Strategic Storage Trust Inc., a publicly registered non-traded self-storage real estate investment trust (REIT), recently acquired majority interest in a SmartStop Self Storage location in San Francisco. The company increased its stake in the facility by 86 percent and now owns 98 percent of the 76,200-square-foot building at 190 Otis St. Various investors from a Delaware statutory trust sold their interests, according to a press release issued by the REIT.
The property offers 1,120 storage units in seven stories and a basement. The structure was converted to self-storage in 2000.
"This San Francisco facility is located in one of the highest visibility locations in one of the most dense urban markets in the country," said H Michael Schwartz, chairman and CEO of Strategic Storage Trust. "The class-A building also offers prime freeway exposure as it is located adjacent to the 101 freeway."
Launched in 2008, Strategic Storage Trust operates a portfolio of 123 self-storage facilities in 17 states and Canada. Branded as SmartStop Self Storage, the properties comprise approximately 78,000 units and 10.3 million rentable square feet of storage space.