Canadian Mini-Warehouse Properties Co., the general partner of Public Storage Canadian Properties, has opened a newly constructed self-storage facility in Dorval, Quebec. It consists of a four-story climate-controlled building with approximately 88,000 rentable square feet and 830 units. The cost to develop the facility, including the land, was approximately $10.8 million. This is the fifth facility acquired and or developed by the partnership in the Greater Montreal Area in the last four years.
The facility will be managed by Canadian Mini-Warehouse Properties, which manages the partnership's other properties, pursuant to an agreement for a management fee of 6 percent of the property’s gross operating revenue.
Public Storage Canadian Properties is a publicly held limited partnership formed under the Limited Partnership Act (Ontario). The partnership owns 26 self-storage facilities of which 15 are in Ontario, five in British Columbia, five in Quebec and one in Alberta. The partnership also owns land parcels in Oakville, Ontario, Orleans, Ontario, Richmond Hill, Ontario and LaSalle, Quebec for self-storage development.