Strategic Storage Trust, Inc. (SSTI), a publicly registered non-traded REIT targeting the self-storage market, purchased a 6.53-acre land site for approximately $5.1 million. Plans for the site include developing a class A, five-building self-storage facility on 4.36 acres totaling approximately 930 units. The remaining 2.17 acres may be redeveloped for retail use.
Toronto-based Budget Development Partners, a developer and manager of self-storage properties, will oversee the development efforts of the proposed 108,800 net rentable square foot self-storage facility. The land is located just west of Hwy 427 between Queen St. and Brewster Rd near the intersection of The Gore Rd and Queen St. Once completed, the new site will be rebranded under the SmartStop Self Storage trade name.
“This acquisition represents one of the last available small retail parcels along this highly sought after corridor,” said Reade DeCurtins, senior partner at Budget Development. “Due to rapid growth, scarcity of land and stout demographics, this area has become one of the most attractive areas for development in the entire country.”
Last year, Strategic Storage Holdings, LLC (SSH) – an affiliate of SSTI – agreed in principle to a joint venture with Budget Development to build new self-storage facilities or redevelop existing industrial buildings throughout Canada, as well as actively acquire operational self-storage properties.
Since the launch of SSTI in 2008, SSTI’s portfolio of wholly-owned properties has expanded to include 78 properties in 17 states and Canada.