Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has purchased a former industrial building in Ontario, Canada, that it plans to convert to self-storage. The project is expected to be complete next April, according to a company press release.
“This will be the best and newest facility in the area with [more than] 600,000 people in the 5-mile ring,” said H. Michael Schwartz, CEO and chairman. “We are on target to complete the development of the self-storage facility by the second quarter of 2017, with the goal of renting self-storage units shortly thereafter.”
The property at 69 Torbarrie Road sits on nearly 1.5 acres of land and faces Ontario Highway 400. Once complete, the four-story facility will comprise 85,000 net rentable square feet of storage space in 900 drive-up and climate-controlled units. It’ll be branded as SmartStop Self Storage and managed by a subsidiary of SmartStop Asset Management LLC.
“We are excited to offer the local area this class-A, state-of-the-art facility,” said Wayne Johnson, chief investment officer of SSGT. “Heavy traffic and great visibility coupled with the local market’s dense population should equate to a highly successful project.”
The project is SSGT’s second in Ontario. Construction is also underway for a newly built, two-story facility at 365 Fruitland Road in Hamilton that will comprise 81,600 net rentable square feet of storage space in 780 units. It’s expected to be complete by the end of the year.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 13 storage facilities in six states comprising approximately 979,900 net rentable square feet in 8,460 storage units. The company is sponsored by SmartStop Asset Management, a diversified real estate company with a managed portfolio of 73 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 5.1 million rentable square feet.