Strategic Storage Trust Inc., a publicly registered non-traded real estate investment trust targeting the self-storage market, acquired a 290-unit facility in El Paso, Texas, for $1.25 million in an all-cash deal. The site will be rebranded under the SmartStop Self Storage trade name. It is the companys fifth location in El Paso and its 10th in Texas.
Its a well-located site with great access and excellent signage, said H. Michael Schwartz, chairman and CEO. This is a prime market for investment opportunities due to the increase in military personnel at bases in this area.
The recently expanded property originally opened in May 2010 and contains approximately 40,800 rentable square feet on approximately 3 acres. It consists of six one-story buildings and a retail office.
The site is on the north side of Woodrow Bean between Cross Street and Bomarc Street in North El Paso. The street parallels Loop 375, a primary arterial highway.
El Paso is the sixth largest city in Texas and the 22nd largest city in the United States. It is home to Fort Bliss, one of the largest U.S. military bases, which is expected to add 28,000 new troops, 16,000 new spouses and 21,000 new children by 2013.
Since the launch of Strategic Storage Trust in 2008, the companys portfolio of properties has expanded to include 57 self-storage facilities in 16 states and Canada. The portfolio includes approximately 38,000 self-storage units and 4.8 million rentable square feet of storage space. All sites are branded as SmartStop Self Storage.
Strategic Storage Trusts sponsor is Strategic Capital Holdings LLC, which manages a growing portfolio of more than 7 million square feet of commercial properties, including 5.5 million square feet of self-storage, with a combined market value of more than $756 million.