{"id":1004360999,"date":"2019-10-17T02:38:07","date_gmt":"2019-10-17T10:38:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004360999"},"modified":"2025-02-28T00:25:16","modified_gmt":"2025-02-28T08:25:16","slug":"reit-buys-toronto-self-storage-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/reit-buys-toronto-self-storage-facility\/","title":{"rendered":"REIT Buys Toronto Self Storage Facility"},"content":{"rendered":"<div id=\"attachment_1004361275\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/1120-Dupont-St..png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004361275\" data-attachment-id=\"1004361275\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/reit-buys-toronto-self-storage-facility\/1120-dupont-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/1120-Dupont-St..png\" data-orig-size=\"700,467\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1120 Dupont St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1120 Dupont St. Image courtesy of Strategic Storage Growth Trust II Inc.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/1120-Dupont-St..png?w=700\" loading=\"lazy\" class=\"wp-image-1004361275 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/1120-Dupont-St..png\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/1120-Dupont-St..png 700w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/1120-Dupont-St..png?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004361275\" class=\"wp-caption-text\">1120 Dupont St. <em>Image courtesy of Strategic Storage Growth Trust II Inc.<\/em><\/p><\/div>\n<p>Strategic Storage Growth Trust II Inc., a private REIT sponsored by a subsidiary of SmartStop Self Storage REIT Inc., has acquired a newly completed, approximately 735-unit self-storage facility in Toronto.<\/p>\n<p>The six-story facility at 1120 Dupont St. is on a 0.3-acre site and totals about 47,000 net rentable square feet of self-storage units. It was completed earlier this year and features climate-controlled units, elevator access, a drive-in loading area and video surveillance. The property is only 3 miles from the downtown core and in an area with 15,000 new residential units planned or under construction.<\/p>\n<p>SmartStop is a self-managed REIT and the United States\u2019 10th-largest self-storage company, with about $1.4 billion of real estate assets under management, including a portfolio of more than 132 properties totaling about 88,000 units and 10 million rentable square feet. SmartCentres owns and manages 34 million square feet in value-oriented, principally Walmart-anchored retail centers.&nbsp;<\/p>\n<p>SSGT II did not respond to <em>Commercial Property Executive<\/em>\u2019s request for further information.<\/p>\n<h2>A shortage of storage<\/h2>\n<p>In April, StorageVault, one of Canada\u2019s largest self-storage companies, <a href=\"https:\/\/www.commercialsearch.com\/news\/canadas-storagevault-buys-38-asset-portfolio-for-206m\/\">bought a portfolio of 38 properties<\/a>, 25 of which are in Ontario. The $205.7 million acquisition brought StorageVault\u2019s platform to 199 locations across Canada.<\/p>\n<p>Earlier this year, <em>The Globe and Mail<\/em> reported on a surge of storage facility construction, especially multi-story structures, in Greater Toronto. The paper quoted Clive Bradley, self-storage group practice lead for CBRE, who estimated the metro area\u2019s self-storage demand at about 4 square feet per person, versus a current supply of 2 to 3 square feet per person.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An affiliate of SmartStop Self Storage REIT purchased a recently completed, 735-unit asset located 3 miles from downtown Toronto.<\/p>\n","protected":false},"author":882,"featured_media":1004361275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21742],"tags":[32789,39292,33423],"class_list":["post-1004360999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-latest","tag-cbre","tag-smartstop-self-storage","tag-strategic-storage-trust-ii"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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