The Colliers International Self Storage Group is pleased to announce the sale of the SelfStorageCo portfolio to Public Storage of Canada. This Ontario Canada self storage portfolio consists of approximately 270,000 rentable square feet spread between four locations in growing submarkets of the Greater Toronto Area and attracted pricing at levels expected to be paid in today’s robust investment market.
Mike Jobb, principal of SelfStorageCo of Canada, states: “The Colliers Self Storage Group provided significant value during the sale of the SelfStorageCo of Canada portfolio. Their industry expertise and streamlined marketing resulted in multiple quality offers for the portfolio and ultimately a smooth transaction with Public Storage of Canada. I would not hesitate utilizing their services again.”
Colliers also identified Public Storage of Canada as the buyer, which is headquartered in Toronto, Ontario. “This acquisition was accretive to our existing portfolio in Canada and aligns with our growth strategy going forward.” said Public Storage Vice President of Real Estate, Andy Hick. He added that the professionalism from both the Seller and Colliers during the entire transaction made the experience of buying this portfolio much easier.
The Colliers International investment team led by Ashley Compton and Tom Gustafson, National Directors of the Self Storage Group, along with Matt Davis of the Colliers Self Storage Group and Greg Peacock of Colliers Toronto. Compton and Gustafson commented “It is always a pleasure working with clients who put their full trust in their real estate advisors, as Mike and Sheldon Jobb did on the sale of the SelfStorageCo Portfolio. This sale proceeded smoothly due to the collective problem-solving skills of the seller’s disposition team and the fair-mindedness of both the purchaser and the seller. Both SelfStorageCo of Canada and Public Storage of Canada were terrific to work with on this transaction.”
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 over 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.
The Colliers Self Storage Group has transacted in excess of $600 million in self storage sales across North America in 2018.