Strategic Storage Trust II Inc. (SST II), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired 11 facilities in North Carolina. The properties comprise approximately 553,500 rentable square feet in 4,850 units, according to a press release. All of the assets are in the Asheville metropolitan market and previously operated under the George’s Stor-Mor or Mindful Storage brand names.
"Collectively, these 11 properties have averaged an overall occupancy of 95 percent during 2016 and require little capital expenditure," said H. Michael Schwartz, chairman and CEO of SST II. "The dynamics of this portfolio are a great balance to our existing self-storage facilities located throughout the U.S. and Canada."
The properties are:
- 3909 Sweeten Creek Road in Arden (67,500 square feet in 570 units)
- 21 Sardis Road in Asheville (44,600 square feet in 380 units)
- 40 Wilmington St. in Asheville (54,700 square feet in 480 units)
- 90 Highland Center Blvd. in Asheville (51,600 square feet in 450 units)
- 127 Sweeten Creek Road in Asheville (39,500 square feet in 330 units)
- 550 Swannanoa River Road in Asheville (36,000 square feet in 380 units)
- 600 Patton Ave. in Asheville (51,000 square feet in 420 units)
- 1130 Sweeten Creek Road in Asheville (103,200 square feet in 790 units)
- 2594 Sweeten Creek Road in Asheville (25,300 square feet in 210 units)
- 102 Glover St. in Hendersonville (47,600 square feet in 490 units)
- 1931 Spartanburg Highway in Hendersonville (32,500 square feet in 350 units)
"Asheville will provide a captive market for us,” said Wayne Johnson, chief investment officer for SST II. “Many of the properties have expansion land that we plan on getting underway immediately."
The SST II portfolio includes approximately 47,120 self-storage units and about 5.4 million rentable square feet of storage space. SmartStop Asset Management is the asset manager for 100 facilities in Toronto and the United States. Its portfolio comprises approximately 7.3 million rentable square feet. SmartStop also sponsors Strategic Storage Growth Trust Inc., a public, non-traded REIT also focused on self storage assets.