- What A 37,000 sq ft building in Alberta has been sold to a U.S. self-storage company
- Why The new building has about 310 units
- What next The buyer is planning a significant expansion of the property
SmartStop Self Storage has purchased a 310-unit self-storage property in St. Albert, Alta., for more than $14m.
The deal represents the Ladera Ranch, Calif.-based company’s first purchase in the province and closed on July 31. Colliers represented the buyer, and NAI Commercial represented the seller.
Built in 2023, the property was in the early stages of lease up and was operating as SmartGuard at the time of the sale.
SmartStop plans to expand the 37,000 sq ft building starting in the first half of next year. The project, expected to be complete in the first half of 2026, will add seven drive-up buildings and 640 units, bringing the property to 71,000 sq ft.
St. Albert is 18 km northwest of downtown Edmonton with about 70,000 residents. Residential units are expected to double in the area, which has an above-average median household income.
The facility, at 8 Inglewood Drive, has coded access, an indoor loading area and state of the art security.
SmartStop owns or manages 201 properties in the U.S. and Canada, comprising about 141,000 units. The company acquired the St. Albert facility through its affiliated private trust, Strategic Storage Growth Trust III.
