Storage REIT Expands Via Two New Facilities

[IMGCAP(1)]LADERA RANCH, CA-Strategic Storage Trust Inc. has acquired two self-storage centers, marking its 10th acquisition in five states since going public. Its two new properties, which it acquired for a combined price of $9.7 million in an all-cash transaction, are in the Kentucky suburbs of Cincinnati in Florence and Erlanger.

SSTI, a nontraded REIT, adds a total of approximately 1,500 units and 190,000 rentable square feet to its portfolio with the acquisition of the new properties. Earlier this year, SSTI closed on the purchase of three other high-profile storage centers in the same area.

[IMGCAP(2)]H. Michael Schwartz, SSTI’s chairman and CEO, describes the centers as “high-value properties with great visibility near major traffic corridors.” Both properties have immediate access and visibility from Interstate 75, which transports well over 100,000 cars per day past both locations, providing exposure to a large commuter population, he points out.