SmartStop Self Storage REIT has acquired one of the newest and largest self-storage facilities in the Greater Toronto Area with its purchase of 450 Iroquois Shore Rd. in Oakville.
The six-storey, 1,073-unit property was constructed in 2020 as part of a larger commercial property.
“We are thrilled to add to our best-in-class portfolio in the Greater Toronto Area,” said H. Michael Schwartz, chairman and CEO of SmartStop, in the announcement Monday.
“This property’s favourable demographics and supply constraints exemplify the compelling characteristics of the entire region, which we believe is one of the most attractive self-storage markets in North America.
Financial details were not released. The property was about 35 per cent occupied when the acquisition closed.
About the new SmartStop property
The location provides easy access from both the 400 series and QEW highways as well as GO Transit train service. It serves the communities of Oakville, Kerr Village, Clearview and Falgarwood and is located a short drive from Sheridan College.
The units are climate-controlled and span approximately 81,500 square feet. The property offers customers a variety of amenities including state-of-the-art security systems, elevators, keypad access, a gated drive-in loading area, 24-hour access and more. The facility is SmartStop’s third in Oakville, establishing it as the dominant player in the area.
“With 17 facilities owned or managed in the GTA, SmartStop is quickly becoming a leader in the market and we expect the GTA will be a significant part of SmartStop’s growth strategy going forward,” Schwartz said in the announcement.
SmartCentres has completed construction of its first three SmartStop self-storage facilities in Toronto, Brampton and Vaughan. Two additional SmartStops in Oshawa and Scarborough are under construction and expected to be completed before the end of 2021.
The REIT is also seeking municipal approvals for more SmartStop locations in Aurora, Whitby, Markham and Brampton.
About SmartStop Self Storage REIT
SmartStop is a self-managed REIT with a fully integrated operations team of approximately 400 employees across the U.S. and Canada. Through its indirect subsidiary SmartStop REIT Advisors, LLC, SmartStop also sponsors other self-storage programs.
SmartStop is the 10th-largest self-storage company in the U.S., with approximately $1.7 billion of real estate assets under management, including an owned and managed portfolio of 153 properties in 19 states and in Ontario, comprising approximately 104,000 units and 11.7 million rentable square feet.
SmartStop and its affiliates own or manage approximately 14,300 units and 1.5 million rentable square feet in the GTA.