Montcrest Asset Management (formerly known as NYX Capital Corp.) and Bluebird Self Storage have acquired 2 acres of industrial land to develop a new self-storage building.
Located in southwest Mississauga on Platinum Drive near the intersection of Ninth Line and Eglinton Avenue W, the property is part of the new Erin Mills Business Park. The site is surrounded by an established residential community that has an underserved market and high demand for self-storage.
Said Montcrest CEO Yashar Fatehi said, “We are delighted to acquire yet another self-storage development site in GTA in partnership with Bluebird. We are always on the hunt for development sites; however, in recent years, finding suitable sites in the GTA has become challenging. We were working on this specific property two years ago and ended up having to walk away due to some obstacles. But we kept in-touch with the owners and jumped back in once we knew we could address the problems, and it turned out to be the right property for us. Our team is nimble and can act fast on tight timelines and handle these types of complicated sites. This makes us a preferred purchaser compared to other larger players in the market.”
Bluebird Self Storage Managing Principal, Reade De Curtins said, “For the past few years, we have been patiently looking for the right location in this sub-market, which combines a dense population base and very high barriers to entry for future self-storage development. Once we’ve developed the site, the store’s location should be quite busy.”
