Strategic Storage Trust Inc. recently acquired an industrial building in Mississauga, Ontario, Canada, for about $5.6 million, with the intent to redevelop it into self-storage. Once redeveloped, the site will consist of 101,000 rentable square feet with 800 units and will be rebranded as SmartStop Self Storage. Located at 3136 Mavis Road in Mississauga, the facility is 14 miles from downtown Toronto near the intersection of Dundas Street and Mavis Road.
"This redevelopment project is a perfect example of the many opportunities in the Greater Toronto Area," said H. Michael Schwartz, Strategic Storage Trust's chairman and CEO. "We are on target to complete the redevelopment of the industrial facility by September, with the goal of renting self-storage units shortly thereafter."
In November 2010, Strategic Storage Holdings LLC (SSH), an affiliate of Strategic Storage Trust Inc., agreed in principle to a joint venture with Toronto-based Budget Development Partners, a developer and manager of self-storage properties. The venture involves actively acquiring operational self-storage properties, as well as building new self-storage facilities or redeveloping existing industrial buildings throughout Canada.
Budget Development is the exclusive developer and on-site sub-property manager for SSH in Canada, specializing in identifying self-storage opportunities for acquisitions and handling onsite development and management. Budget Development will develop and sub-manage the new facility on behalf of Strategic Storage Trust.
Mississauga is Canada's sixth largest and fastest growing major city with a population of 729,000 residents and is home to Toronto Pearson International Airport, Canada's largest airport.
Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, launched in 2008. The company's portfolio of wholly-owned properties includes 56 properties in 16 states and Canada. SmartStop Self Storage has locations in 17 U.S. states and Ontario, Canada.