Strategic Storage Trust Inc., a publicly registered non-traded self-storage real estate investment trust (REIT), recently acquired Armored Mini Storage in Chandler, Ariz., for approximately $4.9 million. The facility is comprised of 51,000 net rentable square feet in 480 units and will be rebranded under the SmartStop Self Storage brand. The seller was Armoco One LLC.
The acquisition is the company’s fifth self-storage location in Arizona. Its portfolio in the state comprises approximately 295,000 net rentable square feet in 2,455 units.
"This facility is in a solid retail location, and adds to [our] cluster of properties in Arizona, a growth market with excellent demographics," said H. Michael Schwartz, chairman and CEO of Strategic Storage Trust, the parent company of SmartStop.
The 3-acre property at 1625 W. Chandler Blvd. includes six single-story self-storage buildings and a single-story retail office that offers a manager's apartment. Built in 1996, the facility is currently 97 percent occupied, Strategic Storage Trust officials said.
Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate negotiated the deal. The firm specializes in the sale of investment properties and commercial leasing. The transaction was the 127th self-storage closing handled by Alter and Nunez.
Launched in 2008, Strategic Storage Trust operates a portfolio of 124 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.