Automotive Properties Real Estate Investment Trust announced that it has entered into a 50/50 joint venture with StorageVault Canada Inc. to acquire an automotive dealership property located at 9425 Taschereau Boulevard in Brossard, Quebec from a third-party vendor. StorageVault currently owns a self-storage property that is adjacent to the Brossard Property. The acquisition of the Brossard Property has closed.

Under the terms of the Joint Venture, Automotive Properties REIT and StorageVault each funded 50% of the $16.1 million purchase price, which included related expenditures. The Brossard Property consists of a 50,415 square-foot, full-service automotive dealership facility situated on approximately 3.4 acres of land and is currently under triple-net leases with Groupe Park Avenue Volvo andaguar Land Rover. The leases are subject to annual adjustments linked to the consumer price index in Quebec.

The Brossard Property will be managed by the REIT for so long as it is used for automotive purposes for customary management fees. The Joint Venture expects to consider the highest value and best use for the Brossard Property over the long term to maximize value, including automotive, self-storage, or other uses.