SmartStop to develop new self storage facility in Toronto
US self storage company SmartStop Self Storage REIT said that it plans to develop a new self storage facility in the Greater Toronto Area (GTA) in Canada.
In this regard, the self storage company has signed a purchase and sale deal to acquire nearly 1.2 acres of land in a retail shopping center, which will host a self storage facility of nearly 1,050 units.
Wayne Johnson – President and Chief Investment Officer of SmartStop Self Storage REIT said: “This tract of land is ideally located in a prime retail area, making it a convenient storage option for both commercial and residential customers in the local market.
“We are pleased to be under contract on this land acquisition that would further expand SmartStop’s portfolio and presence in the GTA and is expected to generate value for our investors.”
According to SmartStop Self Storage REIT, the prospective self storage facility is located on-site near a well-known retailer, and that it encompasses nearly 145,000 gross square feet. It is expected to offer the latest amenities in self storage, which would include gated access, energy-efficient LED lighting, and also climate-controlled units.
The self storage company anticipates the deal to be wrapped up in the fourth quarter of this year.