The Colliers International Self Storage Group reently closed the sale of the SelfStorageCo portfolio to Public Storage of Canada. This Ontario Canada self-storage portfolio consists of about 270,000 rentable square feet spread between four locations that had been developed during the last 13 years.
Three of the four properties are conversions of former industrial buildings in the Hamilton, Brantford and Guelph submarkets. The fourth property located in Waterdown is an 83,000-square-foot, ground-up development that has become known for its highly visible location on Highway 6, a heavily trafficked corridor. All properties are located in growing submarkets of the Greater Toronto Area and attracted pricing at levels expected to be paid in today’s robust investment market.
The Colliers Self Storage Group created a customized marketing campaign for the portfolio, focusing on not just the in-place success of the operation but also identifying and emphasizing the potential upside of each facility. Colliers marketed the portfolio for just over two weeks, receiving more than 75 confidentiality agreements and multiple offers to purchase. Once Public Storage of Canada was selected as the purchaser, the two parties were able to reach a fully executed purchase agreement within 37 days of the initial launch of Colliers’ marketing campaign.
Tom Gustafson and Matt Davis, two brokers in the Cleveland-Akron office of Colliers International, were on the team representing the seller in this deal.
The Colliers Self Storage Group has transacted in excess of $600 million in self-storage sales across North America in 2018.
