“Our core values lead our decisions in everything we do. This is the single most important driver to our success.
Numbers don’t drive us…values do.”
John W.S. Preston
Founder and Chairman
Assets Under Management
Real Estate Funds Raised & Sponsored
Years of
Industry Experience
Co-workers
Retail & Mixed-Use Space
Residential Units
1977
The Company is founded by John W.S. Preston, originally under the name Villa Properties Limited and develops its first property in St. Catharines, Ontario.
1979
The Company forms a 50/50 partnership with First City Financial, then one of Canada’s largest financial empires. The Company operates under the name First City Shopping Centre Group from 1979 to 1991. Our partnership with the family behind First City Financial continues today, ~50 years later.
1979
Clayton Park Shopping Centre, in Halifax, the Company’s first supermarket-anchored shopping center, was developed. Clayton Park has stood the test of time - we still own this shopping center.
1981-1990
The Company develops and acquires dozens of food supermarket-anchored and neighborhood-sized shopping centers across Canada, from BC to Newfoundland, and establishes itself as one of Canada’s leading developers/owners of retail real estate.
1987
The Company enters the U.S. market and raises its first private equity fund ($40M USD) to acquire existing shopping centers in Florida.
1991
To accelerate the Company’s growth in the U.S., the Preston family moves to Florida, and our first U.S. office is opened in Palm Beach Gardens. The Company changes its name to North American Development Group.
1992
NADG establishes Centrecorp Management Services as a stand-alone property management and real estate services platform, managing NADG properties as well as third party properties, primarily on behalf of financial institutions and insurance companies, also including all of Loblaws’ Supermarket owned properties in Ontario and the Atlantic Provinces. Centrecorp becomes the largest property management firm in Canada.
1994-2000
NADG co-founds Centrefund Realty, which has a successful IPO in 1994 on the Toronto Stock Exchange. Centrefund grew over the next 6 years from its original 5 shopping centers to approximately 71 assets (in Canada and the U.S.) with a value of $1.1 Billion. NADG, via Centrefund, expands its footprint in the U.S., opening offices in Orlando, Raleigh, Houston, Dallas, Phoenix and Denver.
1994-2004
NADG uses its real estate platform to capitalize on an opportunity in the liquor industry. In response to the Province of Alberta privatizing retail liquor sales and closing all government stores, NADG obtains licenses to own and operate liquor stores in its owned shopping centers. NADG expands the business to 25 stores, merges with its largest competitor and completes an IPO on the Toronto Stock Exchange under the name Liquor Stores Income Fund (LIQ:TSX) in 2004. As a public company, LIQ expands to 250 stores in Alberta, B.C. and a number of U.S. markets, becoming the largest public liquor retailer in North America.
2001-2007
NADG merges Centrecorp with Sterling, a TSX listed public company with diverse holdings, becoming its largest shareholder and renaming the company to Sterling Centrecorp Inc. (TSX:SCF). NADG transforms SCF into a shopping center-focused business and SCF acquires approximately 3.5 million square feet of shopping center space in Canada and the U.S. NADG privatizes SCF in 2007 in a $280 million transaction.
2002-2009
In Canada, NADG continues its shopping center development growth concentrating on larger power center / lifestyle developments, completing four projects that exceed 1 million SF, including one of the largest projects in North America – Dartmouth Crossing in Dartmouth, Nova Scotia (1.8 million SF and growing).
2005-2007
As the investment froth builds in the United States, NADG remains disciplined and develops a contrarian strategy targeting large unentitled land tracts at discounted pricing for future development. NADG raises two private equity funds around this strategy, with the second being completed in early 2007 ($160 million) in partnership with Citi Bank and Morgan Stanley. NADG acquires over 1,400 acres of land for future development but halts all investment activity in mid-2007 in advance of the Great Financial Crisis.
