TORONTO , Oct. 15, 2019 /CNW/ -- Strategic Storage Growth Trust II, Inc. ("SSGT II"), a private real estate investment trust sponsored by an indirect subsidiary of SmartStop Self Storage REIT, Inc., announced today its acquisition of a newly constructed approximately 735-unit self storage facility in Toronto, Canada .
"This facility is prominently located in one of the most dynamic re-development markets in the greater Toronto area," said Wayne Johnson , chief investment officer. "Situated only three miles from the downtown core, it has excellent visibility and a retail presence in an area with 15,000 new residential units planned or under construction nearby."
"We anticipate significant revenue growth that will be accretive to Strategic Storage Growth Trust II, from both the completion of lease-up and our revenue management platform. We are excited to acquire this property in partnership with our Canadian development partner SmartCentres REIT, and we will continue to be heavily focused on acquiring and developing high-quality assets in the Toronto core as well as throughout the entire Toronto region," said H. Michael Schwartz , Founder and Executive Chairman.
"We are very pleased to partner with SmartStop on this strategic acquisition," said Mitchell Goldhar , Executive Chairman, SmartCentres REIT. "SmartStop facilities at our existing shopping centres and new locations such as this one result in new value creation for our unitholders," added Mr. Goldhar.
Located at 1120 Dupont St., this six-story facility is situated on 0.34 acres of land and comprises approximately 47,000 net rentable square feet of self storage units. Completed in early 2019, the property amenities include climate-controlled units, elevator access, drive-in loading area, and video surveillance.
About Strategic Storage Growth Trust II, Inc. ("SSGT II"):
SSGT II is a Maryland corporation that intends to qualify as a real estate investment trust for federal income tax purposes. SSGT II focuses on opportunistic self storage properties.
About SmartStop Self Storage REIT, Inc. ("SmartStop")
SmartStop is a self-managed REIT with a fully integrated operations team of approximately 350 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 $1.4 billion of real estate assets under management, including 113 properties in 17 states and Toronto, Canada that are directly owned and managed by SmartStop, as well as a growing portfolio of 22 properties in 8 states and Toronto, Canada where SmartStop REIT Advisors serves as the property manager for properties owned by its sponsored programs. In total, this portfolio comprises approximately 88,000 units and 10 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
SmartCentres is one of Canada's largest real estate investment trusts with total assets of approximately $9.7 billion . It owns and manages 34 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartCentres is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group.
SmartCentres continues to grow its portfolio to include residential (single-family, condominium, rental) retirement homes, office, and self-storage with an additional $12.1 billion ( $5.5 billion at SmartCentres' share) in expected developments to commence over the next five years. This growth will occur on its large urban properties such as SmartCentres Place at the Vaughan Metropolitan Centre or as an adjunct to its well-located existing shopping centres. For more information, visit www.smartcentres.com.
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SOURCE Strategic Storage Growth Trust II, Inc.
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