Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust that operates self-storage properties, has purchased Admiral Self Storage in Charleston, S.C., for $6.6 million. The property is the companys fourth self-storage acquisition in the Charleston area and will be rebranded under the SmartStop Self Storage trade name.
The facility at 8550 Rivers Ave. is comprised of approximately 97,000 square feet and 630 storage units. Built in 1974 as a retail property, it was converted to self-storage in 1999. The two-building facility offers two RV canopies, climate-controlled units, keypad access, security cameras and onsite management.
This 10-acre Charleston site includes an expansion opportunity, which consists of additional RV/boat parking along with additional drive-up self-storage, said H. Michael Schwartz, chairman and CEO.
Strategic Storage Trust owns 12 other self-storage facilities in South Carolina. The companys entire portfolio includes 111 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 70,000 self-storage units and 9.3 million square feet of rentable storage space.
Sources:
- Strategic Storage Trust: Strategic Storage Trust Inc. Acquires Fourth Charleston Facility for Approximately $6.6 Million