Strategic Storage Growth Trust III, Inc. Expands Operations in Canada
LADERA RANCH, Calif.--Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), is thrilled to announce the acquisition of a premier self-storage facility located in Ontario. This strategic move marks an important step in SSGT III's plan to enhance its footprint in high-growth markets.
Facility Overview and Features
Spanning approximately 88,900 net rentable square feet, the newly acquired facility provides a variety of storage options tailored to meet diverse customer needs. It boasts a single-story building containing about 420 interior climate-controlled units and seven additional drive-up buildings with around 320 climate-controlled, heated, and non-heated drive-up units. This wide range of options ensures that SSGT III can cater to the demands of both residential and commercial clients.
Location Advantages
The facility is strategically positioned in a high-traffic area, with around 16,000 vehicles passing daily. Its proximity to a planned central retail plaza and an expanding residential community greatly enhances its potential for strong demand. With an anticipated increase in population from approximately 160,000 residents in 2023 to 253,000 by 2041, the facility is excellently situated to serve various neighborhoods.
CEO Remarks on the Acquisition
“This acquisition emphasizes our commitment to investing in high-quality self-storage assets in key growth markets,” stated H. Michael Schwartz, CEO and President of SSGT III. “Barrie’s strong economic fundamentals, increasing population, and ongoing commercial and residential development make this an ideal location to serve the needs of residents and businesses. We are excited to welcome this facility into our portfolio and continue delivering best-in-class storage solutions.”
About Strategic Storage Growth Trust III, Inc.
Strategic Storage Growth Trust III, Inc. operates as a Maryland corporation that has chosen to qualify as a REIT for federal income tax purposes. SSGT III focuses its investment strategy on growth-oriented self-storage facilities and related real estate investments in both the United States and Canada. As part of its development plan, the company has established a portfolio comprised of six operating properties in the United States, offering approximately 5,160 units alongside 556,400 rentable square feet.
Investment Strategy and Growth
Additionally, SSGT III owns four operating properties in Canada, totaling around 2,380 units and 272,800 rentable square feet. The company also has joint venture interests in two developments located in Canadian provinces. The strategic direction emphasizes expanding the portfolio to maximize return on investment while fulfilling the growing demand for self-storage solutions.
About SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc. is a self-managed REIT that has built a comprehensive operations team, consisting of approximately 560 self-storage professionals dedicated to expanding the SmartStop® Self Storage brand. SmartStop, through its subsidiary SmartStop REIT Advisors, LLC, actively sponsors various self-storage programs, enhancing its market presence.
Current Market Presence
As of the latest update, SmartStop boasts an owned or managed portfolio comprising 211 operational properties across 22 states, the District of Columbia, and Canada, totaling around 151,500 units and 17.0 million rentable square feet. Notably, SmartStop and its affiliates manage 39 operating self-storage properties in Canada, encompassing approximately 33,600 units and 3.4 million rentable square feet. This strong presence underlines the company’s strategy to cater to the growing need for reliable storage solutions.
Frequently Asked Questions
What is the significance of the recent acquisition by SSGT III?
The acquisition bolsters SSGT III's presence in the self-storage market, focusing on growth opportunities in high-demand areas.
How many facilities does SSGT III currently operate?
SSGT III operates six properties in the United States and four in Canada, with plans for further expansion.
What demographic changes are projected for the area around the new facility?
The local population is expected to grow significantly, increasing from 160,000 residents to 253,000 by 2041.
What is SmartStop's role in SSGT III's operations?
SmartStop is the sponsor of SSGT III and contributes extensive resources and expertise in self-storage management.
Can you describe the types of units available at the new facility?
The facility features various options, including climate-controlled interior units and drive-up units, both heated and non-heated.
