Last year, Strategic Storage Holdings, LLC (SSH) began a joint venture with Budget Development (based in Toronto, Canada) to actively build new self storage facilities, redevelop existing ones, and pursue the purchase of self-storage properties that are already in business. Today, they announced the purchase of 6.53 acres of land in Brampton, Canada.
"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."
Over four acres of the land will be used to develop a class A facility that has five buildings. There will be a total of 930 units of various sizes and options. The facility will have over 108,000 square feet of net rentable space. They are looking at developing the remaining land into retail space.
"This site is ideal for self-storage development due to its prime access to nearby highways along a major retail road like Queen St," said H. Michael Schwartz, SSTI's chairman and CEO. "The city of Brampton's proximity to downtown Toronto and Pearson International makes this area a desirable location for residential development, and perfect for a new first class storage facility, which will be representative of the
SmartStop brand."
SmartStop Self Storage offers storage for personal and business use. Many of the locations offer boat, RV, and automobile storage. They also have climate-controlled units to protect items from extremes of cold, heat, and humidity. They have surveillance cameras, keypad entry, building intruder alarms, individual unit door alarms, and high-security unit locks.
Strategic Storage Holdings, LLC, is an affiliate of Strategic Storage Trust, Inc., (SSTI). SSTI's portfolio has 78 properties throughout 17 states and in Canada. SSTI is one of the fastest growing self storage REITs nationwide.
Sources Used:
"Strategic Storage Trust, Inc. Acquires 6.53-Acre Land Parcel in Canada A Proposed 108,800 Net Rentable Square Foot Self-Storage Facility Is Planned for 4.36 Acres."
Stock Markets Review; 3 October 2011.