Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust targeting the self-storage market, purchased a 6.5-acre land parcel in Brampton, Ontario, Canada, for approximately $5.1 million (CAD). Plans for the site include developing a five-building, 930-unit self-storage facility on 4.36 acres. The remaining 2.17 acres may be redeveloped for retail use.
Toronto-based Budget Development Partners, a developer and manager of self-storage properties, will oversee the development efforts of the proposed 108,800-square-foot storage facility. "This acquisition represents one of the last available small retail parcels along this highly sought after corridor," said Reade DeCurtins, senior partner at Budget Development. "Due to rapid growth, scarcity of land and stout demographics, this area has become one of the most attractive areas for development in the entire country."
Last year, Strategic Storage Holdings LLC, an affiliate of Strategic Storage Trust, agreed in principle to a joint venture with Budget Development to build new self-storage facilities or redevelop existing industrial buildings throughout Canada, as well as actively acquire operational self-storage properties.
"This site is ideal for self-storage development due to its prime access to nearby highways along a major retail road like Queen St.," said H. Michael Schwartz, chairman and CEO of Strategic Storage Trust. "The city of Brampton's proximity to downtown Toronto and Pearson International makes this area a desirable location for residential development, and perfect for a new first-class storage facility, which will be representative of the SmartStop brand."
Strategic Storage Trust operates self-storage facilities under the SmartStop brand name. Since the company’s launch in 2008, its portfolio has expanded to include 78 facilities in 17 states and Canada, comprising approximately 52,000 self-storage units and 6.4 million rentable square feet of storage space.