Strategic Storage Trust II, Inc. (SST II) Acquires Two Facilities in the Greater Toronto Area for Approximately $28.9 Million CAD
TORONTO, ON–(Marketwired – Mar 1, 2016) – Strategic Storage Trust II, Inc. (SST II) — which is sponsored by SmartStop Asset Management, LLC — recently purchased two self storage facilities for approximately $28.9 million CAD. Located in the Greater Toronto Area (GTA) of Canada, this portfolio totals approximately 1,280 units and approximately 133,900 rentable square feet.
“We continue to execute on our long-term acquisition and property management strategy within the GTA market,” said H. Michael Schwartz, chairman and CEO of SST II.
Built-in 2004, the first property is a 460 unit one-story building located at 4491 Mainway in Burlington. Located on approximately 3.12 acres, the facility has approximately 54,800 rentable square feet and offers drive-up and climate controlled units.
The second property, located at 480 South Service Rd. in Oakville, offers approximately 740 units and 80 RV parking spaces. Built in 1970 with renovations completed in 2007 and 2008, the facility has approximately 79,100 rentable square feet and sits on approximately 4.20 acres.
“This will be our second facility in both the Oakville and Burlington markets,” said Wayne Johnson, CIO of SST II. “We look forward to providing our new customers with a very high level of service.”
In addition to these recent acquisitions, SST II owns the following self storage properties located in the GTA:
- 1207 Appleby Line, Burlington, Ontario (900 units, 79,700 square feet)
- 530 Martin St., Milton, Ontario (850 units, 70,100 square feet)
- 2055 Cornwall Rd., Oakville, Ontario (820 units, 82,400 square feet)
About Strategic Storage Trust II, Inc. (SST II)
Strategic Storage Trust II, Inc. (SST II) is a public non-traded REIT that focuses on stabilized self storage properties. The SST II portfolio includes approximately 23,880 self storage units and approximately 2.6 million rentable square feet of storage space.
About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 38,000 self storage units and approximately 4.2 million rentable square feet. The company is the asset manager for 61 self storage facilities located throughout the United States and Toronto, Canada. SmartStop Asset Management is the sponsor of SST II and Strategic Storage Growth Trust, Inc. (SSGT), a public non-traded REIT focused on opportunistic self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. In 2015, key executives at Smartstop Asset Management negotiated the sale of SmartStop Self Storage Inc. (Smartstop), a fully integrated, self-administered and self-managed self storage company, owning and/or operating 170 self storage properties in 21 states and Toronto, Canada, to Extra Space Storage Inc., the second-largest storage operator in the United States, in a merger transaction with SmartStop having an enterprise value of $1.4 billion.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties relating to the public offering of our common stock; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the Company’s prospectus, as amended from time to time. This is neither an offer nor a solicitation to purchase securities.
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