In 2012, Mapleridge Plaza – a commercial plaza located in Peterborough, ON, a city of approximately 85,000 residents and a short drive from Toronto, Ottawa, and Montreal – was struggling. Despite being located on a main commercial artery, Mapleridge was challenged with outdated infrastructure and vacancy issues, and the 20-unit plaza was dealt a particularly hard blow when one of its anchors, Shopper’s Drug Mart, moved out.
While many saw Mapleridge as a lost cause, Colonnade BridgePort saw it as an opportunity. Working with its client to purchase the property, the goal was to turn the plaza into a thriving shopping and services hub. They succeeded.
Today, Mapleridge is home to long-time anchor No Frills Supermarket, and key tenants Dollarama and the Beer Store (one of the few drive-thru locations in Ontario). It also boasts a good mix of local tenant businesses, and a Starbucks is currently being built.
So why did Colonnade BridgePort see potential where others didn’t?
The company looked beyond what the plaza was and envisioned what it could be. Through assessment of economics and demographics, Colonnade BridgePort developed an in-depth understanding of the community and the market, identifying key factors that made Mapleridge an attractive investment, including proximity to the campus of Sir Sanford Fleming College (approximately 5,500 full-time students), and the City of Peterborough’s aggressive residential growth plans for the surrounding area. Based on these factors, a comprehensive asset strategy was developed to update and modernize infrastructure and attract new tenants.
Through a well-executed property management and leasing plan, Colonnade BridgePort maximized the potential of the plaza, helping to evolve it from a C-class asset into a destination, and tripling its value. The team’s commitment and creativity delivered results for the owners and for tenants by turning Mapleridge Plaza into a place where people want to shop and do business.
Asset Type: Retail
Commercial Space SF: 68,477
Services Provided: Accounting, Leasing, Property Management