This recently completed self-storage property sits on 1.55 acres totalling 38,731 sf and comprises 478 lockers to complement the fast growing Advanced Self Storage portfolio now exceeding 5,400 lockers
Victoria, BC, January 6, 2021 – Nicola Wealth Real Estate (NWRE) has acquired a recently completed self-storage property situated at 4402 West Shore Parkway, Langford (Victoria), BC. The transaction brokered by Connor Braid, Harry Jones, and Patrick Wood of William Wright Commercial Real Estate Services Inc., expands NWRE’s presence in a key Canadian market.
The acquisition comprises a recently completed building totaling 38,731 sf on 1.55 acres of land. The property is already 68% leased and well on its way to stabilization. In addition to 478 lockers, the building includes three packaged offices, meeting rooms and 41 surface parking stalls. The property was originally built under the Elite Self Storage brand however will be re-branded to Advanced Self Storage.
“This property adds to our growing self-storage portfolio in BC, one of the strongest self-storage markets in Canada” highlights Shaun Blythen, Director of Acquisitions at Nicola Wealth Real Estate. “This acquisition presents an opportunity to plant a flag in the Victoria market and to further establish our base here.”
“The property is located in Langford with prominent exposure to Sooke Road and immediate access to over 600+ new residential units within a 5 km radius,” Blythen adds. “This acquisition is our first on Vancouver Island and our 9th under our Advanced Self Storage Brand.”
NWRE continues to concentrate its growth in major Canadian markets such as Vancouver, Toronto, Montreal, Calgary, Winnipeg, Kelowna and Victoria with a focus on acquiring income-producing properties and executing development and value-add strategies.
To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with over $11.5 billion (CAD) of assets under management (AUM). NWRE has an experienced and innovative team that sources and asset-manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. With the acquisition of Blackwood Partners, the current NWRE portfolio now exceeds $7.5 billion gross asset value.
Manager, External Relations