Self-storage operator Strategic Storage Trust Inc. acquired a 610-unit property in the San Francisco Bay Area for $6.5 million. The new site, at 8900 Murray Ave. in Gilroy, Calif., will be rebranded as SmartStop Self Storage. Built in 1999, it has 94,000 rentable square feet on 4.5 acres of land.
Strategic Storage Trusts portfolio in this market now includes four self-storage facilities comprising 2,600 units. In July, the company purchased three facilities totaling 2,100 units for about $12.2 million.
Aaron Swerdlin, senior managing director of HFF (Holliday, Fenoglio, Fowler LP) represented the seller in the transaction.
Strategic Storage Trust, one of five publicly traded self-storage REITs in the United States, is the first and only one to not be publicly traded on the stock exchange. Since the companys launch in 2008, its portfolio has expanded to include 76 facilities in 17 states and Canada. Actively purchasing properties, Strategic Storage Trust owns approximately 51,000 self-storage units and 6.3 million rentable square feet of storage space.