TORONTO, Sept. 10, 2020 /PRNewswire/ — SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”) announced today its intention to develop a new, state of the art, self storage facility in Canada’s Greater Toronto Area (“GTA”). The Company has entered into a purchase and sale agreement to acquire approximately 1.2 acres of land in a retail shopping center, which will serve as the development site for an approximately 1,050-unit self storage facility.
“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,” said Wayne Johnson, President and Chief Investment Officer. “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.”
Strategically located on-site adjacent to a well-known retailer, the prospective self storage facility will encompass approximately 145,000 gross square feet and will provide the latest amenities in self storage including gated access, energy-efficient LED lighting, and climate-controlled units. Subject to normal conditions, SmartStop expects the transaction to close in the fourth quarter of 2020. This property will join nearly 20 other SmartStop® Self Storage properties either currently operational or under development in the GTA.
About SmartStop Self Storage REIT, Inc.
SmartStop is a self-managed REIT with a fully integrated operations team of approximately 380 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs, including Strategic Storage Trust IV, Inc., a public non-traded REIT, and other private programs. SmartStop is the tenth-largest self storage company in the U.S., with approximately $1.6 billion of real estate assets under management, including an owned and managed portfolio of 144 properties in 19 states and Toronto, Canada and comprising approximately 96,000 units and 10.9 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
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SOURCE SmartStop Self Storage REIT, Inc.