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Broccolini Launches Self-Storage Fund with Major Projects in Montreal


Broccolini staff

Broccolini has introduced a new self-storage fund and announced three significant self-storage projects in the Montreal area, including a 150,000-square-foot facility under construction in Kirkland, located in the city’s West Island, Danny Kucharsky reported for Real Estate News Exchange. Operating under the Pandora Self-Storage platform, this $39-million project in Kirkland is slated for completion in April 2025 and will be the first self-storage facility in the municipality, featuring co-working spaces for users.


Two additional Pandora Self-Storage facilities are planned for Pointe-Claire and Brossard, bringing the total development to nearly 400,000 square feet. “We always ask the question ‘Are there other asset classes that we should be targeting?’ and storage was one that we’ve been looking into for quite a while now,” said Jordan Dawson, director of investor relations at Broccolini. He emphasized the significant upside of the self-storage asset class.

Since launching its first Canadian real estate development fund in 2007, Broccolini has raised over $1.8 billion across eight development funds. The Broccolini Self-Storage Fund LP aims to meet the increasing demand for high-quality self-storage solutions and address the shortage of supply in urban centers.


“We’re going to be looking Canada-wide but with a specific focus on Quebec and Ontario,” Dawson explained, although the immediate focus will be on Greater Montreal. He noted the significant need in Montreal due to the city’s low supply of self-storage facilities, with about 70 percent being class-B or lower.


The facilities will offer “institutional-quality products,” according to Robert Vineberg, president and operating partner of Pandora Self-Storage. Vineberg, who has extensive experience in the real estate industry, stressed that Pandora is not a build-to-sell fund but aims to establish a premier self-storage brand.


The Kirkland facility, located on Charles-E. Frosst Street and the Highway 40 service road, will feature heavy security, 37 drive-up doors, over 1,100 lockers, and energy-efficient design. Additionally, it will include 2,500 to 5,000 square feet of co-working spaces to support small businesses and e-commerce users. 


Another facility with approximately 900 storage units is set to open in Q1 2025 at 195 Brunswick Blvd. in Pointe-Claire. The $5-million project involves converting a two-year-old industrial building that was originally built for the cannabis sector but has been temporarily used for storage by a logistics company. 


In Brossard, Broccolini plans to develop a 120,000-square-foot facility on Matte Boulevard, with an estimated cost of $35 million. This project is expected to be completed in 2025 or 2026.


Dawson mentioned that investments in these three facilities have been funded by Broccolini and will be rolled into the fund at cost. A $1-million investment is the minimum required to participate in the open-ended fund. Broccolini typically contributes 15 to 30 percent of the committed capital, ensuring significant internal investment.


“Our investors know when they’re investing in our fund they’re not just investing in a Broccolini fund; they’re investing alongside Broccolini,” Dawson stated. Vineberg added that the Pandora name reflects the facilities' ability to help people manage their excess belongings, transforming their storage situations into ones where "hope is restored."


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