Strategic Storage Growth Trust III, Inc. Acquires First Self-Storage Property in the Greater Toronto Area
LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private company sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”) that intends to qualify as a real estate investment trust, announced the acquisition of its first Canadian self-storage property. Located at 7 Ingram Drive in North York, Ontario, the approximately 81,800 net-rentable-square-foot facility is inclusive of approximately 730 interior, climate-controlled storage units, 17 parking spaces, and one office building with 24 office units.
With excellent visibility from Keele Street, a major north-south thoroughfare, the facility is two miles southwest of Yorkdale Shopping Centre, Canada’s third-largest shopping mall. The surrounding neighborhoods of Brookhaven-Amesbury, Beechborough-Greenbrook, Glen Long and North Fairbank feature strong median household incomes and a large number of rental households.
“This inaugural acquisition in the Toronto market marks an exciting milestone for SSGT III as it expands its global footprint and establishes a presence in the vibrant Canadian self-storage industry,” said H. Michael Schwartz, CEO and President of SSGT III. “This property, strategically positioned in a highly sought-after location, provides an exceptional opportunity for us to deliver value for our stockholders.”
The facility will be branded under the SmartStop® Self Storage banner, which owns or manages 33 self-storage properties throughout Canada.
About Strategic Storage Growth Trust III, Inc. (SSGT III):
SSGT III is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of June 20, 2023, SSGT III has a portfolio of five operating properties in the United States, comprising approximately 4,400 units and 487,400 rentable square feet and one operating property in Canada, comprising approximately 770 units and 81,800 rentable square feet.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 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. As of June 20, 2023, SmartStop has an owned or managed portfolio of 192 operating properties in 22 states and Canada, comprising approximately 135,000 units and 15.2 million rentable square feet. SmartStop and its affiliates own or manage 33 operating self-storage properties in Canada, which total approximately 28,600 units and 3.0 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
Contacts
David Corak
VP of Corporate Finance
SmartStop Self Storage REIT, Inc.
[email protected]
