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 Texas City, Texas. Best Storage at 3730 Emmett F. Lowry Expressway comprises 80,000 square feet of space in 480 climate-controlled and drive-up units. Built in 2010, it sits on 10.49 acres, which includes a 7.3-acre parcel for future development, according to a press release.
“This well-located facility is 94.8 percent leased, offers attractive amenities and is strategically situated near Emmett F. Lowry Expressway, a major transit corridor in the area,” said H. Michael Schwartz, chairman and CEO of SST IV. “This acquisition aligns perfectly with SST IV’s investment strategy to acquire a portfolio of stabilized self-storage properties mixed with value-add opportunities that provide growth opportunities.”
Based in Maryland, SST IV intends to invest in in a portfolio of self-storage properties in Canada and the United States. SmartStop is the asset manager for 109 facilities in Toronto and the U.S. Its portfolio comprises approximately 7.9 million rentable square feet.