31 Mar 2021
CALGARY, ALBERTA, CANADA, March, 2021 /EINPresswire.com/ -- Bluebird Self Storage, of Toronto, ON has acquired StoreSmart Self Storage’s 5 Alberta locations portfolio in Canmore, Cochrane, Edmonton, Red Deer and Sherwood Park.
“These properties include a range of heated and unheated unit sizes, indoor vehicle storage, and outdoor surface parking for vehicles and RVs. This transaction adds 362,000 square feet of self storage to our portfolio, making Bluebird the fourth largest self-storage provider in the province,” said Bluebird Managing Partner and Head of Development, Jamie Bennett.
“Bluebird already manages storage units in Alberta which with this acquisition, gives us a leadership position in the province, based on our experience and local area knowledge. We have implemented best practices in this market which has tremendous variability in operators,” he added.
“Finding an opportunity like this one, where the assets have been severely undermanaged is rare,” Bennett said. “With this and other recent acquisitions in Nova Scotia and in the Greater Toronto Area, we expect to provide long-term value to our investors with our proven business practices. Management turnarounds form the basis of Bluebird’s acquisition strategy on these assets and other opportunities across Canada.”
Reade DeCurtins, Bluebird Self Storage’s Co-Founder and Real Estate Director based in Calgary, believes the Alberta market is fertile ground for the company’s growth. “Our footprint is rapidly expanding in Western Canada and we’re bullish by what we see ahead. Storage rates in select Alberta markets match those of other major metropolitan markets in Canada and we are encouraged to see our coast-to-coast acquisition strategy materializing. We’re focused to become Canada’s most recognized, premium self-storage brand. This transaction in Alberta takes our capital outlay to nearly $200 million since December 2020. Moving aggressively, we are seeking management and storage units acquisition opportunities in British Columbia.”
On the Alberta transaction, Harrison Street Real Estate Capital, LLC of Chicago, Ill is the JV Partner; CWB Financial Group of Edmonton, AB is the lender.
Bennet added, “Jason Koonin, Bluebird Storage Management’s CEO has assembled a strong team to accelerate income growth for this portfolio. “Bluebird has experienced leadership in place focused on superior customer service, revenue management and digital marketing. We believe we provide the best customer experience in the industry, hands down,” Koonin said.
The Alberta acquisition follows Bluebird’s recent $16.3 million acquisition of two Premiere Self Storage facilities in Dartmouth and Truro, Nova Scotia. In Q4 2020, the company announced an $81 million recapitalization of three self-storage facilities in the Greater Toronto Area as well as creating a company to handle third part storage units management for owners across Canada. Jason Koonin, CFA was appointed CEO of Bluebird Storage Management ULC.
Bluebird Self Storage, headquartered in Toronto, ON delivers the premier self-storage experience in Canada. [...]
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. [...]
CWB Financial Group is a diversified financial services organization known for a highly proactive client experience serving businesses and individuals across Canada. [...]
