Update 3/10/16 – SST II has acquired two more self-storage facilities in the Toronto metropolitan area for $28.9 million. The assets comprise 133,900 rentable square feet in about 1,280 units, according to a company press release.
“We continue to execute on our long-term acquisition and property management strategy within the GTA market,” Schwartz said.
The property at 4491 Mainway in Burlington was built in 2004 on 3.12 acres. It comprises about 54,800 rentable square feet in 460 units.
The property at 480 S. Services Road in Oakville was built in 1970 on 4.2 acres. The asset was completely renovated between 2007 and 2008, the release stated. The facility comprises 79,100 rentable square feet in 740 units and 80 RV-parking spaces.
2/16/16 – Affiliate real estate investment trusts (REITs) sponsored by SmartStop Asset Management LLC, a diversified real estate company specializing in self-storage, recently acquired a 3.73-acre property in Hamilton, Ontario, Canada, and three storage facilities in the Toronto area. The Hamilton property was purchased by Strategic Storage Growth Trust Inc. (SSGT), while the Toronto assets were acquired by Strategic Storage Trust II Inc. (SST II). The separate deals come three weeks after SST II increased its borrowing capacity to fund expansion.
The vacant Hamilton location at 365 Fruitland Road will be developed into a self-storage facility comprising about 81,600 net rentable square feet in approximately 780 units, according to a press release. The two-story building will offer interior loading and climate control. It’s expected to be complete toward the end of 2017. Financial terms were not disclosed.
The Toronto facilities comprise about 232,200 rentable square feet in 2,570 units and were acquired for $53.1 million. They include:
- 1207 Appleby Line in Burlington, Ontario, a two-story building on 3.5 acres comprising 79,700 rentable square feet in 900 units. It was built in 2011.
- 530 Martin St. in Milton, Ontario, a two-story building on 1.96 acres comprising 70,100 rentable square feet in 850 units. It was built in 2006.
- 2055 Cornwall Road in Oakville, Ontario, a three-story building on 3.51 acres comprising 82,400 rentable square feet in 820 units. Construction was completed earlier this year.
"We are excited about our continued expansion into the GTA [greater Toronto area] due to its strong demographics," H. Michael Schwartz, chairman and CEO of SST II, said in a released statement. "We are seeking to acquire a portfolio of 100-plus properties in the GTA among our affiliate companies over the next five years."
SSGT focuses on the acquisition, development and lease-up of self-storage properties. Its portfolio includes 13 facilities in six states comprising approximately 979,900 net rentable square feet in 8,460 units.
The SST II portfolio includes 22,600 self-storage units and approximately 2.4 million rentable square feet of storage space.
SmartStop Asset Management has a managed portfolio of 59 self-storage facilities comprising 4.1 million rentable square feet in Canada and the United States.
- Marketwired: Strategic Storage Trust II, Inc. (SST II) Acquires Three Facilities in the Greater Toronto Area for Approximately $53.1 Million CAD
- Marketwired: Strategic Storage Growth Trust, Inc. (SSGT) Acquires Land to Be Developed Into an Approximately 780-Unit Self Storage Facility Located in Ontario, Canada