Strategic Storage Trust II Buys Two Canadian Properties for $21.6 Million
Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, purchased two self-storage facilities in the Greater Toronto Area of Canada for approximately $21.6 million ($28.9 million CAD).
The portfolio totals approximately 1,280 units and approximately 133,900 rentable square feet.
“We continue to execute on our long-term acquisition and property management strategy within the GTA market,” said H. Michael Schwartz, chairman and chief executive officer of Strategic Storage Trust II.
Built in 2004, the first property is a 460-unit, one-story building located in Burlington. Located on approximately 3.1 acres, the facility totals approximately 54,800 rentable square feet and provides drive-up and climate controlled units.
The second property, located in Oakville, totals approximately 79,100 rentable square feet and sits on roughly 4.2 acres. The facility was built in 1970 and renovated in 2007 and 2008, and has approximately 740 units and 80 RV parking spaces.
“This will be our second facility in both the Oakville and Burlington markets,” said Wayne Johnson, CIO of SST II. “We look forward to providing our new customers with a very high level of service.”
Last month, The DI Wire reported that Strategic Storage Trust II purchased three self-storage facilities in the Greater Toronto Area of Canada for approximately $38.1 million ($53.1 million CAD).
Strategic Storage Trust II focuses on stabilized self-storage properties. The REIT’s portfolio includes approximately 23,880 self-storage units and approximately 2.6 million rentable square feet of storage space.
