From a single mixed-use building in Portage la Prairie to more than $2.7 billion in assets under management, Shindico’s story is one of perseverance, partnerships, and purpose.
by Maya Wisher
Fifty years ago, with just $500 and a big leap of faith, Sandy Shindleman, founder and chairman at Shindico, set in motion what would become one of Manitoba’s most successful commercial real estate firms. “I started in 1973, actually,” he recalls. “But it’s been fifty years since we came to Winnipeg, the big city.”
His first acquisition was a modest mixed-use building at 618 Saskatchewan Avenue West in Portage la Prairie, home to a hairdresser, barbershop, and photo lab. But as Shindleman quickly learned, that first purchase came with a few surprises.
“One of our tenants called my dad to say she fell through the floor,” he laughs. “I was going to University in Winnipeg, and by the time I got back to Portage la Prairie, my dad had torn the whole building down. It was a pile of rubble! I said to the guy I was showing the space to, ‘Well, it’s a fixer upper.’”
That early setback—equal parts misfortune and opportunity—sparked his journey into development. “I built a Mac’s convenience store with a gas bar on the corner, then a Tim Hortons, a Subway, and a Pizza Hotline,” says Shindleman. “That block is cleaned up now. It was really old automotive-type buildings and junk, and now it’s three freestanding buildings on a clean slate, and we still own it today, 50 years later.”
That’s the kind of thing we think about; it’s about the customer experience, not just the tenant.
– Sandy Shindleman, Founder &
Chairman at Shindico
BIG CITY VISION
Moving from Portage la Prairie to Winnipeg marked a major turning point for Shindleman; a move that opened the door to bigger projects and broader ambitions.
In those first few years in Winnipeg, Shindleman wore every hat himself: he kept overhead low, and his sleeves rolled up. “I was the lawyer, the accountant, the property manager, the engineer, and the general contractor,” he says. “I worked 80 hours a week. My overhead was my car and a pair of Levi’s. That was it. Just working and never saying no.” That tireless, hands-on approach built a reputation for practical development, an ethos that still defines the company.
From those modest beginnings, the company’s portfolio steadily expanded, evolving from small retail strips to larger, more complex mixed-use, and industrial developments across the province, including grocery stores and other major commercial projects.
Attention to detail, even down to the slope of a parking lot, or the width of a parking spot, became part of Shindico’s DNA. “I always wanted to have the greatest parking in the neighbourhood,” he explains. “Our sites should be the easiest to get into and the easiest to park in. If we have a grocery store, we want the grade of the parking to be less than 1.5% so a shopping cart doesn’t get away from you,” Shindleman says. “That’s the kind of thing we think about; it’s about the customer experience, not just the tenant.”
BREAKING OPEN NEW MARKETS
In the early 2000s, the company diversified significantly, expanding into industrial developments around 2008. With the launch of its Industrial Division, Shindico moved beyond land sales to constructing full facilities.
Today, that division continues to grow, with large-scale developments like Plessis Business Park on the city’s east side, consisting of 23.7 acres, or the St. Boniface Industrial Park. “We didn’t mind going in there because we didn’t want to compete directly with anybody that we represented over in the Northwest. We self-performed on the last building there, an 85,000-square-foot distribution centre,” Shindleman says. “The quality of it, I can’t be prouder of.”
By 2019, Shindico identified another opportunity: diversification into the multifamily sector. “When we looked at our portfolio, retail was about 87 percent,” says Alex Akman, Chief Operating Officer at Shindico. “We realized we needed to balance it out, not because retail was bad, but to diversify.”
This realization prompted the company to develop new projects like Taylor Residences at 1010 Taylor Avenue, as well as other notable multi-residential buildings, featuring modern designs, underground parking, and high-end amenities.
Residential was a big push for the company, “It’s a very tightly controlled market in Winnipeg, and we weren’t as good at acquiring assets listed for sale as we are now,” says Akman, “We have been more competitive lately and acquired 189 units in Pembina on seven acres of land.” Georgetown Park Apartments, at 1681 Pembina Highway, was a 2022 acquisition for the company. “Our CFO lived there for a period of time, so it came full circle.”
Every project, Akman explains, is approached with a long-term mindset, prioritizing durable construction and efficient systems to reduce operating costs over time. “Lifecycle is the most important thing to us,” he says. “We’ll spend more now for better mechanical systems or solid concrete walls if it means lower operating costs down the line. We’re not just thinking about day one, we’re thinking 20 years out.”
A drive for control and quality led to the creation of SNR Construction, Shindico’s in-house construction company, in 2022. “It gives us much more control, and we operate with transparency.” Akman explains. “If a project comes in under budget, we return the money to the client. That’s almost unheard of in this business. We have seen so much opportunity for backdoor dealing and
non-transparent behavior in the construction field. Candidly, we don’t want to be in that business.”
CULTURE AT THE CORE
While Shindico’s growth has been impressive, Shindleman and Akman both agree the company’s real strength lies in its people. “There’s a lot of autonomy here, as it relates to projects,” says Akman. “Everyone has a project they can call their own. A lot of the profits and revenue are reinvested back into the business.”
