Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust investing in self-storage properties, ended 2011 with an estimated $245 million in new acquisitions.
The companys most recent acquisition includes a portfolio of 12 properties in Georgia and Florida totaling approximately 8,000 units and one million square feet for a total aggregate purchase price of approximately $80 million.
"The acquisition of this portfolio will allow us to almost double our presence in the Atlanta market and fuel our ongoing expansion in Florida, said CEO H. Michael Schwartz. This targeted strategy allows for economies of scale and operational efficiencies that are part of our successful business plan. New properties in prime retail locations like these are traits we continue to pursue as we grow and expand our self-storage portfolio."
The 12 facilities will be rebranded under the SmartStop Self Storage trade name and join a rapidly expanding North American retail chain that now includes 91 self-storage properties in 17 states and Canada.
All of the 10 properties in Georgia are within 30 miles of downtown Atlanta, and the two Florida properties are in Jacksonville within seven miles of the city center. The facilities opened between 2006 and 2009, and about 80 percent feature climate-control systems. Many of the properties also offer exterior drive-up units and special parking for recreational vehicles or boats.
Since the launch of Strategic Storage Trust in 2008, the portfolio of wholly-owned properties operating under the SmartStop brand name has expanded to include 79 properties in 17 states and Canada.