The Colliers Self Storage team is pleased to announce the sale of Alliance Self Storage in Barrie, Ontario. The property features 501 units in one multi-storey retrofit building spectacularly located close to the 400 and new retail development.
The self-storage facility was recently expanded and renovated to add drive-up storage to the existing two-level facility, making it an operation that strongly supports small business, contractors, local residents and seasonal cottagers frequenting the area.
The Colliers International team of Patrick Egan, David Hoffman and Tim Bristow assisted StorageMart in acquiring this self-storage facility, and thus, in strengthening its presence in Simcoe County along the 400 corridor. Barrie continues to grow and be a desirable place to live and work.
"StorageMart is really happy to be a part of this community and we'll continue to pursue the philanthropic and community involvement that are such a big part of the StorageMart story," says Mike Burnam, president of StorageMart.
Colliers International’s and StorageMart’s understanding of market conditions and the rapid lease-up of the expansion space at the property allowed for a fair price to be achieved for the vendors on this transaction.
"As much as we'd like to take credit for facilitating the deal, the previous operators should be acknowledged for operating a clean and secure facility that was up to StorageMart's exact standards," says Patrick Egan of Colliers International.
Despite the tightening credit restrictions and enhanced due diligence required, StorageMart secured financing on the property and met the financial institution’s stringent conditions that are becoming commonplace in today's market. StorageMart was able to do so in large part because of its proven track record and accurate valuation.
"I think StorageMart, following their large Canadian expansion and subsequent acquisitions, is building a fantastic self-storage brand and product," says Tim Bristow of Colliers International.
StorageMart is the owner and operator of more than 137 self-storage properties across Canada, of which 37 reside in Ontario with the remainder operating in five Canadian provinces and 14 states in the United States. StorageMart also sells high quality moving and packing supplies from each of its retail storage locations. StorageMart Gives is the charitable arm of the company that works to identify partner charities and organizations in each of the company’s markets. StorageMart is also the founder of the StorageMart ScholarSmarts scholarship, which awards $10,000 to students each year.