Toronto-based Spaces Self Storage Limited sold its Bedford, Nova Scotia, Canada, facility to Edmonton, Alberta-based Sentinel Self Storage Corp. for $6.5 million. The transaction closed on April 19.
The Spaces team worked very hard to lease the facility to 94 percent occupancy. We felt it was the right time to realize on the created value. As a merchant developer we expect to reinvest all proceeds into new development projects in the near future, said Jonathan Wheler, president and CEO.
The facility is located in the Wal m art-anchored Bedford Commons Power Centre. Opened in 2007, the facility encompasses 68,000 square feet and has 575 units.
Both the buyer and the seller were represented by Andrew Cranmer of CBRE in Halifax. DArcy Hunter, chief operating officer of Spaces will focus more time on building the Web-based storage-search company, www.findstoragefast.com.
Since 2004, Spaces Self Storage Limited has built five new facilities totaling 641,000 square feet in major markets across Canada.