Strategic Storage Growth Trust and Strategic Storage Trust II, two publicly registered non-traded real estate investment trusts sponsored by SmartStop Self Storage Inc., agreed to purchase the Storage Spot Portfolio, which consists of four self storage facilities in Toronto, Canada, for $51 million. Located in the Stoney Creek, Oakville, Burlington and Milton areas of Toronto, the portfolio totals 313,800 square feet with 3,360 individual self storage units.
The Stoney Creek property is approximately 81,600 square feet and consists of 780 units with a purchase price of $2.1 million. The property is currently under development.
The Oakville property is approximately 82,400 square feet and consists of 820 units with a purchase price of $16.9 million. The property is also under development.
Built in 2011, the Burlington property is approximately 79,700 square feet and consists of 910 units with a purchase price of $19.2 million.
I have been in the financial services industry for 20 years and our firm provides an education platform that gets clients to “think differently” about their financial picture. For many years we have communicated to clients the need to diversify their portfolios using alternative asset classes and more specifically, private non-traded investments. Due diligence on these types of financial vehicles is essential and when I learned about Blue Vault in 2010, our firm immediately began using their material as a tool to build confidence in the minds of our advisors on which alternatives to recommend to clients. I am impressed with the way Blue Vault continues to add value to their subscribers and I view their publication as a tremendous resource in today’s complex world.