Strategic Storage Trust II, SmartCentres to Develop Storage Facility
The joint venture purchased a 2.2-acre site to build a 990-unit self-storage facility in East York, a borough in Toronto, Canada.
By Evelyn Jozsa
145 Wicksteed Ave.
Strategic Storage Trust II, in partnership with SmartCentres Real Estate Investment Trust, has acquired a 2.2-acre vacant lot to construct a self-storage facility in Toronto, Canada. The approximately 100,000-rentable square-foot development will comprise 990 units. The project is set to break ground in the third quarter of 2018, with a completion date set for the end of 2019.
The new self-storage building will be located at 145 Wicksteed Ave. in East York, approximately 18 minutes from downtown Toronto. Situated close to Don Valley Parkway and highways 401 and 404, the area is surrounded by many apartment communities, including Leaside Towers, the tallest building in East York.
“This land is located adjacent to an existing SmartCentres retail power center frequently visited by shoppers, creating an excellent, high-traffic setting for a new self-storage facility,” said Wayne Johnson, chief investment officer of Strategic Storage Trust, in prepared remarks. “We are pleased to announce this joint venture project with SmartCentres, and look forward to breaking ground later this year. The development will expand the portfolio of Strategic Storage Trust II in the Greater Toronto area.”
Photo via Google maps
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