Terracap acquired the square foot Robertson Centre in 2009, increasing the investment’s tax advantage by structuring the transacting with a combination of VTB, debt, and equity.
An under-managed plaza with under-performing tenants, Terracap recognised the potential of the centre, being located in a relatively strong retail area in Bell’s Corners, one of Ottawa’s oldest suburbs.
After purchasing adjacent parcels and expanding the existing grocery store, the entire centre was re-tenanted with national brands, and repositioned in the marketplace. Today, the centre is now made up of both upscale and budget providers, including eateries, a medical facility and pharmacy, banks, car rentals, pet supplies, clothing, home goods, and a spa.
At 86%, the centre’s occupancy is almost completely full, which is reassuring to tenants and allows them to continue their leases long-term.
A redevelopment in 2015 added two new pads for anchor tenants, and a 2017 refresh project saw a façade project and other repairs to the centre.