Canadian Mini-Warehouse Properties Co., the general partner of Public Storage Canadian Properties, has opened a new self-storage facility in LaSalle, Quebec. The site consists of a three-story, climate-controlled building with approximately 85,000 rentable square feet and 880 units. The cost to develop the facility, including land, was approximately $9.5 million. This is the sixth facility acquired or developed by the partnership in the greater Montreal area in the last four years.
The facility will be managed by Canadian Mini-Warehouse Properties, which manages the partnership's other properties, pursuant to an agreement for a management fee of 6 percent of the property’s gross operating revenue.
Public Storage Canadian Properties owns 27 self-storage facilities: 15 in Ontario, five in British Columbia, six in Quebec and one in Alberta. It also owns land parcels in Oakville, Orleans and Richmond Hill, Ontario, for self-storage development.
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