Strategic Storage Trust, a publicly registered non-traded Real Estate Investment Trust (REIT) specializing in the self-storage market has acquired a 1,060-unit facility in Toronto for more than $14 million.
The property is the first in Canada for the REIT, and will be rebranded under the SmartStopSM Self Storage trade name. The property will be operated by Budget Development Partners.
Recently, Strategic Storage Holdings, LLC, an affiliate of SSTI, entered into a letter of intent to form a joint venture with Budget Development Partners to acquire operational self-storage properties, build new facilities and redevelop existing industrial buildings throughout Canada.
“We believe there are many international opportunities in self storage and this property in Toronto represents our first,” says H. Michael Schwartz, chairman and CEO of Strategic Storage Trust. “We continue to look for more opportunities in the Greater Toronto Area as well as the other major markets throughout Canada.”
The property is located north of downtown Toronto in the densely populated North York area, near York University, which has more than 50,000 students. Built in 1965, the property was converted into a self-storage facility in 2008. It has approximately 110,000 rentable square feet with climate-controlled interior units, office spaces, rentable parking spots, a large heated interior loading bay and a large retail office.
Launched some 2.5 years ago, Strategic Storage Trust’s portfolio of wholly owned properties has expanded to 41 properties in the U.S., and the property in Canada.