With several major construction projects in its pipeline, Colonnade BridgePort is now poised to expand its property management footprint in southern Ontario.
The Ottawa-based real estate firm announced this week it has agreed to take over management of more than 2.3 million square feet of space in Burlington, Brantford and Brampton consisting of 21 industrial properties and one retail plaza.
The properties are owned by Toronto-based Fiera Real Estate, which is already partnering with Colonnade BridgePort on a number of projects, including a plan to redevelop five acres of land near Ottawa’s main Via Rail terminal on Tremblay Road.
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“We have a long-standing relationship with Fiera Real Estate and we appreciate that they continue to entrust us with the management of their properties,” Ron Matheson, Colonnade BridgePort’s senior vice-president of real estate management services, said in a release.
“This is a testament to our ability to optimize the performance of real estate assets and maximize returns, while also providing healthy, welcoming environments for tenants to run their businesses.”
The Burlington portfolio consists of six industrial buildings totalling about 250,000 square feet with 50 tenants, while the Brantford portfolio features 11 buildings covering about 1.3 million square feet of big-box industrial properties and a retail plaza with 23 tenants.
The Brampton properties include the newly constructed Heart Lake Business Park, which is located near highways 401 and 407 and is home to five class-A industrial buildings totalling about 750,000 square feet. Colonnade BridgePort said it will be bringing new tenants into the buildings throughout the rest of 2023.
The deals, which came into effect Sept. 1, boost the size of Colonnade BridgePort’s management portfolio to about 12 million square feet of office, retail, industrial and residential property in Ottawa and southern Ontario. The firm is Ottawa’s largest privately owned property management company.
“These new mandates will make a big impact on increasing our profile in southwestern Ontario,” Jas Kaur, Colonnade BridgePort’s director of property management for the Greater Toronto Area, said in a release.
“We have the right people and processes in place to position us to continue to grow with our current and future clients in this region.”
Meanwhile, Colonnade BridgePort continues to keep busy on the development front.
Earlier this year, the firm filed a plan to build five residential highrises with upwards of 1,200 units on property near the Blair LRT station. It is also in charge of developing and leasing a four-building industrial park on a 50-acre site near Amazon’s fulfilment centre in Barrhaven.