Strategic Storage Trust IV Inc. (SST IV), a public non-traded real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired a 2-acre vacant lot in Oshawa, Ontario, Canada, on which it plans to build a self-storage facility. The purchase was made through a joint venture with SmartCentres Real Estate Investment Trust, according to a press release.
Plans for the property at 642 Champlain Ave. include 119,000 gross square feet of storage space in 900 units. The project is expected to break ground before the end of the year.
“This tract of land is ideally located, facing [Ontario] Highway 401, one of the busiest highways in this region of Canada,” said Wayne Johnson, chief investment officer for SST IV. “We are pleased to partner with SmartCentres, one of Canada’s largest REITs, on this acquisition that will further expand Strategic Storage Trust IV’s portfolio in Canada and is expected to generate strong value for investors.”
The joint venture also broke ground this summer on a project in East York, a borough of Toronto, where the partnership is building 100,000 square feet of storage space in 990 units. The facility is expected to open in late 2019.
Based in Maryland, SST IV owns seven self-storage properties comprising about 481,800 net rentable square feet. It intends to invest in a portfolio of self-storage properties in Canada and the United States.
SmartStop is the asset manager for 118 facilities in Canada and the U.S. Its portfolio comprises approximately 8.6 million rentable square feet.
SmartCentres develops urban, mixed-use residential and industrial developments, including the master-planned community SmartCentres Place at the Vaughan Metropolitan Centre in Ontario. It owns and manages 34 million square feet of retail space.