Strategic Storage Trust Inc., a real estate investment trust (REIT) targeting self-storage, recently completed a $20.9 million deal that includes an approximately 1,000-unit facility and 7.3 acres of land in Ladera Ranch, Calif. The facility, which accounted for $17 million of the deal, will be rebranded as SmartStop Self Storage. The property includes approximately 114,000 square feet of rentable space on a 3.7-acre lot, but 3.6 acres of adjoining land were also included for $3.9 million.
Chairman and CEO H. Michael Schwartz stated in a news release the facility and land are located next to the company's corporate office, which will allow it to use the space for a training program and investor tours. Schwartz also said the company is currently exploring feasible uses for the adjacent vacant land.
In December 2010, Strategic Storage Trust acquired a pair of properties in Los Angeles County for approximately $26 million. The company is publicly registered and non-traded. Since its launch in 2008, its portfolio of has expanded to include 73 properties in 17 U.S. states and Canada.