Self-storage operator Strategic Storage Trust Inc. recently engaged KeyBanc Capital Markets (KBCM), the investment banking arm of KeyCorp, to serve as its advisor with respect to one or more joint-venture transactions with institutional investors for the purposes of developing, acquiring, owning and managing self-storage properties and related investments.
On July 1, the company entered a $22 million credit facility with KeyBank N.A. It used a portion of the initial $15 million draw to finance the acquisition of a property in Ladera Ranch, Calif., and an additional $3 million draw to finance the acquisition of a property in Hampton, Va. It intends to use the remaining $4 million to finance the closing of a property in Gilroy, Calif. The companys current offering expires on Sept. 16.
Strategic Storage Trust, one of five publicly traded self-storage REITs in the United States, is the first and only one to not be publicly traded on the stock exchange. The companys facilities are branded as SmartStop Self Storage.
Since the companys launch in 2008, its portfolio of wholly owned properties has expanded to include 76 facilities in 17 states and Canada. Strategic Storage Trust is actively purchasing properties. Its portfolio includes approximately 50,000 self-storage units and 6.2 million rentable square feet of storage space.