Intensification

Purchased for its high yielding return and opportunity to add value through vacancy lease-up, Pickering Ridge benefited from both cap rate compression and occupancy level increases in its early years from acquisition. While new tenants were continually being secured, during the period of 2010 – 2014, the mall underwent major capital improvement program and added Blue Sky Market grocery anchor. Upon stabilization, we began to look at various additional value-add strategies, ultimately settling on a residential development integrated within an open-concept retail centre. Pickering Ridge is currently under development, with Phase 1 of the residential intensification underway and fully subsidized by retail cashflow. The additional 6 residential phases, already approved, will be initiated at the opportune time.