Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust that operates self-storage properties, has opened its first ground-up development in Greater Toronto. The facility sits on 4.36 acres and is comprised of more than 100,000 net rentable square feet in 800 storage units. It is branded under the SmartStop Self Storage trade name.
The five-building site is just west of Highway 427 between Queen Street and Brewster Road.
"This state-of-the-art, climate-controlled facility is located in a prime retail location with direct access to Queen Street," said H. Michael Schwartz, chairman and CEO. "This is our second development project in Ontario; we recently opened our first development facility in Mississauga in January 2013."
The facility is on a 6.53-acre plot that Strategic Storage Trust purchased in 2011 for approximately $4.9 million. The company sold 2.17 acres of the property last year to a local retail developer for approximately $2 million.
Strategic Storage Trust also owns a third Canadian facility in Toronto. The companys entire portfolio includes 111 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 70,000 self-storage units and 9.3 million square feet of rentable storage space.