Strategic Storage Trust, Inc. (SSTI), a publicly registered non-traded REIT investing in self storage, recently announced the grand opening of its 101,000 net rentable square foot self-storage facility in Mississauga, Ontario.
In March of 2011, SSTI acquired an industrial building for approximately $5.6 million in order to redevelop the property into a top-of-the-line self-storage facility.
"Our lease-up efforts have been extremely positive as we've already leased approximately 35,000 square feet over the last year despite only a partial opening and construction activity," said H. Michael Schwartz, SSTI's chairman and CEO. "Mississauga is one of the fastest growing and largest cities in Canada with only a handful of self-storage competitors."
This brand new self-storage re-development consists of 800 units and has been rebranded under the SmartStop® Self Storage trade name. Located at 3136 Mavis Road in Mississauga, the site is 14 miles from downtown Toronto near the intersection of Dundas Street and Mavis Road, in close proximity to a Home Depot and Canadian Tire (similar to Walmart). The facility will offer all types of self-storage, including exterior drive-up and interior climate-controlled storage, as well as state-of-the-art access, security and payment systems and a large retail-friendly office.
"The Mavis site is ideal because we were able to retrofit an existing building by creating a second floor within the industrial shell, and complement it with new retail space for sales and exterior drive-up units," said Jamie Bennett, a senior partner with Budget Development who partnered with SSTI on this redevelopment project.
SSTI currently owns two other self-storage facilities in Canada:
- Brampton, Ontario - Brewster Rd. (near the intersection of Queen St and The Gore Rd.): The 800-unit, five-building self-storage facility fronts the high profile road (Queen St.).
- Toronto - 4548 Dufferin Street: The 1,060-unit facility is located nine miles north of downtown Toronto.