Strategic Storage Trust Purchases Three Chicago Self-Storage Facilities
|Copyright 2014 by Virgo Publishing.|
|Posted on: 10/28/2010|
Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired three self-storage facilities totaling approximately 2,030 units with 281,000 rentable square feet within 10 miles of downtown Chicago. The sites will be rebranded under the SmartStop SM Self Storage trade name.
Purchased from an institutional investor, the recently renovated properties are infill locations along high-traffic routes with prominent signage. The self-storage facilities opened between 2002 and 2004 and have interior and exterior drive-up units featuring climate control and heated interior-loading areas.
The facility at 1000 E. 95th St. has 690 units with 72,000 rentable square feet on 4.6 acres. It’s just east of Chicago State University on the city’s south side and consists of six single-story buildings and a sales office.
The second property, 2244 S. Western Ave., contains approximately 590 units with 59,000 rentable square feet on 2.7 acres. The single-story building is in the near southwest side of the city in the densely populated Pilsen neighborhood near Cermak Road.
The third facility, located at 5701 W. Ogden Ave. in Cicero, contains approximately 750 units with 65,000 rentable square feet and 85,000 square feet of rentable industrial space on 10.4 acres.
“We saw value-add possibilities and long-term rate growth opportunities at these infill Chicago locations,” said Wayne Johnson, senior vice president of acquisitions. “Having customer-friendly, ground-level storage in high-traffic urban locations is a great way to introduce the SmartStop SM Self Storage brand to the Chicago metro area.”
Since its launch two-and-a-half years ago, Strategic Storage Trust’s portfolio of wholly-owned properties has expanded to include 38 properties in 15 states.