Strategic Storage Growth Plans Second Development in Canada
- May 24, 2016
Toronto–Strategic Storage Growth Trust, which is sponsored by SmartStop Asset Management LLC, has acquired an industrial facility in Ontario, Canada, with plans to redevelop the property into a 900-unit self-storage facility. Construction on the project, which marks the company’s second development in Canada, is scheduled to be complete by April 2017.
“This will be the best and newest facility in the area with over 600,000 people in the five-mile ring,” Michael Schwartz, SSGT’s chairman & CEO, said in prepared remarks. “We are on target to complete the development of the self-storage facility by the second quarter of 2017, with the goal of renting self-storage units shortly thereafter.”
This new self-storage facility will encompass approximately 85,000 net rentable square feet. Located at 69 Torbarrie Road, which faces Highway 400, the four-story building will sit on nearly 1.5 acres and will offer drive-up and climate-controlled units. Upon completion, the facility will be managed by a subsidiary of SmartStop Asset Management and re-branded under the SmartStop Self Storage trade name.
“We are excited to offer the local area this Class A, state-of-the-art facility,” added Wayne Johnson, SSGT’s chief investment officer. “Heavy traffic and great visibility, coupled with the local market’s dense population, should equate to a highly successful project.”
In addition to the 69 Torbarrie facility, SSGT’s Canadian portfolio includes the 365 Fruitland Road property in Hamilton, Ontario. The 780-unit ground-up development project is currently under construction.
The REIT’s recent expansion also includes the acquisition of three self-storage facilities in San Antonio, Kingwood, Texas and Aurora, Colo. in December, as well as the purchase of a San Antonio property with 385 units in January.
Rendering courtesy of Strategic Storage Growth Trust