Strategic Storage Trust Buys 11 Self-Storage Facilities for $44M
|Copyright 2014 by Virgo Publishing.|
|Posted on: 06/15/2011|
Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired a portfolio of 11 properties for more than $44 million. The purchase totals approximately 6,300 units and 821,000 square feet. The facilities are in Georgia, New Jersey, New York, Pennsylvania and Virginia. The sites will be rebranded under the SmartStop Self Storage trade name.
“These properties will extend our growing brand from the Southeast, through the Mid-Atlantic and up to the Northeast,” said H. Michael Schwartz, chairman and CEO. “This vast portfolio also comes at a great value and increased economies of scale to Strategic Storage Trust and our stockholders.”
“All of these properties are in well-trafficked locations with favorable market dynamics,” said Wayne Johnson, senior vice president of acquisitions. “We expect these locations to represent Strategic Storage Trust as the industry’s best.”
Since the launch of Strategic Storage Trust Inc. in 2008, the company’s portfolio of wholly-owned properties has expanded to include 72 properties in 17 states and Canada.