StorageMart, an owner and operator self-storage facilities throughout the United States and Canada, has purchased Alliance Self Storage in Barrie, Ontario. The two-story building contains 501 units and was recently expanded and renovated to include drive-up storage. It is positioned along the 400 corridor in Simcoe County.
Despite the tightening credit restrictions and enhanced due diligence required, StorageMart secured financing on the property and met the financial institution’s stringent conditions, in large part because of the company's proven track record and accurate valuation, according to a press release.
"StorageMart is really happy to be a part of this community, and we'll continue to pursue the philanthropic and community involvement that are such a big part of the StorageMart story," said CEO Mike Burnam.
StorageMart was represented in the transaction by Tim Bristow, Patrick Egan and David Hoffman of Colliers International. "As much as we'd like to take credit for facilitating the deal, the previous operators should be acknowledged for operating a clean and secure facility that was up to StorageMart's exact standards," said Egan.
StorageMart owns and operates more than 137 self-storage properties across 14 states and five Canadian provinces. The company's charitable arm, StorageMart Gives, works to identify partner charities and organizations in each of its markets. It has also founded the ScholarSmarts scholarship, which awards $10,000 to students each year.
Colliers International provides commercial real estate services through its more than 13,500 professionals in 482 offices in 62 countries. The company provides a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking, and research.