Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT) investing in self-storage properties, acquired an 870-unit, 3.3-acre self-storage property in Chantilly, Va., this week for approximately $7.3 million. The company's Virginia self-storage portfolio now includes five facilities totaling approximately 3,320 units. The new site will be rebranded as SmartStop Self Storage. It had been called Americana Self Storage.
"The Chantilly property is a prime asset as it is in close proximity to our nation's capital," said H. Michael Schwartz, Strategic Storage Trust chairman and CEO. "The government influence adds to the stability of the local economy and offers an increase in job growth, which ultimately promotes residential moving/self-storage transactions."
The property, which is 93 percent occupied, is at 14518 Lee Road in Chantilly between Lee Jackson Memorial Highway (U.S. Route 50) and Willard Road. It is approximately six miles south of Washington-Dulles International Airport and located close to several big-box retailers, such as Costco and Target. Built in 1985, the facility consists of three buildings with a retail office and approximately 83,700 net rentable square feet.
Strategic Storage Trust currently owns self-storage facilities in four Virginia locations: Fredericksburg, Hampton, Manassas and Sandston. The company's portfolio of wholly-owned properties now include 92 properties in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 61,000 self-storage units and 7.5 million rentable square feet of storage space.