Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT) investing in self-storage properties, has acquired two facilities in Georgia and South Carolina for $11.4 million. The two properties consist of approximately 1,050 storage units and 142,690 square feet. Both will be rebranded under the SmartStop Self Storage name.
“These assets are an ideal fit for our growing brand and strategy, allowing for instant economies of scale for operations and future expansion in the Georgia and South Carolina markets,” said H. Michael Schwartz, chairman and CEO.
The purchase is the second transaction in a three-phase acquisition of a 16-property portfolio that contains more than 1.1 million square feet and approximately 8,560 self-storage units in South Carolina, Florida and Georgia. The company purchased the first phase of this portfolio in August, which consisted of eight properties totaling approximately 3,770 self-storage units and 508,200 square feet. Strategic Storage Trust officials expect to close on the remaining six properties in the fourth quarter this year.
The Georgia facility is located at 4777 Highway 80 East in Wilmington Island. The property offers 570 units and 69,360 square feet. Wilmington Island is considered an affluent suburb of Savannah, Georgia's fifth-largest city and third-largest metropolitan area.
The South Carolina property is located at 3015 Ricks Industrial Park Drive in Myrtle Beach. The facility offers 480 units and 73,330 square feet. A coastal city, Myrtle Beach is an attractive tourist destination in the Southeast, drawing an estimated 14 million visitors each summer.
The Strategic Storage Trust portfolio of wholly-owned properties includes 102 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 66,000 self-storage units and 8.2 million square feet of rentable storage space.