Strategic Storage Trust II Buys Two Facilities in Canada for $21M
- Mar 03, 2016
Toronto–Strategic Storage Trust II, which is sponsored by SmartStop Asset Management LLC, has acquired two self-storage facilities in the Greater Toronto Area (GTA) for approximately $21.5 million (C$28.9 million).
The portfolio totals about 1,280 units and approximately 133,900 rentable square feet.
“We continue to execute on our long-term acquisition and property management strategy within the GTA market,” Michael Schwartz, chairman & CEO of SST II, said in prepared remarks.
The first property is a one-story building located at 4491 Mainway in Burlington, on approximately 3.1 acres. The facility was built in 2004 and offers 460 drive-up and climate-controlled units totaling approximately 54,800 rentable square feet.
The second property is located at 480 South Service Road in Oakville, on approximately 4.2 acres. Built in 1970 with renovations completed in 2007 and 2008, the facility offers approximately 740 units and 80 RV parking spaces across approximately 79,100 rentable square feet.
“This will be our second facility in both the Oakville and Burlington markets,” added Wayne Johnson, CIO of SST II. “We look forward to providing our new customers with a very high level of service.”
Other self-storage assets the company owns in the GTA include:
- 1207 Appleby Line, Burlington, Ontario (900 units, 79,700 square feet);
- 530 Martin St., Milton, Ontario (850 units, 70,100 square feet);
- 2055 Cornwall Road, Oakville, Ontario (820 units, 82,400 square feet).
SST II acquired these three properties earlier this year for approximately $38.4 million (C$53.1 million).
Image courtesy of Strategic Storage Trust II