Strategic Storage Trust II Inc., a real estate investment trust (REIT) affiliated with SmartStop Self Storage, recently purchased a facility in the Gulf Coast city of Foley, Ala., for $8 million. It’s the company’s 32nd acquisition.
The property at 8141 Highway 59 S. includes 23 buildings situated on 10 acres. It encompasses 142,000 rentable square feet in 1,050 units as well as 78 vehicle-parking spaces. Built in 1985, the facility was upgraded and expanded in 1996 and 2006. It offers drive-up and climate-controlled units.
"Our No.1 goal is to complete capital improvements, including new roofs and drive areas, which will bring the facility to a new level," said Wayne Johnson, chief investment officer for SST II. "We will also focus on customer service, efficient management and local marketing, which will improve operational performance."
Formerly Strategic Storage Trust Inc., SmartStop is a diversified real estate company that focuses on acquisition, advisory, asset management and property-management services for self-storage properties. The company is also the sponsor, adviser and property manager for Strategic Storage Trust II, a public, non-traded REIT specializing in stabilized properties, and Strategic Storage Growth Trust, a public, non-traded REIT focusing on self-storage acquisition and development. The SST II portfolio includes 18,000 self storage units and approximately 2 million rentable square feet of storage space.