Alberta, Canada, March 24, 2021 – Bluebird Self Storage acquired the StoreSmart Self Storage portfolio which includes five locations in Alberta on March 19, 2021. The stores are located in the cities of Canmore, Cochrane, Edmonton, Red Deer and Sherwood Park. The properties include a wide range of heated and unheated unit sizes, indoor vehicle storage, as well as outdoor surface parking for vehicles and RVs. This transaction adds 362,000 square feet of storage to the Bluebird portfolio, making Bluebird the fourth in Alberta Canada.
Jamie Bennett, Managing Principal and Head of Development, sees a significant opportunity in the Alberta market: “Bluebird has a distinct advantage in the province as we have experience and knowledge of the area and currently manage several stores in Alberta. We have implemented best practices in a market that has tremendous variability in operators. Finding an opportunity like this is rare, where the assets have been severely undermanaged, and we can provide long-term value to our investors by using our proven management practices. Management turnarounds form the basis for our acquisition strategy on these assets and other opportunities across Canada.”
Calgary-based Reade DeCurtins, Co-Founder and Real Estate Director, believes the Alberta market is fertile ground for Bluebird’s growth. “Our footprint is expanding rapidly out West and we’re encouraged by what we see. Storage rates in select Alberta markets match those of other major metropolitan markets in Canada.” DeCurtins adds that, “it’s incredibly exciting to see Bluebird’s coast-to-coast strategy materializing. We’re focused on being Canada’s most recognized, premium self-storage brand. This transaction takes our capital outlay to nearly $200 million just since December. We are being more aggressive than ever before, and our growth is significant across Canada. Specifically, we are seeking management and acquisition opportunities in B.C.”
Jason Koonin, CEO of Bluebird Storage Management has assembled an outstanding team to accelerate income growth for this portfolio. “Bluebird has an experienced leadership team in place that is intensely focused on superior customer service, revenue management and digital marketing. We provide the best customer experience in the industry, hands down.”
Harrison Street Real Estate Capital, LLC served as JV Partner on the transaction and Canadian Western Bank was the lender.
ABOUT BLUEBIRD SELF STORAGE
Bluebird Self Storage, headquartered in Toronto, delivers the premier self-storage experience in Canada. Its facilities are designed for security and safety, built to give customers peace of mind. Bluebird’s full range of unit sizes feature true climate control, with multiple security cameras, bright lighting and personal access codes to protect belongings. Bluebird Self Storage has no long-term contracts; leases are month-to-month, so customers can store as long as needed. Bluebird also carries moving and packing supplies.
Bluebird has created a differentiated, better self-storage experience. When you store with Bluebird, we recognize – It’s Not Just Your Stuff, It’s Your Life.TM
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London and Toronto, the firm has more than 190-employees and approximately $32 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global and North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.