Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust, purchased an industrial facility in Ontario, Canada for a development opportunity for $2.3 million, plus closing costs and acquisition fees. The development effort is scheduled to be complete by April 2017.
The four-story facility will sit on approximately 1.5 acres and consist of approximately 900 units totaling 85,000 net rentable square feet. The property, which will offer drive-up and climate controlled units, will be managed by a subsidiary of SmartStop Asset Management and re-branded under the SmartStop Self Storage trade name.
“We are excited to offer the local area this class A, state-of-the-art facility,” said Wayne Johnson, SSGT’s chief investment officer. “Heavy traffic and great visibility coupled with the local market’s dense population should equate to a highly successful project.”
Strategic Storage Growth Trust, which is sponsored by SmartStop Asset Management, focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The REIT’s portfolio currently consists of 13 operating self storage facilities located in six states.