Strategic Storage Trust IV Inc. (SST IV), a public non-traded real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired another Metro Mini Storage location in Houston. The REIT purchased a six-property portfolio in Greater Houston and College Station, Texas, from Metro Mini last month.
Situated on 3.66 acres, the facility at 8415 Queenston Blvd. was constructed in 2007. It comprises 63,000 net rentable square feet in 540 climate-controlled and drive-up units. The facility also contains four vehicle-storage spaces, according to a press release.
“This facility is located in the fast-growing Northwest Houston submarket and is surrounded by established residential communities,” said Wayne Johnson, chief investment officer for SST IV.
The seller was represented in the transaction by John Fenoglio and Nick Walker, both executive vice presidents for commercial real estate firm CBRE Group Inc. Headquartered in Los Angeles, the company offers advice and execution for appraisal and valuation, corporate services, development service, investment management, and consulting.
Based in Maryland, SST IV owns 14 self-storage properties comprising just over 1 million net rentable square feet in 8,400 units. It intends to invest in self-storage properties in Canada and the United States.
SmartStop is the asset manager for 126 facilities in Canada and the U.S. Its portfolio comprises approximately 9.3 million rentable square feet.