- What Pantone Investment Management has acquired a 72,000 sq ft property in Kingston
- Why Pantone paid CaraCo Property Management $167/sq ft
- What next 70% of the property is dedicated to self-storage
A self-storage facility in Kingston, Ont., has sold for $12m, Green Street News can reveal.
Pantone Investment Management paid local seller CaraCo Property Management $167/sq ft for the 72,000 sq ft property at 31 Steve Fonyo Drive. The transaction works out to a first-year capitalization rate of 6.3%.
The deal closed in mid-April.
About 50,000 sq ft of the space in the building is dedicated to self-storage, while flex-industrial comprises the remaining 22,000 sq ft. Individual storage units for rent vary in size, with 200 sq ft as the largest option — enough to fit the contents of a small office, according to promotional materials. Ceiling heights for the storage units are approximately 8 feet.
Canadian self-storage company Access Storage operates the facility.
The property is 1 km from an on-ramp to Highway 401 via Sir John A. Macdonald Boulevard. Ottawa International Airport is 139 km away. The closest U.S. border crossing, via the Thousand Islands Bridge tolled crossing, is 40 km away.
CaraCo owns and manages several multi-family apartments in the Kingston area. It also has office and retail holdings in its commercial portfolio.
Based in Toronto, Pantone is a private real estate company with an investment focus on alternative asset classes. It owns nine self-storage facilities in Ontario.
In a recent Ontario self-storage deal, SmartStop acquired a Barrie facility at 341 Mapleview Drive West for $29.1m in February.
