OUR HISTORY
North American Development Group: A Historical Overview

NADG was founded in 1977 by its Chairman, John W. S. Preston. Initially, the operations were primarily in Canada, and throughout the 1980’s the company became one of the largest owners, developers, acquirers and managers of unenclosed shopping center assets in the country.

In 1987, NADG entered the U.S. market and acquired a number of shopping centers in Florida.

In 1991, NADG established Centrecorp Management Services as a stand alone real estate services company. By 1994, Centrecorp had become the largest third party real estate provider in Canada and by the end of that decade expanded its operations into the U.S. Today, Centrecorp has approximately 20 million square feet of GLA under management and administration.

In 1994, NADG co-founded Centrefund Realty Corporation through a Toronto Stock Exchange (TSX) initial public offering led by Royal Bank of Canada. Centrefund was a growth-oriented real estate investment company that focused exclusively on the acquisition of neighborhood and community shopping centers in Canada and the United States.

Centrefund grew from its initial 5 properties, comprising approximately 1 million square feet of GLA, to a portfolio of 70 shopping centers in Canada and the U.S., comprising approximately 10 million square feet of GLA, with a value of $1.1 billion. Centrefund was sold in August 2000.

In March 2001, NADG acquired a 30% interest in Sterling Financial Corporation, a TSX public company. During the period 2002 to 2004, the Company acquired approximately 3.5 million square feet of shopping center GLA, with about 70 percent of the portfolio being in the U.S.

In 2007, NADG acquired the balance of Sterling in a $280 million privatization transaction.

In Canada, during the last 5 years, NADG continued its shopping center development growth. The Company concentrated on larger developments, where there was less competition given their complexity and capital requirements.

Today NADG is comprised of 125 real estate professionals in 10 offices across North America, consisting of 4 in Canada and 6 in the United States. In Canada, the Company’s head office is in Toronto, with regional offices in Edmonton, Montreal and Halifax. In the U.S., NADG’s head office is in West Palm Beach, Florida with regional offices in Phoenix, Denver, Dallas, Nashville and Atlanta. The company shopping center portfolio is over 12 million square feet.

For more detail, please refer to NADG Today.