Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT) that operates self-storage properties, has opened a remodeled facility in Mississauga, Ontario, Canada, under the SmartStop Self Storage brand name. The facility is comprised of 800 units and 101,000 net rentable square feet.
"Our lease-up efforts have been extremely positive, as we've already leased approximately 35,000 square feet over the last year, despite only a partial opening and construction activity," said H. Michael Schwartz, chairman and CEO. "Mississauga is one of the fastest growing and largest cities in Canada, with only a handful of self-storage competitors."
Strategic Storage Trust purchased the facility in 2011 for $5.6 million as part of a joint venture with Toronto-based Budget Development Partners, a developer and manager of self-storage properties. Budget Development will manage the new facility on behalf of Strategic Storage Trust.
The property is 14 miles from downtown Toronto, near the intersection of Dundas Street and Mavis Road. It is close to a Home Depot and other retail outlets. Site amenities include drive-up access to exterior units, interior climate-controlled units, security and payment systems, and a large office, company officials said.
"The Mavis site is ideal because we were able to retrofit an existing building by creating a second floor within the industrial shell and complement it with new retail space for sales and exterior drive-up units," said Jamie Bennett, a senior partner with Budget Development.
This is the third Canadian facility owned by Strategic Storage Trust. The companys portfolio of wholly-owned properties includes 108 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 70,000 self-storage units and 8.7 million square feet of rentable storage space.