Over the past decade, that investment has translated into both physical and cultural growth. The team has expanded with additional property managers, accountants, and construction staff, while also placing a strong emphasis on company culture.
That culture is evident in the details: a thriving social committee, long-term service awards, and a running club that meets weekly. “The social committee has been a big driver of the camaraderie that we have right now,” says Akman. “We have a budget set for the year, and they work with that budget. We host events like paint nights; it’s a way to connect outside of the office. It’s fun, but it’s also part of why people like to come to work here.”
The same collaborative spirit shapes how employees work, with property managers taking on development responsibilities. This allows team members to broaden their experience, contribute operational insights, and avoid being confined to narrow roles, even within a large development company. “They’re not just pigeonholed into checking a box,” notes Akman.
If there’s one phrase that captures Shindico’s core philosophy, it’s ‘relationship, relationship, relationship’. “It’s been that way since day one,” says Shindleman. “That hasn’t changed, it’s just that the relationships are now with bigger users, bigger lenders, and more partners.”
Anything that we can do to help the vendor succeed will ultimately help us succeed.
– Alex Akman, Chief Operating
Officer at Shindico
From supporting local tenants to collaborating with major institutions, Shindico’s approach to business has always been reciprocal. “We have about 100 staff,”
Shindleman explains. “We ask them to support our tenants. Get to know them, eat in their restaurants, buy insurance from their brokers, support our retailers. They go in there with a Shindico jacket on, introduce themselves, and they’re happy to do it.”
Shindico often marks milestones and hosts staff events at the properties they manage, using these occasions to engage with the community. By sourcing food from tenants and holding events in tenant spaces, the company reinforces relationships and actively reinvests in the people and businesses that have supported its growth.
WHERE BUSINESS MEETS COMMUNITY
That mindset extends to community and industry engagement. Shindico is a long-standing supporter and member of BOMA Manitoba, and the company encourages staff to get involved at all levels. “BOMA gives you a chance to put a face to a name,” says Akman. “We’re not big believers in doing business by email. So, when there’s an issue, there is a relationship there. It’s easier to pick up the phone and call someone you know. That’s what BOMA helps foster.”
Akman, who currently holds the position of Treasurer on the BOMA Board of Directors, feels that BOMA also provides an entry point for the next generation of property professionals. “For me, the most important thing is young people in the industry, on the operational or landlord side. BOMA’s Building Young Professionals is a great extension of that, and it’s something we promote. We send different people from our office to all the events, so they have a chance to experience it,” he says. “It’s about building those connections early in your career.
We’re not big believers in doing business by email. So, when there’s an issue, there is a relationship there. It’s easier to pick up the phone and call someone you know.
– Alex Akman, Chief Operating
Officer at Shindico
Shindico’s belief in giving back is evident in their quiet but consistent community involvement. “We like to support smaller charities where we can make a real difference,” says Akman. “Everyone knows the big ones, but we look for smaller organizations and lend our support that way. Like Prairie Wildlife Rehabilitation; we hopped on as the title sponsor for their walk about two or three
years ago. It’s been snowballing since then, and now they have other big sponsors.”
In addition to supporting smaller organizations, Shindico has made significant contributions to larger community initiatives, donating over $2 million to the Health Sciences Centre in recent years, often quietly and without fanfare.
That community-first approach has helped Shindico maintain long-term relationships with tenants; some spanning decades. “We’ve had tenants for 20, 30, even 40 years,” notes Shindleman. “I was at Bar Burrito, and the person came up to me and said they really liked the location; they liked being there. That felt good; not just meeting their needs but exceeding them.
THE NEXT FIFTY
After five decades in business, Shindico shows no signs of slowing down. With the focus now on diversification, pursuing industrial acquisitions, developing multifamily projects like Taylor and Kildonan Mile, and planning retail expansion at the Water Tower District, Shindico moves forward with a balanced, strategic approach.
Even as it grows, Shindico’s vision remains grounded in the same principles that guided its beginnings. “We want to partner with like-minded people; that reciprocal business is really important to maintaining these relationships,” says Shindleman. “We’re not a fee-based company; Shindico is taking over 50 percent of any equity and going dollar for dollar with our partners. We’re not charging huge acquisition or managing fees. It’s about creating long-term relationships and more opportunities, so we can continue to grow together.”
That philosophy also informs their financial strategy. “We maintain low leverage,” says Shindleman. “We’re not hampered by any liquidity issues, so we can move quickly when the right opportunity comes along. That’s what lets us keep growing without taking on unnecessary risk.”
And while Shindleman jokes about slowing down, his passion for the business remains clear. “Real estate’s one of those things where you can work until you die or at least take a week off before that for the well-wishers,” he laughs. “I plan to slow down, not stop.”
As for the next generation, the company is in capable hands. “Alex is half my age—at least for another two months,” Shindleman jokes. “I’m 68, he’s 34. I know he’ll look after
my family like his own.”
From its humble beginnings on Saskatchewan Avenue in Portage la Prairie to a portfolio of milestone developments across the province, Shindico’s success has always been rooted in hard work, integrity, and relationships.
“We’re still driven by the same things we were 50 years ago,” Shindleman reflects. “Work hard, be honest, and build great relationships. If we do that, we’ll be here for another 50 years.”
