Strategic Storage Trust VI, Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., announced today the acquisition of approximately 2.7 acres of land in the Weston neighborhood of Toronto, Ontario, Canada in a joint venture partnership with SmartCentres. The land will serve as the development site for an approximately 1,200-unit self storage facility.
Located at 1480 Jane Street, the planned six story facility is expected to encompass nearly 99,000 net rentable square feet of 100% climate-controlled self storage with a mix of drive-up and interior units. This location provides direct visibility from GO Train and UPX rail corridor. This facility will serve the communities of Weston Village, Keelesdale, Richview, Mt Dennis, Amesbury, Westmount and Royal York Garden.
“We are excited to announce the eighth development project that SmartStop and our affiliates have done in partnership with SmartCentres in the Greater Toronto Area,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “The Jane Street property will be a tremendous growth asset for the SST VI portfolio, in one of the best self storage markets in North America. The Greater Toronto Area serves as a significant opportunity for further expansion for us and we look forward to a continued relationship with SmartCentres to help proliferate that expansion.”
“Our strategic alliance with SmartStop has exceeded our initial projections,” said Mitchell Goldhar, Executive Chairman of SmartCentres. “We are able to generate recurring income from our existing properties from sources other than retail and from new opportunities such as the Jane Street location. The combination of our locations and development expertise and SmartStop’s expertise in everything related self storage, has propelled the partnership program beyond our expectations.”
