SmartStop REIT Acquires Toronto Land for Class A Self-Storage
SmartStop Self Storage REIT, Inc., an internally managed real estate investment trust and a leading owner and operator of self-storage facilities across the United States and Canada, has announced the acquisition of a 1.78-acre land parcel in Toronto, Ontario. The acquisition marks another strategic step in the company’s long-term growth strategy and will support the development of a new Class A self-storage facility in one of Canada’s most dynamic and supply-constrained urban markets. SmartStop will pursue the development in partnership with SmartCentres (TSX: SRU.UN), one of Canada’s largest real estate developers and operators.
The property is located at 1125 Finch Avenue, approximately nine miles north of downtown Toronto and just one mile southeast of York University. The site benefits from exceptional urban connectivity and proximity to major transportation corridors, dense residential neighborhoods, and institutional anchors. Its location places it firmly within a high-barrier trade area characterized by limited land availability and a scarcity of modern self-storage options.
An estimated one million residents live within a five-mile radius of the site, supported by sustained population growth, increasing housing density, and a diverse mix of residential typologies, including condominiums, rental apartments, and student housing. These demographic drivers, combined with a constrained supply of high-quality self-storage facilities, have created a market environment with strong long-term demand fundamentals. As a result, the area offers a compelling opportunity for a purpose-built, Class A self-storage development capable of serving both residential and small business customers.
The proposed facility will be a four-story, state-of-the-art self-storage property comprising approximately 100,000 net rentable square feet. The design will include roughly 1,100 climate-controlled storage units, catering to customers seeking secure, modern, and flexible storage solutions. Climate-controlled units are particularly well suited to urban Canadian markets, where customers increasingly demand protection for personal belongings, business inventory, and sensitive materials throughout the year.
The development is specifically designed to address unmet demand in a submarket characterized by strong historical absorption, elevated replacement costs, and limited opportunities for new construction. High land prices, zoning constraints, and rising construction costs continue to act as barriers to entry, reinforcing the long-term competitive advantages of well-located, high-quality facilities such as the one SmartStop plans to develop.
Construction is expected to begin in the fourth quarter of 2026, subject to customary approvals and development milestones. The company anticipates a soft opening in the fourth quarter of 2027, allowing for phased lease-up and operational stabilization. Once completed, the facility will serve several established and growing neighborhoods, including York University Heights, Downsview, Black Creek, Humbermede, Glen Park, and Emery. These communities feature a mix of students, families, professionals, and small businesses, all of whom contribute to a broad and diversified customer base.
The project will further strengthen SmartStop’s presence in the Greater Toronto Area, a market the company views as strategically important due to its scale, economic resilience, and long-term population growth outlook. Toronto remains one of North America’s fastest-growing metropolitan regions, supported by immigration, urban intensification, and continued demand for rental housing—all key drivers of self-storage usage.
SmartStop’s partnership with SmartCentres adds another layer of strategic value to the project. SmartCentres brings deep expertise in Canadian real estate development, entitlement processes, and mixed-use environments, while SmartStop contributes its operational platform, brand recognition, and self-storage development experience. Together, the partners aim to deliver a best-in-class facility that meets the evolving needs of urban customers and generates attractive long-term returns.
“This acquisition underscores our commitment to disciplined growth in supply-constrained, top-tier urban markets with compelling demographic trends,” said H. Michael Schwartz, Chief Executive Officer of SmartStop Self Storage REIT, Inc. “Toronto continues to be a priority market for us, and this site offers exceptional fundamentals. By partnering with SmartCentres, we are advancing a premier self-storage development that expands our Canadian footprint and positions us to capture long-term value in a high-growth market.”
The Toronto land acquisition reflects SmartStop’s broader strategy of selectively deploying capital into markets where demand fundamentals, barriers to entry, and long-term growth prospects align. As the company continues to expand its portfolio across North America, developments such as this reinforce its focus on high-quality assets, strategic partnerships, and sustainable value creation for shareholders.
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