Strategic Storage Trust Buys 8 Self-Storage Facilities in the South for $25M
|Copyright 2014 by Virgo Publishing.|
|Posted on: 08/23/2012|
Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT) investing in self-storage properties, has acquired eight facilities in Florida, Georgia and South Carolina for $25 million. The sites comprise 508,200 square feet and add approximately 3,770 storage units to the company’s growing portfolio. Each facility will be rebranded under the SmartStop Self Storage name.
"Due to this recent transaction, we have achieved a major milestone with the purchase of our 100th self-storage property," said H. Michael Schwartz, chairman and CEO. "The self-storage sector's consistently strong performance continues to drive our decision to expand our portfolio."
The expansion is the first step in a three-phase acquisition of 16 self-storage properties comprising more than 1.1 million square feet and approximately 8,560 storage units in the three states. Strategic Storage Trust officials expect to close on the remaining properties in the fourth quarter this year.
The purchased property locations are:
The Strategic Storage Trust portfolio of wholly-owned properties includes 100 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 64,800 self-storage units and 8.1 million square feet of rentable storage space.