2008-2015
As a result of NADG’s investment discipline in the years prior to the GFC, NADG is able to smoothly navigate one of the country’s worst economic periods. We turn aggressively opportunistic in early 2009 and adjust our investment strategy from unentitled land to existing shopping center acquisitions and shovel-ready development projects. In one of our most explosive periods of growth in our history, we acquire 40 properties comprising over 7.5 million square feet of retail space essentially doubling the size of the company.
2010
NADG launches its first opportunistic fund, the NADG Supermarket Opportunity Fund, to acquire and develop supermarket-anchored projects across the United States. In just over 18 months, NADG opportunistically acquires 15 properties, a combination of existing shopping centers and broken development projects - NADG continues to own 8 of these assets. Performance of this fund has been extraordinary.
2012
NADG identifies an inefficiency and, therefore, an opportunity in the market for larger retail transactions - NADG launches its Core Plus Retail Acquisition Fund targeting the acquisition of larger shopping centers across the United States. The Fund opportunistically acquires 11 core quality properties comprising over 2.5 million square feet.
2015
NADG enters the residential sector to (1) enhance our proficiency and differentiation in our retail business and (2) accelerate the growth trajectory of the company as a whole. We study the sector incessantly and build out a best-in-class team to position the company for robust growth. Residential becomes our primary growth platform and we become one of the most active developers in the country over the following 10 years, delivering over 10,000 residential units.
2015
In response to big capital (REITs and institutions) focusing exclusively on gateway / primary markets, NADG identifies an inefficiency and, therefore, opportunity in strong secondary markets and launches another opportunistic private equity fund, The NADG Real Estate Opportunity Fund, targeting retail and residential opportunities in secondary markets across the Unites States and Canada. The Fund’s focus is development and NADG completes 13 market-dominant projects, including one of the largest mixed-use development projects in the country since the GFC – Tomoka Town Center in Daytona Beach, FL (~1.2 million SF of commercial space and 594 residential units).
2016
As a complement to our opportunistic platform, NADG establishes NADG NNN to acquire existing single tenant triple net outparcel buildings across the United States. NADG NNN experiences explosive growth and is ultimately taken public in 2024 as FrontView REIT (FVR:NYSE).
2019-2021
As a result of NADG’s robust residential pipeline and an asymmetric opportunity for large retail assets, NADG launches a follow-up opportunistic fund, The NADG Real Estate Opportunity Fund 2, targeting retail and residential opportunities across the United States. The Fund is especially active throughout the COVID-19 pandemic completing several generational acquisitions, including the acquisition of 125 acres in the core of Central Boca Raton where NADG constructs 252 high-end build-to-rent (BTR) residences and creates the country’s highest profile and most successful BTR project – NUVO Boca. Behind the success of NUVO Boca, NADG establishes NUVO as the banner for its trophy residential assets.
2021-2023
In response to the market euphoria and unprecedented valuations being placed on existing real estate assets, NADG opportunistically sells $686M of real estate.
2023
Following 2+ years of diligence, and in response to enclosed malls being unreasonably out of favor and therefore mispriced, NADG formulates a strategy to opportunistically acquire “A” mall assets across the United States. In May 2023, NADG formally enters the mall space and opportunistically acquires the Brandon Mall in Tampa, Florida, a regionally dominant enclosed mall positioned on 156 acres of generational real estate. NADG rebrands the mall to Brandon Exchange.
2023-Present
NADG curates a pipeline of 6 trophy residential assets and seeds the assets into its 4th opportunistic private equity fund, NADG’s flagship series of funds, the NADG U.S. Residential Opportunity Fund.
2024
In connection with leadership changes and an evolved business model, the company undergoes a rebranding – Centrecorp and North American Development Group are retired and the company is rebranded to NADG.
Present
In response to a void of joint venture / common equity in the marketplace, NADG launches its opportunistic credit strategy with a focus on mispriced mixed-use developments. NADG curates a robust pipeline of high-quality opportunities, including The Aletto in Downtown Boca Raton, a trophy mixed-use development comprised of boutique office and best-in-class F&B.
