This self-storage property located in New Westminster, BC is comprised of two buildings totaling 844 lockers with the opportunity to construct a third building on the site.
Vancouver, BC, March 4, 2022 – Nicola Wealth Real Estate (NWRE) has acquired Queensborough Mini Storage in New Westminster, BC which expands the Advanced Self Storage portfolio to eight locations in BC. The transaction was brokered by Phil Gibbons of Colliers International, who worked closely with NWRE over the last twelve months to complete this acquisition.
Queensborough Mini Storage is comprised of 844 lockers in two buildings with excellent exposure to the Queensborough Connector (Highway 91A) which connects East Richmond with New Westminster. The property will be re-branded to Advanced Self Storage and NWRE intends to construct a third building on the site adding approximately 415 additional storage lockers.
“This acquisition complements our growing self-storage portfolio in the Lower Mainland” highlights Touraj Manshadi, Acquisitions Manager at Nicola Wealth Real Estate. “We worked collaboratively with the seller to structure this transaction in a creative way that was mutually beneficial to both parties.”
“The property is situated in the Queensborough neighborhood of New Westminster but is centrally located to capture the under supplied East Richmond, South Burnaby and New Westminster markets” Manshadi adds.
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 $11.9 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 $8.0 billion in total asset value.
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