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.
The Blue Vault Summit could not have been more perfectly timed. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. These conversations are paramount, especially in a time of significant regulatory change.