In an all-cash transaction, Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired a 445-unit self-storage facility for $1.8 million, the companys fourth in the Chicago area. The facility, located within seven miles of downtown Chicago, will be rebranded under the SmartStop SM Self Storage trade name.
The opportunity for self-storage in this market is evident with this locations near-full occupancy, said H. Michael Schwartz, chairman and CEO. As our fourth property in Chicago, the features at this infill location add strong value to our growing brand.
The facility has 41,000 rentable square feet on approximately 6.4 acres of land. Its just west of downtown Chicago in a densely populated neighborhood, and near Interstate 290 and Interstate 55. Built in 1968, the single-story building was converted into storage in 2004 and includes surveillance cameras, individual locks, climate control, keypad entry, an office for onsite management and RV storage.
The facility has high physical occupancy and expansion capability. Thats a strong combination to work with, said Wayne Johnson, senior vice president of acquisitions.