Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired an 820-unit self-storage facility in Riverdale, N.J. It is the company’s third self-storage property in the state.
Rick Kerper with Space Stor Self Storage was the seller. There were no brokers involved in the transaction. The property will be rebranded under the SmartStop Self Storage trade name.
"We are excited to announce the acquisition of this new class-A self-storage property," said CEO H. Michael Schwartz. "The premier retail location within a growing suburb outside New York City will be a great addition to the SmartStop brand."
Developed in 2007, the property is located at 112 State Route 23 and contains approximately 62,000 net rentable square feet on 2.4 acres. The four-level building is 25 miles from New York City and 20 miles from two other Strategic Storage Trust-owned facilities in New Jersey. The Riverdale site features digital surveillance, climate-controlled units, freight elevators, a large retail display area and an interior loading/unloading area that shelters customers from the weather.
"The facility has many retail qualities we look for: popular commuting corridor, great visibility, ease of access and new construction. This is the most up-to-date self-storage product in the market and fits well with the nation's largest retailers nearby," said Wayne Johnson, senior vice president of acquisitions. "Customers will love our competitive rental rates and our customer-oriented service."
Since the launch of Strategic Storage Trust Inc. two years ago, the company’s portfolio of wholly-owned properties has expanded to include 34 properties in 14 states.