Strategic Storage Trust breaks ground on 800-unit self-storage facility
Strategic Storage Trust, Inc. (SSTI), a publicly registered non-traded REIT targeting the self-storage market, has started construction on a Class A self-storage facility located on 4.36 acres totaling approximately 800 units. Back in 2011, SSTI purchased the 6.53-acre land site for approximately $5.1 million, and successfully sold 2.17 acres of the site to a local retail developer for approximately $2 million. The 100,100 net rentable square foot facility will be branded under the SmartStop Self Storage trade name.
The five-building site is located just west of Hwy 427 between Queen St. and Brewster Rd. near the intersection of The Gore Rd. and Queen St.
“One of our long-term goals is to continue to expand our self-storage portfolio in Canada,” said H. Michael Schwartz, SSTI’s chairman and CEO. “This highly sought after retail corridor is severely underserved by self-storage providers,” said Reade DeCurtins, senior partner at Budget Development. “This location is in the heart of East Brampton’s dynamic residential growth and will be convenient to most Brampton and Vaughan residents.”