- What SmartStop has expanded its self-storage portfolio in Canada
- Why The firm acquired a newly constructed facility in Barrie, Ont.
- What next SmartStop’s strategy is to invest in growth-oriented self-storage facilities in Canada and the U.S.
SmartStop has expanded its self-storage portfolio in Canada by acquiring a facility in Barrie, Ont., for $29.1m, Green Street News can reveal.
Talus Capital sold the 5-acre property at 341 Mapleview Drive on Feb. 11.
The newly constructed facility has approximately 89,000 sq ft of rentable area. It comprises a central building with 420 interior climate-controlled units and seven additional drive-up buildings with about 320 climate-controlled, heated and non-heated units.
The facility is next to a planned retail plaza and a growing residential community. About 70 km north of Toronto, Barrie’s population is projected to grow to 253,000 residents by 2041 from approximately 160,000 in 2023, according to the city.
SmartStop’s acquisition was made through Strategic Storage Growth Trust 3, a private real estate investment trust sponsored by an affiliate of SmartStop. SSGT 3 is a Maryland-based corporation.
The trust’s investment strategy is to invest primarily in growth-oriented self-storage facilities and related self-storage real estate properties in Canada and the U.S.
As of Feb. 11, SSGT III has a portfolio of four operating properties in Canada, comprising 2,380 units and 273,000 sq ft, as well as joint-venture interests in two developments in Québec and British Columbia. It also has six operating properties in the U.S., comprising 5,160 units and 556,000 sq ft.
