Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust investing in self-storage, completed a three-phase acquisition of a 16-property portfolio in Florida, Georgia and South Carolina. The purchase represents more than 1.1 million square feet of storage space and 8,560 self-storage units for a total purchase price of $75 million.
The portfolio includes six properties in South Carolina consisting of 3,740 self-storage units for $38.7 million. These sites, which add approximately 459,000 square feet to the company’s inventory of rental storage space, will be rebranded as SmartStop Self Storage, the Strategic Storage Trust operating trade name. The details of these properties are:
- 2343 Savannah Highway: 390 units, 46,700 square feet
- 1533 Ashley River Road: 430 units, 46,400 square feet
- 1951 Maybank Highway: 570 units, 66,300 square feet
Mt. Pleasant, S.C.
- 1117 Bowman Road: 390 units, 41,000 square feet
- 1904 Highway 17 N.: 590 units, 63,600 square feet
- 1108 Stockade Lane: 1,370 units, 195,100 square feet
“Due to this last acquisition of six core properties, we are now one of the larger self-storage owner/operators in the Charleston/Mt. Pleasant markets,” said H. Michael Schwartz, company chairman and CEO.
In August, Strategic Storage Trust purchased the first phase in this portfolio, which consisted of eight properties in Florida, Georgia and South Carolina, encompassing 3,770 self-storage units and 508,200 square feet. In early October, the second phase was completed, consisting of two properties in Georgia and South Carolina, totaling 1,050 self-storage units and 142,700 square feet.
“We look forward to putting our marketing and management efforts to work to drive income and occupancy well past current levels,” said Wayne Johnson, senior vice president of acquisitions. “The Charleston market has very high barriers to entry.”
Charleston is the second largest city in South Carolina, and economists have placed it as the fastest-growing municipality in the state. It’s just south of the midpoint of South Carolina's coastline, at the confluence of the Ashley and Cooper rivers, which flow together into the Atlantic Ocean. In 2011, Charleston was named the No. 1 U.S. city by Conde Nast Traveler's Readers' Choice Awards. Mount Pleasant is a large suburban town in Charleston County, S.C., and is the third largest municipality in this metro area behind Charleston and North Charleston.
Strategic Storage Trust’s portfolio of wholly-owned properties now include 108 properties in 17 states and Canada. The portfolio includes approximately 70,000 self-storage units and 78.7 million rentable square feet of storage space.