Strategic Storage Trust Inc., a publicly registered non-traded self-storage real estate investment trust (REIT), recently purchased 2.5 acres of land in Toronto to build a self-storage facility. The company purchased the land at 505 and 515 Centennial Road for $3.8 million (CAD).
"We targeted this land in the district of Scarborough due to its prime access from the 401 Expressway and Kingston Road," said H. Michael Schwartz, chairman and CEO. "This ground-up development underscores our long-term commitment to self-storage in the Greater Toronto area."
The new project will encompass 78,000 net rentable square feet of storage space and 879 units in three single-story buildings and three two-story structures. It will be branded as SmartStop Self Storage.
Strategic Storage Trust currently owns three storage properties and has one under development in Ontario. The properties encompass 411,600 net rentable square feet and 3,695 units. The portfolio includes:
- 4548 Dufferin St., Toronto, with 110,300 square feet and 1,060 units
- 3136 Mavis Road, Mississauga, with 101,500 square feet and 815 units
- 8 Brewster Road, Brampton, with 108,800 square feet and 930 units
- 600 Granite, Pickering, currently under development, with 91,000 square feet and 890 units
Launched in 2008, Strategic Storage Trust operates a portfolio of 125 self-storage facilities in 17 states and Canada. Branded as SmartStop Self Storage, the properties comprise approximately 79,000 units and 10.4 million rentable square feet of storage space.