Jun 14, 2024


Articles & Insights

ICM Bluebird Canadian Self Storage Fund Acquires 100,000 SF of Premier Net Rentable Space in the GTA

(June 2024 — Calgary, Alberta) ICM Bluebird Canadian Self Storage LP (the “Fund”) is thrilled to announce its latest acquisition in the Greater Toronto Area – Victoria Street. Featuring a contemporary design, this existing Bluebird facility is situated on 2.52 acres in Whitby, Ontario, east of Toronto. At 135,547 SF Gross, this facility has close to 900 lockers and 99,965 SF of net rentable space that is currently over 65% occupied. This location offers a wide range of storage options, featuring climate-controlled units, high-tech security, RV parking, motorcycle storage and more.

With visibility to Victoria Street, Thickson Road, and Highway 401, this multi-story, Class ‘A’ facility is seen by over 200,000 vehicles per day. This prime location is close to downtown Whitby and is located adjacent to major retailers including Home Depot, Best Buy and Winners — adding additional visibility from foot traffic and nearby shoppers that frequent the area. 

Whitby, Ontario is a commuter suburb in the GTA with a rapidly growing population of over 138,000. Characterized by young, educated residents, Whitby is forecasted to grow to approximately 240,000 by 2051. Given the scarcity of Class ‘A’ self-storage rivals, the Victoria Street site emerges as a significant opportunity to establish dominance as the foremost storage service provider amidst Whitby’s accelerating growth.

With this acquisition, the Fund continues to grow its portfolio of Class ‘A’ self-storage facilities across Canada. Victoria Street provides another flagship location in the GTA, complimenting the 2023 acquisition of Matheson in Mississauga, and reinforcing the Fund’s strategy of acquiring institutional quality assets across Canada.

About ICM Bluebird Canadian Self Storage LP

ICM Bluebird Canadian Self Storage LP is the only self-storage fund in Canada focused on Class ‘A’ assets in major markets. The Canadian self-storage market is undersupplied, and the Fund was built to consolidate a portfolio of institutional quality assets from coast-to-coast.

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