Constructed in 1985, the U Store It property offers approximately 1,090 units located on 2.2 acres and contains close to 91,500 rentable square feet of self-storage space. The facility is located approximately five miles west of Downtown Manhattan.
This acquisition marks another step in further diversifying and expanding our self-storage portfolio, says H. Michael Schwartz, SSTI's chairman and CEO. "This all-cash transaction represents the expansion of the SSTI footprint into the largest Metropolitan Statistical Area in the US and diversifies our portfolio by adding a facility located in a populous Northeast urban market."
Although we are seeing some signs of revival in the credit markets, the ability to complete all-cash transactions is providing us a clear advantage in our pursuit of acquisitions, Schwartz tells GlobeSt.com.
Since the launch of the REIT 1.5 years ago, the portfolio has expanded to include 11 self-storage facilities located in Georgia, Mississippi, Florida, Virginia, New Jersey and Kentucky. Despite the arduous economic market, SSTI continues to pursue quality acquisitions across the US.
SSTI's sponsor is Strategic Capital Holdings, which manages a growing portfolio of over 5.5 million square feet of commercial properties, including 3.9 million square feet of self-storage facilities, with a combined market value of over $608 million. The New Jersey property will be rebranded under the Storage Advantage moniker.
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