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, one in Fort Lee, N.J., and another in Weston, Fla., for a combined purchase price of approximately $23 million.
Built in 2000, the Fort Lee facility is on a 1.2-acre site. The class-A property is 88 percent occupied, offering 965 climate-controlled units. The three-story building has a three-door, drive-in, covered loading/unloading area. Additionally, the property contains a cellular tower, leased to multiple tenants located on the roof.
The Weston facility was built in 2005 and is on nearly 2 acres. The four-story building is currently 86 percent occupied and offers 651 climate-controlled units.
Strategic Storage Trust Inc.’s portfolio includes 19,200 self-storage units and 2.5 million rentable square feet of storage space. The company’s sponsor is Strategic Capital Holdings, which manages a growing portfolio of more than 5.9 million square feet of commercial properties, including 4.4 million square feet of self-storage facilities.