In an all-cash transaction, Strategic Storage Trust Inc. purchased two self-storage properties in the Kentucky suburbs of Cincinnati. The publicly registered, non-traded real estate investment trust acquired the Security Self Storage facilities in Erlanger and Florence, Ky., for a combined price of $9.7 million. The purchase―the company’s 10th since going public―adds approximately 1,500 units and 190,000 rentable square feet to the company’s portfolio.
The Florence property was built in 1982 and expanded in 1995. It contains approximately 890 units and 126,300 net rentable square feet on 10 acres.
The Erlanger property was built in 1987. It contains approximately 610 units and 63,700 net rentable square feet on five acres.
In February, Strategic Storage Trust finalized the $9.9 million purchase of three self-storage facilities in North Kentucky, all within 15 miles of Cincinnati.
The company’s sponsor is Strategic Capital Holdings, which manages a growing portfolio of more than 5.5 million square feet of commercial properties, including 3.9 million square feet of self-storage.