According to a Securities and Exchange Commission filing last week, Strategic Storage Trust Inc. plans to buy 11 self-storage facilities in Georgia, New Jersey, New York, Pennsylvania and Virginia for about $44 million. All of the facilities appear to be currently owned by Extra Space Storage, according to the source. The parties are expected to execute the transaction fully in the second quarter.
As part of the filing, Strategic Storage Trust will buy a 630-unit, 59,600-square-foot Extra Space Storage facility in Spotsylvania County, Va., for $4.18 million. Another Virginia facility, in Henrico County, is also part of the deal. The complete filing can be read here: http://www.sec.gov/Archives/edgar/data/1410567/000119312511084679/dex102.htm
The Strategic Storage Trust portfolio includes approximately 41,000 self-storage units and 5.1 million rentable square feet of storage space. The company’s sponsor is Strategic Capital Holdings LLC, which manages a growing portfolio of more than 7 million square feet of commercial properties, including 5.5 million square feet of self-storage, with a combined market value of more than $756 million.
Headquartered in Salt Lake City, Extra Space owns or operates more than 800 self-storage properties in 34 states and Washington, D.C. The company’s properties comprise approximately 540,000 units and more than 58 million square feet of rentable space.