QuadReal Buys Maple Leaf Self Storage Chain Valued At Over $500M

Vancouver-based QuadReal Property Group has acquired the Maple Leaf Self Storage chain, a portfolio consisting of 15 properties. The properties — 11 in Metro Vancouver and four in Calgary — amount to over 17,000 individual storage units and 1.7 million square feet of net rentable area.

"This investment is in direct alignment with QuadReal's strategy to invest in newer generation storage facilities in high-density and undersupplied markets," QuadReal said in a statement. "Maple Leaf Self Storage joins QuadReal’s portfolio of operating platforms."

The Maple Leaf Self Storage chain was owned by West Vancouver-based Larco Investments, a private firm led by the Lalji family that also owns the Park Royal Shopping Centre and Fairmont Hotel Vancouver, among other assets.

Based on publicly available property assessment data in British Columbia and Alberta, the portfolio has an estimated combined assessed value of $535,237,000, not including one property in West Vancouver, which is part of the same legal parcel as the Park Royal Shopping Centre. While property assessments don’t always reflect true market value, the gap is typically not significant.

The 15 properties and their assessed values are:

1. 2028 Curling Road, North Vancouver: $38,554,000
2. 1601 Lougheed Highway, Coquitlam: $17,551,400
3. 77 Fawcett Road, Coquitlam: $35,079,800
4. 1599 Coast Meridian Road (South), Port Coquitlam: $41,162,000
5. 5758 Landmark Way, Surrey: $31,308,700
6. 3240 No. 4 Road, Richmond: $63,597,000
7. 33 Commercial Drive, Vancouver: $81,849,000
8. 1575 Kootenay Street, Vancouver: $74,445,100
9. 1818 Quebec Street, Vancouver: $26,319,000
10. 3001 Wall Street, Vancouver: $49,791,000
11. 250 Taylor Way, West Vancouver: N/A (Part of Park Royal Shopping Centre)
12. 11142 15th Street NE, Calgary: $17,820,000
13. 803 - 64th Avenue SE, Calgary: $19,180,000
14. 2883 Sunridge Way NE, Calgary: $18,110,000
15. 11 Royal Vista Link NW, Calgary: $20,470,000
    
    

QuadReal's website now highlights the Maple Leaf Self Storage portfolio on its website: