Strategic Storage Trust II Inc. (SST II), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired 2.23 acres of land in East York, a borough in Toronto, on which it plans to build a self-storage facility. The site was purchased in a joint venture with SmartCentres Real Estate Investment Trust, a Canadian REIT, according to a press release.
The plans for the property at 145 Wicksteed Ave. include 100,000 square feet of storage space in 990 units. The project will break ground in the third quarter, with completion slated for late 2019.
“This land is located adjacent to an existing SmartCentres retail power center frequently visited by shoppers, creating an excellent, high-traffic setting for a new self-storage facility,” said Wayne Johnson, chief investment officer for SST II. “We are pleased to announce this joint venture project with SmartCentres, and look forward to breaking ground later this year. The development will expand the portfolio of Strategic Storage Trust II in the Greater Toronto area.”
The SST II portfolio includes 83 self-storage facilities in Canada and the United States. It comprises approximately 51,300 self-storage units and about 6 million rentable square feet of storage space.
SmartStop is a diversified real estate company focused on self storage, student housing and senior-housing assets. It has a managed portfolio of 116 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 8.5 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.