With a 48-year legacy and over 19 million square feet of retail space, NADG continues to strengthen its industry-leading retail platform by strategically investing in premier locations that offer stable returns and significant upside potential through redevelopment and intensification.
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NADG Residential was originally founded as a complement to NADG Retail in order to add proficiency to our retail strategy. It is now core to the NADG platform and a primary growth strategy. Within NADG Residential, NADG operates under three distinct strategies: (i) development and acquisition of multi-family apartments, with our projects ranging from traditional garden-style to urban high-rise; (ii) development of single family rental (SFR) projects; and (iii) land development, where we improve land and sell lots to major / public homebuilders.
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This strategy is a derivative of NADG’s core strategies (i.e. Retail and Residential) and a product of today’s real estate realities, namely the importance of integrating multiple uses in a project. NADG has a long history of executing on both horizontal and vertical mixed-use opportunities and uses its proficiency within retail and residential to source and execute on these opportunities. These projects often contain, and are even highlighted by, other components such as office, hospitality, industrial and storage.
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In the heart of one of Florida’s most coveted zip codes, this trophy destination is the embodiment of modern retail—catalytic F&B, powerhouse anchors, and elevated health & wellness energized by iconic design and dynamic gathering spaces.
Spanning 125 acres in Central Boca Raton, NUVO Boca is widely regarded as the highest profile and most successful BTR community in the country. The Project includes 252 high-end homes, a 3+ acre amenity pod and redefines generational.
Spanning 153 acres with 1.15M SF, this super-regional powerhouse dominates Tampa’s most connected crossroads, creating a trade area 2.5x larger than a traditional mall. A regional cornerstone, it ranks in Florida’s top 1% for traffic and carries unlimited potential.
One of North America’s largest mixed-use destinations, this 511-acre project comprises 1.8M+ sf of retail, multiple phases of residential, 4 hotels, of integrated office space, its own highway interchange & 7 traffic lights!
Located less than 1 mile off the Las Vegas Strip, this landmark multifamily project combines condo-quality residences with unmatched amenities, including a 50,000 sf clubhouse and a 1-acre resort-style courtyard, redefining luxury living in Las Vegas.
Located in the heart of Midtown Boca Raton and within Boca Center, one of Florida’s premier mixed-use destinations, this trophy multifamily development will set the new standard in Boca.
Spanning 126 acres with nearly 1 mile of frontage along Interstate 95, this market-dominant project features over 1.2M sf of retail space and 594 residential units, redefining the center of gravity for Daytona Beach.
This 26-acre site at in Toronto’s core will be transformed into a dynamic mixed-use hub with 4K+ residences, 250K+ sf retail space, and palatial community amenities, becoming one of the city’s key transit-oriented developments.
This 366-unit Class A rental community spans 26 sprawling acres and offers elevated suburban-style living with preserved natural surroundings, diverse unit types, and an unparalleled amenity offering.
Located just 40 minutes from Toronto at Hwy 400 & Mapleview Dr., Park Place is Barrie’s largest retail destination. On the horizon, several phases of residential and industrial will complement the market-dominant retail offering.
Edgewood Retail District is an irreplaceable trophy asset in the epicenter of east Atlanta, one of the city’s most desirable submarkets. With scale, premier anchors, and an unmatched location, it commands the region’s strongest demand.
Once the site of a single tenant Office Depot, this property has been transformed into a landmark residential community in the core of one of Dallas’s most sought-after submarkets, showcasing NADG’s adaptive vision.
Zephyrhills, Florida We’re proud to share that Ilumina Zephyrhills has been named the “New Construction Community of the Year” by the Bay Area Apartment Association. Congratulations to the entire Ilumina Zephyrhills team for setting a new benchmark for excellence in new construction lease-ups! Together, they’ve shown what’s possible when a team leads with passion, professionalism,…
