Strategic Storage Trust Inc., a publicly registered non-traded self-storage real estate investment trust, recently began construction on a self-storage facility in Brampton, Ontario, Canada.
Situated on 4.36 acres, the facility will have 800 units. The company purchased the 6.53-acre site for $5.1 million (CAD) in 2011, then sold 2.17 acres to a local retail developer for $2 million.
Located in the heart of East Brampton’s residential growth area, the facility is just west of Highway 427 between Queen Street and Brewster Road. The five-building facility will have 100,100 net rentable square feet. It’s slated to open in late 2013 under the SmartStop Self Storage brand name.
“This site is ideal for a new self-storage facility due to its prime access to nearby highways along a major retail road like Queen St.,” said CEO H. Michael Schwartz. “One of our long-term goals is to continue to expand our self-storage portfolio in Canada.”
Launched in 2008, Strategic Storage Trust’s portfolio includes 120 properties in 17 U.S. states and Canada.