Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased approximately two acres of land in Oshawa, Ontario, Canada for an undisclosed amount.
Purchased in a joint venture with SmartCentres Real Estate Investment Trust, the vacant lot will serve as the development site for an approximately 900-unit, approximately 119,000-square-foot self storage facility. The project is expected to break ground in the fourth quarter of 2018.
“This tract of land is ideally located, facing Highway 401, one of the busiest highways in this region of Canada,” said Wayne Johnson, chief investment officer. “We are pleased to partner with SmartCentres, one of Canada’s largest REITs, on this acquisition that will further expand Strategic Storage Trust IV’s portfolio in Canada and is expected to generate strong value for investors.”
Strategic Storage Trust IV primarily invests in self storage properties located in the United States and Canada and currently owns seven properties, and one vacant lot for development. The REIT’s offering was declared effective by the SEC in March 2017 and has raised $72.2 million in investor equity as of June 13, 2018.
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