SmartStop Self Storage, which operates 164 facilities in 20 states and Canada, recently acquired Air Conditioned Self Storage in Tempe, Ariz., for $4.4 million. The two-story facility at 3803 S. Priest Drive comprises 32,400 net rentable square feet in about 350 units. The property will be rebranded under the SmartStop name.
Built in 2005, the facility had 89 percent occupancy at the time of purchase, according to a press release. The property offers easy access with drive-up and climate-control units, company officials said.
Norm Herd, partner with Empire Commercial Real Estate, and Dan Colton, a broker with Colton Commercial, represented the seller in the transaction.
"This facility is in a solid retail location—a growth market with excellent demographics," said H. Michael Schwartz, chairman and CEO of SmartStop. "We will continue to focus on major metros like the greater Phoenix market, which offer tremendous long-term value."
The company operates five other locations in the Phoenix metro area comprising approximately 294,900 square feet in about 2,455 storage units.
Formerly Strategic Storage Trust Inc., SmartStop Self Storage is a diversified real estate company that focuses on acquisition, advisory, asset management and property-management services for self-storage properties. The company is also the sponsor, adviser and property manager for Strategic Storage Trust II Inc., a public, non-traded real estate investment trust (REIT) specializing in stabilized properties, and Strategic Storage Growth Trust Inc., a public, non-traded REIT focusing on self-storage acquisition and development.