In an all-cash transaction, Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired two facilities in Pittsburgh area for a combined purchase price of $5.7 million. The seller, Sovran Acquisition Limited Partnership, was represented by Locke Acquisition Group LLC.
Built in 1990, the 470-unit Landings Drive property is 14 miles northwest of downtown Pittsburgh. The 55,200 net rentable square foot property is strategically located near the I-76 toll-road and State Route 28 interchange. The facility sits on 3.5 acres with six one-story buildings offering drive-up accessible units, and interior climate-control units with security cameras, a secure code access entry gate, perimeter fencing and new concrete drives.
Left: Landings Drive. Right: Lebanon Road
The 820-unit Lebanon Road self-storage property is just seven miles from downtown at the intersection of two primary arterial roads. The 100,000 net rentable square foot facility sits on 5.7 acres with two two-story buildings and another two-story building which contains an office and residence apartment. Built in 1983, the property offers drive-up accessible units, interior climate-control units, security cameras, a secure code access entry gate, perimeter fencing and asphalt drives.
Self Storage Strategic Trust has expanded to include 26 properties in 14 states. In an effort to unify and establish a national brand, the company recently launched a major re-branding campaign. The two Pittsburgh facilities will be launched under the new flagship brand Smart Stop Self Storage.