    • lead a remerchandising strategy identifying a co-tenancy mix that would improve the property’s performance and draw new customers​​​​​

The Result

Achieved 100% occupancy, secured a long-term grocery anchor (Nations Fresh Food), and increased rental rates. Additionally, the property is positioned to unlock future value by leveraging entitlements for high density, mixed-use purposes in alignment with the new City of Vaughan Official Master Plan.

Increased property value by 30%, which allowed full project funding secured by a 10-year mortgage and long-term cash flow stability for unitholders and the co-owner.

Created a contemporary and well-trafficked, grocery-anchored community shopping centre that has successfully attracted new customers from its primary and secondary trade areas.​

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