Strategic Storage Trust II Inc. (SST II), a self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has purchased a self-storage facility in Lancaster, Calif., for $4.7 million. The property at 43707 N. Sierra Highway comprises 71,900 rentable square feet of storage space in 550 units. Built in 1991, the 10-building facility sits on approximately 4.8 acres of land and offers drive-up and interior units as well as vehicle parking.
“Since we currently own another asset in Lancaster about 100 yards away, this represents an opportunity for economies of scale on the expense side as some costs will be combined," said H. Michael Schwartz, SST II CEO and Chairman. "Also, the unit mix of the two properties is mutually complementary, so it's a beneficial addition for both assets on the revenue side. This is a case where one plus one equals more than two."
SST II owns eight other self-storage properties in the Los Angeles Metropolitan Statistical Area. Its entire portfolio includes 20,000 self-storage units and approximately 2.2 million rentable square feet of storage space.
SmartStop Asset Management is a diversified real estate company with a managed portfolio that includes 3.8 million rentable square feet of storage space in Canada and the United States. The company is also the sponsor of Strategic Storage Growth Trust Inc., a public non-traded self-storage REIT.