Non-traded self-storage REIT, Strategic Storage Trust, Inc. (SSTI), announced last week that it has acquired 2.5 acres of land in Toronto, Canada. The site, which was purchased for $3.8 million CAD in an all-cash deal, will be used for a ground-up self-storage development opportunity.
This is not SSTI’s first venture into Canada; the REIT already owns four self-storage properties in Ontario.
Located at 505 & 515 Centennial Road, SSTI’s latest project will feature six buildings that total approximately 870 units.
“We targeted this land in the district of Scarborough due to its prime access from the 401 Expressway and Kingston Road (Highway 2A),” commented H. Michael Schwartz, chairman and CEO of SSTI. “This new ground-up development underscores our long term commitment to self storage in the Greater Toronto Area.”
The completed property will be branded under the SmartStop® Self Storage trade name like SSTI’s other properties.
Since its launch in 2008, SSTI’s portfolio has grown to include 125 properties across the U.S. and Canada, totaling approximately 79,000 self-storage units.
The REIT has been closed to new investors since September 22, 2013.