Strategic Storage Trust Purchases 3 Facilities for $12.2 Million
|Copyright 2014 by Virgo Publishing.|
|Posted on: 07/26/2011|
Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired three facilities totaling 2,100 units for a value of about $12.2 million. All three facilities will be rebranded SmartStop Self Storage.
"These acquisitions are perfect examples as to why we are targeting specific high-growth markets in the United States," said H. Michael Schwartz, chairman and CEO. "These cities are strong economic markets with positive population growth potential."
The 640-unit San Francisco Bay Area property, 2300 Grant Ave. in San Lorenzo, Calif., has approximately 62,000 rentable square feet of drive-up accessible self-storage. The company’s now has three facilities totaling approximately 2,000 units in the Bay Area.
The 790-unit Nevada property, 4770 South Pecos Ave. in Las Vegas, has 88,000 rentable square feet on approximately 2.6 acres of land. Strategic Storage Trust now owns eight facilities in the Las Vegas market, totaling approximately 4,700 units.
The 640-unit self-storage facility, 815 LaSalle Ave. in Hampton, Va., includes 70,200 rentable square feet and offers interior and drive-up units on three acres of land. This three-story building is located near one of the largest naval stations in the world. The company now owns four facilities in Virginia, totaling approximately 2,450 units.
Since the company’s launch in 2008, Strategic Storage Trust’s portfolio of wholly-owned properties has expanded to include 76 properties in 17 states and Canada.