Update 10/12/16 – SST II has acquired a third self-storage property in Las Vegas. The facility at 6318 W. Sahara Ave. comprises 82,200 rentable square feet in 640 units, according to the source. It was purchased from Pegasus Group, a real estate investment and management company that owns and operates about 50 self-storage facilities in 11 states under the Central Self-Storage brand.
“Our current portfolio now includes a total of three Las Vegas facilities,” Schwartz said in a prepared statement. “This prime, 93 percent occupied facility is located on the highly trafficked Sahara Boulevard with excellent signage.”
The facility was built in 1989 on approximately 4 acres. “We are looking forward to improving this facility’s performance, while offering top customer service,” Johnson said.
SST II also closed on its previously announced acquisition of the Storage Direct facility on Pollock Drive. The purchase price was about $28.1 million, according to a press release from CBRE Group Inc., the commercial real estate services and investment firm that brokered the deal.
9/28/16 – SST II has acquired a second self-storage property in Las Vegas from Storage Direct. The facility at 9890 Pollock Drive comprises 101,400 rentable square feet in 771 units and 39 RV parking spaces. Built in 2000, the asset includes 11 storage buildings on 5.5 acres. It had an occupancy of 83 percent at the time of purchase, according to a press release.
"This Las Vegas facility represents the second half of a two-property transaction," Schwartz said. "The sister facility is located less than a mile away on East Silverado Boulevard and contains a complimentary offering of unit types. Now we have a clear opportunity for referral business and co-branding."
"This facility is located in the center of the surrounding residential trade area in a region of the city that has limited competition," Johnson added.
The SST II portfolio now represents about 41,600 self-storage units and approximately 4.8 million rentable square feet.
8/8/16 – Strategic Storage Trust II Inc. (SST II), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired a self-storage facility in Las Vegas. The former Storage Direct at 590 E. Silverado Ranch Blvd. comprises approximately 90,000 rentable square feet in 745 units, according to a press release. The asset was built in 2002 on 3.45 acres.
"This facility is located in a densely populated market with excellent access," said H. Michael Schwartz, chairman and CEO of SST II. "We look forward to providing class-A service to our tenants and customers."
The facility offers traditional drive-up as well as climate-controlled units. "At 85 percent occupancy, this property is in good physical shape, with upside remaining in both rents and occupancy," said Wayne Johnson, chief investment officer for SST II.
Storage Direct is the operating brand of Irvine, Calif.-based Platinum Storage Group, which operates 51 self-storage facilities nationwide. Its portfolio comprises about 4.1 million square feet.
The SST II portfolio currently includes 40,700 self-storage units and approximately 4.4 million rentable square feet of storage space. SmartStop Asset Management is the asset manager for 87 facilities in Toronto and the United States. Its portfolio comprises approximately 6.3 million rentable square feet. SmartStop also sponsors Strategic Storage Growth Trust Inc., a public, non-traded REIT also focused on self storage assets.
- Commercial Property Executive: Strategic Storage Trust II Buys Third Las Vegas Facility
- Marketwired: Strategic Storage Trust II Inc. (SST II) Acquires Las Vegas Facility Totaling 745 Units
- Marketwired: Strategic Storage Trust II, Inc. (SST II) Acquires Las Vegas Self Storage Facility Totaling 101,400 Square Feet