QuadReal buys properties of Western Canada self-storage chain

“QuadReal has acquired Maple Leaf Self Storage, which aligns to its high-conviction investment strategy and expands its presence in the self storage sector. We look forward to providing customers in British Columbia and Alberta with storage options in high-demand communities,” a spokesperson with QuadReal told Daily Hive Urbanized upon inquiry.

According to its website, QuadReal has added Maple Leaf Storage’s assets to its portfolio of real estate properties, spanning 15 self-storage facilities containing 17,000 storage units across 1.7 million sq. ft. of net rentable area.

The value of the deal was not disclosed, but it was likely in the hundreds of millions of dollars. The self-storage chain was previously owned by West Vancouver-based Larco Investments, which most notably owns Park Royal mall and Fairmont Hotel Vancouver.

Eleven self-storage locations are situated within Metro Vancouver — including four within the city of Vancouver — and the remaining four sites are in Calgary.

Within Metro Vancouver, these locations are generally found in commercial and industrial areas, or along their periphery.

One particularly notable property due to its location is the Maple Leaf Self Storage facility at 1818 Quebec St. — at the southeast corner of the intersection of East 2nd Avenue and Quebec Street, near Vancouver’s Olympic Village neighbourhood and within close walking distance to existing and future SkyTrain stations.

This location is possibly a prime redevelopment site over the long term. The municipal government has entertained greater job-creating density along the south side of 2nd Avenue within the Mount Pleasant Industrial Area. Furthermore, the City’s Broadway Plan enables new office, hotel, cultural, institutional or industrial uses of up to 125 ft in height for this site.

QuadReal is the real estate development and asset management arm of B.C. Investment Management Corporation, overseeing B.C.’s public sector pension plans. Some of its most notable assets are the Amazon-anchored The Post office and retail complex in downtown Vancouver, and the new Oakridge Park mall project.