Real estate and joint-venture firm Canadian Commercial Ventures Inc. (CCV) has purchased Schatz Self Storage in Williston, N.D., for $4.6 million. The property at 6415 1st Ave. W. has been rebranded as Williston Mini Storage. It encompasses 54,000 square feet of storage space in 293 units on just over 8 acres of land. Property amenities include 24-hour access, online billpay, video cameras and vehicle storage.
The facility is five minutes north of downtown Williston atop a hill overlooking U.S. Route 85, according to the source. The property’s visibility from the highway was an attraction, CEO Matt Verity told the source. "The combination of location and additional land for expansion in a high-growth area made this an investment Canadian Commercial Ventures could not pass up," Verity said.
Since purchasing the property, CCV has added 5,000 square feet of climate-controlled storage and is now planning a 22,000-square-foot facility expansion, slated to open in July. Another 30,000-square-foot expansion is planned for 2016.
"We are so happy to bring the first and only [climate-controlled] units to the market, but it is the impending growth of Williston that really excites us,” Verity said.
The oil boom over the past decade has led to rapid growth in Williston, which is now North Dakota’s sixth largest city, according to the source. The city sits atop the Bakken formation, a source rock for oil.
Headquartered in Calgary, Alberta, Canada, CCV concentrates exclusively on self-storage facilities. The company plans to expand its Canadian and U.S. self-storage portfolio through a combination of new development and acquisitions. It not only invests in new and existing properties, it will serve as a venture partner for investors who wish to limit their risk.
- Canadian Commercial Ventures: Website
- Digital Journal: From Oil Boom Town to Oil Boom Town Canadian Company Rides High on Petrol