Strategic Storage Trust IV Inc. (SST IV), a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased a self-storage facility in Puyallup, Wash. Puyallup Mini Storage at 1401 N. Meridian Ave. is on the corner of Washington State Route 167. Built in 1990, it includes 13 single-story buildings comprising 85,000 net rentable square feet of storage space in 780 units. It also contains a two-story office with a manager’s apartment, according to a press release.
“This self-storage facility is prominently located between the area’s two primary highway corridors, through which thousands of commuters travel each day,” said Wayne Johnson, chief investment officer. “Adding to its visibility and accessibility, the facility is situated just 200 yards away from a major grocery-anchored retail center. This acquisition is well-aligned with our investment criteria, and we expect it to be an excellent addition to our growing portfolio of self-storage assets.”
Based in Maryland, SST IV owns five self-storage properties comprising about 324,500 net rentable square feet. It intends to invest in a portfolio of self-storage properties in Canada and the United States.
SmartStop is the asset manager for 116 facilities in Canada and the U.S. Its portfolio comprises approximately 8.5 million rentable square feet.