Three New Properties Added to SmartStop and SmartCentres Joint Venture
February 12, 2020
On February 11, 2020, SmartCentres Real Estate Investment Trust (“SmartCentres”) announced a plan to add three new self storage locations to their portfolio in a joint venture with SmartStop Self Storage REIT, Inc. and its affiliates (“SmartStop”).
SmartStop, the tenth-largest self storage company in the U.S., and SmartCentres, one of the largest real estate investment trusts in Canada, entered into a 50/50 joint venture in November 2018, with an agreement to own, develop, and operate a self-storage rental facility in Oshawa, Ontario. The three new locations, all in Ontario, are:
• Wellington Street East & Highway 404 in Aurora
• 70 Copper Creek Drive in Markham
• Baldwin Street & Taunton Road in north Whitby
With the addition of these properties, the current total of self storage facilities operated or under contract to be operated by this venture is ten properties, which total over 9,100 units at approximately 1.2 million square feet and a total joint venture investment estimated at $206 million. Other locations are located in the following cities in Ontario: Dufferin, Leaside, Vaughan, Scarborough, and two properties in Brampton. Only one facility, located in Dufferin, is fully operational; all others are in phases of becoming so.
Wayne Johnson, President and Chief Investment Officer of SmartStop, stated, “We expect these facilities to satisfy significant demand with exceptional locations directly adjacent to major retailers in Aurora, Markham, and Whitby. The properties are premier examples of the high-quality self storage facilities SmartStop seeks to operate as it grows its presence in Canada.”
“Our strategic alliance with SmartStop is progressing extremely well. We continue to identify additional new locations across Canada,” said Peter Forde, President and Chief Executive Officer of SmartCentres. “We are able to generate growth in recurring non-retail income at our existing owned centres, and the storage facilities require minimal land and parking. It’s an ideal use for creating NOI growth for SmartCentres REIT.”
About SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc. is a self-managed REIT with approximately $1.6 billion of real estate assets under management. SmartStop owns 112 properties in 17 states and Toronto, Canada, and serves as the property manager of an additional 29 properties located in 10 states and Toronto, Canada. Those properties are owned by SmartStop’s sponsored programs. SmartStop’s portfolio consists of 93,000 units and 10.6 million square feet. For more information about SmartStop, go to www.smartstopselfstorage.com.
About SmartCentres
SmartCentres Real Estate Investment Trust has a portfolio of 157 properties located across Canada. The company holds $9.7 billion in assets and their properties provide more than 34 million square feet of varied retail space with 98% occupancy. SmartCentres is currently focused on a two-prong project involving rental apartments, condos, senior living, and hotels, which are to be developed under their SmartLiving banner, and retail, office space, and storage facilities to be developed under the SmartCentres banner. For more information, visit www.smartcentres.com.
Sources: globenewswire.com; S&P Global
