Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT) investing in self-storage properties, has acquired eight facilities in Florida, Georgia and South Carolina for $25 million. The sites comprise 508,200 square feet and add approximately 3,770 storage units to the companys growing portfolio. Each facility will be rebranded under the SmartStop Self Storage name.
"Due to this recent transaction, we have achieved a major milestone with the purchase of our 100th self-storage property," said H. Michael Schwartz, chairman and CEO. "The self-storage sector's consistently strong performance continues to drive our decision to expand our portfolio."
The expansion is the first step in a three-phase acquisition of 16 self-storage properties comprising more than 1.1 million square feet and approximately 8,560 storage units in the three states. Strategic Storage Trust officials expect to close on the remaining properties in the fourth quarter this year.
The purchased property locations are:
- 1990 N.W. Federal Highway 1, Stuart (370 units, 51,500 square feet)
- 6195 S. Kanner Highway, Stuart (380 units, 54,700 square feet)
- 1060 King George Blvd., Savannah (590 units, 68,700 square feet)
- 782 King George Blvd., Savannah (450 units, 67,100 square feet)
- 512 Percival Road, Columbia (490 units, 65,400 square feet)
- 890 St. Peters Church Road, Lexington (250 units, 35,400 square feet)
- 120 Northpoint Drive, Lexington (580 units, 86,500 square feet)
- 298 Red Cedar St., Bluffton (660 units, 78,900 square feet)
The Strategic Storage Trust portfolio of wholly-owned properties includes 100 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 64,800 self-storage units and 8.1 million square feet of rentable storage space.