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Strategic Storage Trust II Buys Land to Develop 990-Unit Self Storage Facility in Toronto, Canada

Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased a 2.2-acre parcel of land in Toronto, Canada.

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Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased a 2.2-acre parcel of land in Toronto, Canada.

Purchased in a joint venture with SmartCentres Real Estate Investment Trust, one of Canada’s largest REITs, the vacant lot will be used to develop an approximately 100,000 square-foot, 990-unit self storage facility. According to a filing with the Securities and Exchange Commission, the land has a fair market value of approximately $5.8 million ($7.6 million CAD).

“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.

The project will break ground in the third quarter of 2018 and construction is slated for completion in late 2019.

Strategic Storage Trust II invests in stabilized self storage properties and oversees a portfolio of 83 properties located in 14 states and Ontario, Canada. The offering was declared effective by the SEC in January 2014 and closed three years later after raising $570 million in investor equity.

For more Strategic Storage Growth Trust news, please visit their directory page here.