Strategic Storage Trust II Buys Canadian Portfolio for $38.1 Million
Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust, purchased three self storage facilities in the Greater Toronto Area of Canada for approximately $38.1 million ($53.1 million CAD).
The portfolio totals approximately 2,570 units and approximately 232,200 rentable square feet.
“We are excited about our continued expansion into the Greater Toronto Area due to its strong demographics,” said H. Michael Schwartz, chairman and chief executive officer of SST II. “We are seeking to acquire a portfolio of 100+ properties in the [area] among our affiliate companies over the next five years.”
The first property is a 900-unit two-story building located at 1207 Appleby Line in Burlington. It was built in 2011 and has approximately 79,700 rentable square feet and sits on approximately 3.5 acres.
The second property is an 850-unit two-story building located at 530 Martin St. in Milton. It was built in 2006 and has approximately 70,100 rentable square feet and sits on approximately 1.96 acres.
The last property was completed in 2016 and is an 820-unit three-story building located at 2055 Cornwall Rd. in Oakville. It has approximately 82,400 rentable square feet and sits on approximately 3.51 acres.
In other Strategic Storage Trust II news, The DI Wire reported earlier this month that REIT’s board of directors doubled its size from three to six directors.
Strategic Storage Trust II focuses on stabilized self storage properties. The SST II portfolio includes approximately 22,600 self storage units and 2.4 million rentable square feet of storage space.