Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust targeting the self-storage market, acquired a self-storage facility at 3155 West Ann Road in North Las Vegas. The companys third acquisition in the area, the site will be rebranded under the SmartStop Self Storage trade name.
The property contains approximately 94,000 rentable square feet in roughly 700 units on 3.23 acres of land. Built in 2005, the two-story building includes an office and apartment for a resident manager. Amenities include surveillance cameras, individual locks, climate control and keypad entry.
"This is a newer building in a market that we see as having long-term potential as the economy recovers because of its historic strong population growth, a favorable climate for business, and a greater average regional income than the rest of the country," said H. Michael Schwartz, chairman and CEO. "We have made a commitment to Las Vegas, with this being our third self-storage acquisition in the area, and we plan on continued expansion.
Since the companys inception more than two years ago, the Strategic Storage Trust portfolio has expanded to include 39 self-storage properties in 15 states. The sites comprise approximately 27,500 self-storage units and 3.4 million rentable square feet of storage space. The companys sponsor is Strategic Capital Holdings, which manages a growing portfolio of more than 6.6 million square feet of commercial properties, including 5 million square feet of self-storage.