ONTARIO, CANADA—Strategic Storage Trust, Inc. (SSTI), a publicly registered non-traded REIT investing in self storage, recently acquired an industrial building located at 600 Granite Court in Pickering, Ontario, for its second self-storage redevelopment opportunity. The total purchase price was approximately $5.3 million (US). The conversion is expected to begin in the 2nd quarter of 2014 with opening anticipated for the 4th quarter of 2014.

“Our first redevelopment project in Mississauga on Mavis Road was extremely successful and a perfect example of the many opportunities in the Greater Toronto Area (GTA),” says H. Michael Schwartz, SSTI's chairman and CEO. “This facility offers incredible visibility with 370 feet of freeway frontage.”

The Pickering property consists of an existing 43,450 gross square-foot industrial building with 22 feet of clearance and five loading bays. Built in 1999, the building will be converted into a self-storage facility with approximately 890 units and approximately 91,000 net rentable square feet. The proposed project also will include a new adjacent 73,300 square foot building, which will occupy the vacant land between the rear of the existing building and the freeway. The site will feature interior climate-controlled units along with 3,000 square feet of executive office suites.