Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust that operates self-storage properties under the SmartStop Self Storage brand name, has purchased nine facilities in Alabama, Tennessee and Texas for approximately $64 million. The properties comprise about 710,000 net rentable square feet in 5,200 storage units.
We targeted these self-storage facilities due to their high occupancy levels and solid locations, said H. Michael Schwartz, chairman and CEO. Both portfolios are an ideal fit for our growing brand and strategy, allowing for continued expansion in these markets.
The five Texas facilities, referred to by the company as the Southwest portfolio, comprise approximately 390,000 square feet in 2,800 units and were acquired for a total purchase price of about $27 million. The properties are:
- 810 S. Denton Tap Road, Coppell (740 units, 101,735 square feet)
- 1925 S. Bowie Drive, Weatherford (470 units, 61,995 square feet)
- 1712 W. Randol Mill Road, Arlington (445 units, 59,495 square feet)
- 5005 Andrews Highway, Midland (615 units, 92,820 square feet)
- 1904 W. Loop 250 N., Midland (535 units, 75,800 square feet)
The other four properties, referred to by the company as the Southeast portfolio, comprise approximately 320,000 square feet in 2,400 units and were acquired for a total purchase price of about $37 million. The properties are:
- 4245 Carmichael Road, Montgomery, Ala. (540 units, 65,400 square feet)
- 19668-B Hwy 11 E., Lenoir City, Tenn. (650 units, 102,200 square feet)
- 735 Ebenezer Road, Knoxville, Tenn. (680 units, 78,500 square feet)
- 1540 Lovell Road, Knoxville, Tenn. (510 units, 74,400 square feet)
Strategic Storage Trusts entire portfolio includes more than 120 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 77,000 self-storage units and 10.2 million square feet of rentable storage space.