883 Bloor Street West
In 2011, we began managing a rundown commercial property located at 883 Bloor Street West in Toronto, Ontario. The previous owner had under-invested in the property for many years and it was tenanted with less established tenants. But we knew this property had great potential.
SiteLine Transformation Program
Our work at 883 Bloor Street West, focused on 3 main steps:
Step 1: Strategic Capital Expenditures
We focused on investing to the exterior and interior of the building. This was intended to help the property attract the right tenants and thus bring in stable cash returns for our investors.
Step 2: Lease-Up of the Building
During the renovation of the building we began our efforts to draw a well-known AAA tenant. Being a great location, the property received a high amount of interest from many potential tenants. Ultimately, SiteLine signed a 30-year lease with McDonalds.
Step 3: Building Optimization
Once we had our new anchor tenant in place we were in a position to move existing tenants into renovated and more optimal space for their businesses.
We were able to turn a property with a lower valuation with limited interest into an A-quality commercial building, providing stable cash flow and ongoing value to our investor base.