Canadian self-storage operator StorageVault Canada Inc. has completed its $1.5 million purchase of a property in Edmonton, Alberta. The company made two $50,000 deposits before a final $1.4 million payment at closing. It also waived due-diligence conditions as part of the purchase agreement. StorageVault announced it had agreed to purchase the asset on May 9.
The 3-acre property is in the Maple Ridge Industrial Park. About half of the land is developed as a compacted gravel compound, which includes an office and a 2,300-square-foot, steel-framed building on a concrete pad. StorageVault intends to use the site to operate a PUPS (Portable Units, Portable Storage) business, company officials said in a press release.
StorageVault owns several Canadian self-storage facilities, many in conjunction with a PUPS portable-storage franchise. The company operates a standalone Canadian PUPS facility in Saskatoon, Saskatchewan. It also manages five self-storage facilities in southern Ontario.