Strategic Storage Trust IV Opens Newly Constructed Facility Location in Greater Toronto Area
TORONTO, Feb. 4, 2021 /CNW/ -- Strategic Storage Trust IV, Inc. ("SST IV"), a public non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. ("SmartStop" or the "Company), today announced the opening of a newly constructed self storage facility in Vaughan, Ontario, Canada in partnership with SmartCentres (TSX: SRU.UN). This is SmartStop's 16th owned or managed location in the Greater Toronto Area (GTA), and 150th property in North America.
The ground-up, four-storey development is located at 50 Cityview Blvd in the Vaughan community. This prime location provides direct visibility from Highway 400, which links the City of Toronto in the south with the central and northern regions of the province. This facility serves the communities of Maple, Woodbridge, Kleinburg, Weston Downs, Mackenzie Ridge Ambassador Hills, Columbus Trail and Vellore and is conveniently located adjacent to the SmartCentres Vaughan shopping centre, The Home Depot and the Walmart Supercentre. The property's 1,050 units are 100% climate-controlled across approximately 103,000 square feet. The property offers customers a variety of amenities including state-of-the-art security systems, elevators, keypad access, a gated loading area and more.
"We are thrilled to open the third ground up SmartStop development in partnership with SmartCentres in the Greater Toronto Area," said H. Michael Schwartz, Executive Chairman of SmartStop. "With its favourable demographics and supply constraints, the GTA is arguably the most attractive self storage market in North America and serves as a significant opportunity for further growth and expansion for SmartStop. SmartCentres' great locations and our joint understanding of the needs of the local community have allowed us to develop a facility designed to meet the needs of customers and businesses in this market in years to come."
"With three facilities now opened and operating and an extensive pipeline of future locations, our partnership with SmartStop shows great promise across our network in Canada," said Mitchell Goldhar, Executive Chairman, SmartCentres. "Our strategic real estate and SmartStop's expertise in self storage management is proving a potent combination for rapid growth for both SmartStop and SmartCentres."
About SmartStop Self Storage REIT, Inc. (SmartStop)
SmartStop is a self-managed REIT with a fully integrated operations team of approximately 390 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs, including Strategic Storage Trust IV, Inc., a public non-traded REIT, and other private programs. SmartStop is the tenth-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 150 properties in 19 states and Toronto, Canada and comprising approximately 101,000 units and 11.5 million rentable square feet. SmartStop and its affiliates own or manage 16 operating self storage properties in the Greater Toronto Area, which total approximately 13,300 units and 1.4 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
About Strategic Storage Trust IV, Inc. (SST IV)
SST IV is a public non-traded REIT that focuses on the acquisition of stabilized and growth self storage properties. SST IV wholly owns 24 self storage facilities comprising approximately 18,000 self storage units and 2 million net rentable square feet of storage space, as well as three operating properties in joint ventures in the Greater Toronto Area with SmartCentres.
About SmartCentres
SmartCentres Real Estate Investment Trust is one of Canada's largest fully integrated REITs, with a best-in-class portfolio featuring 166 strategically located properties in communities across the country. SmartCentres has $10.4 billion in assets and owns 33.8 million square feet of income producing value-oriented retail space with 97.4% occupancy, on 3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing retail properties. Project 512, a publicly announced $12 billion intensification program ($5.4 billion at SmartCentres' share), represents the REIT's current major development focus on which construction is expected to commence in the next five years. This intensification program consists of rental apartments, condos, seniors' residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.
SmartCentres' intensification program is expected to produce an additional 59.3 million square feet (27.9 million square feet at SmartCentres' share) of space, 27.1 million square feet (12.3 million square feet at SmartCentres' share) of which has or will commence construction within the next five years. From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape. For more information, visit www.smartcentres.com.
SOURCE Strategic Storage Trust IV, Inc.
David Corak, VP of Corporate Finance, SmartStop Self Storage REIT, Inc., 949-429-6600, [email protected]
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